BIOREM reports $505,000 in earnings
GUELPH - BIOREM Inc. announced results for the three month and nine month periods ended September 30, 2013. Biorem's complete 2013 third quarter financial statements and MD&A have been filed on SEDAR.
"Biorem continues its positive momentum in a recovering economic environment. We are pleased to report continued revenue growth, gross profit growth and earnings growth," said Peter Bruijns, President & CEO. "We continue to focus on business execution and adding business disciplines to ensure we sustain our success."
Revenues for the quarter totaled $5,281,000, an 8% increase over revenues of $4,892,000 recorded during the third quarter of 2012. For the nine months September 30, 2013, revenues were $14,476,000 representing a 31% increase over the same nine months in the prior year.
Gross profit for the quarter was 30% of revenues compared to the 27% that gross profit represented of revenues for the third quarter ended September 30, 2012. Year to date gross profit of $4,164,000 is an increase of 90% over the gross profit reported in the same period in 2012. Gross profit margins for the nine months were 29% compared to the 20% achieved in the first nine months of 2012.
Operating expenses in the quarter of $1,155,000 were comparable to the $1,083,000 of expenses in the same period in the previous year. For the nine months ended September 30, 2013 operating expenses were $3,228,000, a 6% increase over the operating expenses of $3,051,000 in the corresponding period in 2012. The increase in operating expenses over the nine month period in 2013 is largely the result of higher sales commissions earned on the higher revenue recorded, partially offset by lower general and administrative costs and lower expenditures on research and development.
Net earnings for the quarter and nine months ended September 30, 2013 were $282,000 and $505,000, respectively, compared to earnings of $78,000 and losses of $1,658,000 in the same periods in 2012. Earnings per share on a basic basis for the quarter were $0.02 per share and $0.04 per share for the nine month period. On a fully diluted basis earnings per share were $0.01 for the quarter and $0.02 per share for the nine months.