BRM.V : Blowout earnings for 4M mkt cap stock.....
Biorem earns $718,000 in Q2
2015-08-27 08:20 ET - News Release
Mr. Derek Webb reports
BIOREM REPORTS $718,000 NET EARNINGS FOR THE SECOND QUARTER
Biorem Inc. has provided its results for the three- and six-month periods ended June 30, 2015. Biorem's complete second quarter financial statements and management's discussion and analysis (MD&A) have been filed on SEDAR.
FINANCIAL HIGHLIGHTS
(thousands of dollars)
Three months ended Six months ended
June 30, June 30,
2015 2014 2015 2014
Revenue $4,709 $2,459 $9,398 $4,433
Gross profit 1,656 56 3,188 385
Operating expenses 818 748 1,651 1,482
EBITDA* 862 (623) 1,605 (965)
Net earnings (loss) 718 (835) 1,247 (1,366)
EPS -- basic 0.05 (0.06) 0.09 (0.11)
EPS -- fully diluted 0.02 (0.06) 0.04 (0.11)
* Earnings before interest, taxes and amortization, a non-IFRS (international
financial reporting standards) financial measure
Biorem's revenues for the second quarter were $4.7-million, a 91-per-cent increase over the $2.2-million in revenue recorded in the second quarter of 2014 and consistent with the $4.7-million recorded in the first quarter of 2015. Year-to-date revenue totalled $9.4-million, a $5-million or 112-per-cent increase in revenue over the first six months of 2014. The revenue increase came from each of the geographic markets in which Biorem operates.
Gross profit for the quarter was $1.7-million or 35 per cent of revenue compared with $56,000 recorded during the second quarter of 2014 and $1.5-million or 33 per cent of revenue in the first quarter of 2015. Total operating expenses (net of other income) for the quarter were $816,000. EBITDA for the quarter was $862,000 compared with an EBITDA of negative $623,000 in the second quarter of 2014.
Net earnings for the quarter were $718,000, which represents five cents per share basic and two cents on a fully diluted basis, compared with a net loss of $835,000 or six cents per share on a basic and fully diluted basis in the second quarter of 2014.
"Biorem's improved financial performance in the first half of 2015 is due to the work of our experienced staff and seasoned managers," said Derek S. Webb, president and chief executive officer. "The company is well positioned to deliver consistent results for the second half of the year. Overall booking activity in the near term is expected to be consistent with the previous two quarters. We expect continued growth in our overseas markets as new regulatory structures are implemented to curb the release of greenhouse gas emissions and communities demand a higher quality of life free of nuisance conditions."
Unrestricted cash on hand increased during the quarter to $2-million. Operating activities provided $809,000 of cash and changes in non-cash working capital provided another $100,000. Fifty thousand dollars of cash was used to pay interest during the quarter.
In March of 2015 the company negotiated an amendment to its 12.75 per cent debenture agreement amending the repayment terms and extending the maturity date to Dec. 31, 2015. Under the amended payment terms, principal payments of $200,000 due on March 31 and July 31, 2015, have been paid.
Bookings during the quarter were $4.5-million resulting in an order backlog of $14.4-million on June 30, 2015.
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