Guelph, Ontario – November 14, 2016 – BIOREM Inc. (TSX-V: BRM) (“Biorem” or “the Company”) today announced its results for the three and nine-month periods ended September 30, 2016. Biorem’s complete third quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).
Biorem’s revenue for the third quarter was $4.0 million, a $1.1 million or 36% increase over the previous quarter and on par with the $4.2 million in revenue recorded in the third quarter of 2015. Year to date revenue totaled $11.1 million, a $2.4 million or 18 % decrease in revenue over the first nine months of 2015. The decrease in revenue for the first nine months of 2016 compared to 2015 is largely related to customer delivery schedules and is not indicative of the Company’s bookings or order backlog.
Gross profit for the quarter was $1.0 million or 26% of revenue compared to $1.5 million of gross profit recorded during the third quarter of 2015. Total operating expenses (net of other income) for the quarter were $741,000. Ebitda for the quarter was $284,000 compared to an ebitda of $466,000 in the third quarter of 2015.