{"id":388451,"date":"2020-11-25T08:03:28","date_gmt":"2020-11-25T13:03:28","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=388451"},"modified":"2020-11-25T08:03:28","modified_gmt":"2020-11-25T13:03:28","slug":"biorem-reports-2020-third-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/biorem-reports-2020-third-quarter-results\/","title":{"rendered":"BIOREM Reports 2020 Third Quarter Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">GUELPH, ON<\/span>, <span class=\"xn-chron\">Nov. 25, 2020<\/span> \/PRNewswire\/ &#8211;\u00a0BIOREM Inc. (TSXV: BRM) (&#8220;Biorem&#8221; or &#8220;the Company&#8221;) today announced its results for the three and nine-month periods ended <span class=\"xn-chron\">September 30, 2020<\/span>. Biorem&#8217;s complete third quarter financial statements and MD&amp;A have been filed on SEDAR (<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2992402-1&amp;h=441837115&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>).<\/p>\n<p>\n        <b>FINANCIAL HIGHLIGHTS:<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnsbt0 prnsbr0 prnbcc prnsbb0 prnsbl0\">\n<tr>\n<td colspan=\"4\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0in Canadian dollars, &#8216;000&#8217;s except earnings per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three-months ended<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Nine -months ended<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">September 30<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">September 30<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,586<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,266<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,441<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,273<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gross profit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">629<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,731<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,364<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,769<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating\u00a0 expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">418<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,048<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,070<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,950<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Ebitda*<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">167<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">703<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,382<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">901<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net earnings<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">155<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">682<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">949<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">821<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EPS &#8211; basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.004<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.025<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EPS &#8211; fully diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.004<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.025<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">* Earnings before interest, taxes and amortizaton, a non IFRS financial measure<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p>Biorem reported revenues for the third quarter of <span class=\"xn-money\">$3.6 million<\/span> a 40% decrease over the previous quarter and <span class=\"xn-money\">$2.7 million<\/span> below the <span class=\"xn-money\">$6.3 million<\/span> of revenues reported in the same quarter in 2019. \u00a0Year to date revenues totalled <span class=\"xn-money\">$16.4 million<\/span>, a 1% increase over the <span class=\"xn-money\">$16.3 million<\/span> reported for the first nine months of 2020. The decrease in revenues for the third quarter are largely the result of delays in deliveries from suppliers and delays in customer&#8217;s construction schedules.<\/p>\n<p>Order booking during the quarter totaled <span class=\"xn-money\">$8.7 million<\/span> and the Company&#8217;s order back log on <span class=\"xn-chron\">September 30<\/span> stood at a record <span class=\"xn-money\">$34 million<\/span>.<\/p>\n<p>Gross profit for the quarter was <span class=\"xn-money\">$629,000<\/span> or 17.5% of revenue compared to <span class=\"xn-money\">$1.4 million<\/span> of gross profit representing 23.9 % of revenue recorded during the third quarter of 2019. \u00a0The decrease in gross profit during the quarter is directly related to the decrease in revenue in the quarter. Total operating expenses (net of other income) for the quarter were <span class=\"xn-money\">$418,000<\/span> against <span class=\"xn-money\">$1,048,000<\/span> in the same period the prior year. The decrease in operating expenses was primarily due to the receipt of <span class=\"xn-money\">$295,000<\/span> in CEWS wage subsidy received in the quarter from the federal government and the collection of <span class=\"xn-money\">$256,000<\/span> in accounts receivable in <span class=\"xn-location\">China<\/span> that had previously had a valuation allowance recorded against them.<\/p>\n<p>Ebitda for the quarter was <span class=\"xn-money\">$167,000<\/span> compared to <span class=\"xn-money\">$703,000<\/span> of ebitda in the third quarter of 2019. Year to date ebitda totaled <span class=\"xn-money\">$1.4 million<\/span><\/p>\n<p>Net earnings for the quarter were <span class=\"xn-money\">$155,000<\/span>, with year to date earnings totalling <span class=\"xn-money\">$949,000<\/span> compared to net earnings of <span class=\"xn-money\">$821,000<\/span> for the first nine months of 2019.<\/p>\n<p>&#8220;Disruptions in our supply chain and delays to customer&#8217;s constructions schedules due to the COVID pandemic impacted our third quarter results and were expected&#8221; said <span class=\"xn-person\">Derek Webb<\/span>, President and CEO. &#8220;Use of our diversified supply chain, innovative application of technology and resourceful employees ensured that we were able to continue business development and complete startups and commissioning during the quarter.&#8221;<\/p>\n<p>&#8220;We continue to be cautious regarding potential future disruptions in our supply chain and construction schedules due to the resurgence of the virus, but the outlook for the rest of our fiscal year looks positive with strong revenues and ebitda in the fourth quarter. The Company&#8217;s record backlog of <span class=\"xn-money\">$34 million<\/span> provides a strong foundation for revenue and earnings over the next twelve months.&#8221;<\/p>\n<p>Cash on hand increased during the quarter to <span class=\"xn-money\">$9.4 million<\/span> from <span class=\"xn-money\">$8.0 million<\/span> on <span class=\"xn-chron\">June 30, 2020<\/span>. Earnings from operating activities generated <span class=\"xn-money\">$170,000<\/span> of cash and a reduction in net non-cash working capital added a further <span class=\"xn-money\">$1,662,000<\/span> of cash. <\/p>\n<p>\n        <b>About BIOREM Inc. <\/b>\n      <\/p>\n<p>BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 1,500 installed systems worldwide, BIOREM offers state-of-the-art technology-based products and peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2992402-1&amp;h=2759080149&amp;u=http%3A%2F%2Fwww.biorem.biz%2F&amp;a=www.biorem.biz\" rel=\"nofollow noopener noreferrer\">www.biorem.biz<\/a>.<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=TO02700&amp;sd=2020-11-25\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/biorem-reports-2020-third-quarter-results-301180499.html\">http:\/\/www.prnewswire.com\/news-releases\/biorem-reports-2020-third-quarter-results-301180499.html<\/a><\/p>\n<p>SOURCE  Biorem Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=TO02700&amp;Transmission_Id=202011250800PR_NEWS_USPR_____TO02700&amp;DateId=20201125\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire GUELPH, ON, Nov. 25, 2020 \/PRNewswire\/ &#8211;\u00a0BIOREM Inc. (TSXV: BRM) (&#8220;Biorem&#8221; or &#8220;the Company&#8221;) today announced its results for the three and nine-month periods ended September 30, 2020. Biorem&#8217;s complete third quarter financial statements and MD&amp;A have been filed on SEDAR (www.sedar.com). FINANCIAL HIGHLIGHTS: \u00a0in Canadian dollars, &#8216;000&#8217;s except earnings per share Three-months ended Nine -months ended September 30 September 30 2020 2019 2020 2019 Revenue 3,586 6,266 16,441 16,273 Gross profit 629 1,731 3,364 3,769 Operating\u00a0 expenses 418 1,048 2,070 2,950 Ebitda* 167 703 1,382 901 Net earnings 155 682 949 821 EPS &#8211; basic 0.004 0.020 0.025 0.020 EPS &#8211; fully diluted 0.004 0.020 0.025 0.020 * Earnings before interest, taxes and amortizaton, a non IFRS &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/biorem-reports-2020-third-quarter-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;BIOREM Reports 2020 Third Quarter Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-388451","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BIOREM Reports 2020 Third Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/biorem-reports-2020-third-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BIOREM Reports 2020 Third Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire GUELPH, ON, Nov. 25, 2020 \/PRNewswire\/ &#8211;\u00a0BIOREM Inc. (TSXV: BRM) (&#8220;Biorem&#8221; or &#8220;the Company&#8221;) today announced its results for the three and nine-month periods ended September 30, 2020. Biorem&#8217;s complete third quarter financial statements and MD&amp;A have been filed on SEDAR (www.sedar.com). FINANCIAL HIGHLIGHTS: \u00a0in Canadian dollars, &#8216;000&#8217;s except earnings per share Three-months ended Nine -months ended September 30 September 30 2020 2019 2020 2019 Revenue 3,586 6,266 16,441 16,273 Gross profit 629 1,731 3,364 3,769 Operating\u00a0 expenses 418 1,048 2,070 2,950 Ebitda* 167 703 1,382 901 Net earnings 155 682 949 821 EPS &#8211; basic 0.004 0.020 0.025 0.020 EPS &#8211; fully diluted 0.004 0.020 0.025 0.020 * Earnings before interest, taxes and amortizaton, a non IFRS &hellip; Continue reading &quot;BIOREM Reports 2020 Third Quarter Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/biorem-reports-2020-third-quarter-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-25T13:03:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=TO02700&amp;sd=2020-11-25\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biorem-reports-2020-third-quarter-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biorem-reports-2020-third-quarter-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"BIOREM Reports 2020 Third Quarter Results\",\"datePublished\":\"2020-11-25T13:03:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biorem-reports-2020-third-quarter-results\\\/\"},\"wordCount\":592,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biorem-reports-2020-third-quarter-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=TO02700&amp;sd=2020-11-25\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biorem-reports-2020-third-quarter-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biorem-reports-2020-third-quarter-results\\\/\",\"name\":\"BIOREM Reports 2020 Third Quarter Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/biorem-reports-2020-third-quarter-results\/","og_locale":"en_US","og_type":"article","og_title":"BIOREM Reports 2020 Third Quarter Results - Market Newsdesk","og_description":"PR Newswire GUELPH, ON, Nov. 25, 2020 \/PRNewswire\/ &#8211;\u00a0BIOREM Inc. (TSXV: BRM) (&#8220;Biorem&#8221; or &#8220;the Company&#8221;) today announced its results for the three and nine-month periods ended September 30, 2020. Biorem&#8217;s complete third quarter financial statements and MD&amp;A have been filed on SEDAR (www.sedar.com). 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