../Morning Post
Posted November 16, 2009
____________________
XQuarterly

BIOREM announces record third quarter with $520,000 in net earnings

GUELPH - BIOREM Inc. announced today its results for the three and nine-month periods ended September 30, 2009. Biorem's complete fiscal 2009 third quarter financial statements and MD&A have been filed on SEDAR.

"We are excited to report a strong quarter, with record gross profit and net earnings. Our results for 2009 year to date have now exceeded our fiscal 2008 results for those areas," said Peter Bruijns, President & CEO. "We are especially pleased to report that this marks our third consecutive quarter of positive cash flow generation, and the highest net income the Company has earned in one quarter over the last five years. We believe that our solid performance in 2009 thus far creates a strong foundation for the future growth of our Company and provides the flexibility to advance our growth initiatives, which include potential acquisitions."

------------------------------------------
Three months ended Nine months ended
September 30, September 30,
-------------------------------------------------------------------------
(in thousands of Canadian
dollars, except per share
data) 2009 2008 2009 2008
-------------------------------------------------------------------------
REVENUE 4,910 4,105 14,625 9,761
-------------------------------------------------------------------------
GROSS PROFIT 2,348 1,753 5,980 4,015
-------------------------------------------------------------------------
EBITDA(1) (including
gains and losses on
foreign exchange) 796 287 646 (221)
-------------------------------------------------------------------------
NET EARNINGS 520 144 (143) (622)
-------------------------------------------------------------------------
BASIC AND DILUTED
EARNINGS PER
SHARE 0.04 0.01 (0.01) (0.05)
-------------------------------------------------------------------------
WEIGHTED AVERAGE COMMON
SHARES 12,010 11,978 11,989 11,978
-------------------------------------------------------------------------

Revenue in the three month period ended September 30, 2009 (Q3 2009) increased 20% to $4,910,000, from $4,105,000 over the comparative period in the prior year. New orders for the quarter totaled $4,588,000 resulting in a current order backlog of $10.4 million. The backlog is down $2.8 million or 21% from September 30, 2008. In relation to the second quarter of 2009, the backlog decreased by $0.8 million or 7%.

Gross profit in Q3 2009 increased 34% to $2,348,000 from $1,753,000 in Q3 2008. Biorem achieved a strong gross margin percentage in the third quarter of 2009, which is in line with the Company's target annual level of 40%.

In Q3 2009, EBITDA increased 177% to $796,000 from $287,000 in the same period a year ago.

Net income for the third quarter of 2009 increased 261% to $520,000, or $0.04 per basic and diluted share, from $144,000, or $0.01 per basic and diluted share in the third quarter of 2008.

For the nine months ended September 30, 2009, revenue totaled $14,625,000, which is a 50% increase over last year's period. Gross profit totaled $5,980,000, EBITDA $646,000 and net loss totaled $(143,000), or $(0.01) per basic and diluted share.

As at September 30, 2009, the Company had working capital of $7,245,000 including cash and short-term investments of $2,933,000, trade and other receivables of $3,420,000 and unbilled revenue of $3,283,000, compared to total working capital of $6,935,000, cash and short-term investments of $2,199,000, trade and other receivables of $5,419,000 and unbilled revenue of $3,810,000 as at December 31, 2008. Long-term debt was $2,442,000 as at September 30, 2009 and $2,287,000 as at December 31, 2008.

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