Fourth quarter 2008 revenue of CAD4,639,000 is higher than in the fourth quarter of 2007 by CAD1,701,000 or 58%, while the fourth quarter gross profit of CAD1,755,000 was up CAD508,000 or 41%. This resulted in net earnings for the quarter of CAD190,000 being a substantial improvement from a net loss of CAD153,000 from the prior year.
BIOREM obtained the following achievements for the year-end 2008:
Bookings in 2008 were CAD17,377,000, up 45%, compared to CAD12,000,000 in 2007;
The order Backlog is CAD14,803,000, up 48%, compared to CAD10,000,000 at December 31, 2007;
Gross profit in 2008 was CAD5,769,000, up 72%, compared to CAD3,347,000 in 2007;
Operating expenses were CAD5,549,000, up 6%, compared to CAD5,236,000 in 2007; and
EBITDA for 2008 was positive CAD220,000 compared to a loss of CAD1,889,000 in 2007.
We are satisfied that all of the 2008 key performance metrics for the company increased substantially from 2007. We also are encouraged with the improvement in gross margin for 2008 of 40% of revenue compared to 35% in 2007. stated Peter Bruijns, president and chief executive officer of BIOREM. Biorem focused 2008 on building its sales organization, operational skill sets and product Research and Development. In each area, the company is very pleased with the progress. For 2009, the sales pipeline remains healthy and the company will continue an ambitious R&D program building upon previous successes. added Bruijns.
At the end of the year 2008, BIOREM had cash and cash equivalents in the amount of CAD2,199,000 and net working capital of CAD6,935,000 which is CAD3,072,000 increase from the beginning of the year. This strong working capital working position is considered adequate to fund the future operating requirements of the business for the foreseeable future.
