Cleantech BIOREM Revenues Rise 43 Percent
In a record quarter, the company witnessed revenues jump as bookings footed C$2.9 million for the quarter.
BIOREM (TSXV:BRM), cleantech company announced a 43 percent rise in revenues over the quarter, totaling C$6.3 million compared to C$4.3 million in the third quarter of 2018. The company currently has an order backlog valued at C$20 million.
As quoted in the press release:
“Revenues for the first nine months of the year have a set a record for the Company and net earnings are also in the top of the range for the first nine months of a year,” said Derek S. Webb, President and CEO. “While bookings of $3.9 million were lighter than in previous recent quarters this is largely due to timing and we expect significant booking in the fourth quarter to bring total 2019 bookings to an amount exceeding the 2018 bookings of $25.5 million. Some supply chain issues are likely to have a negative impact on fourth quarter revenues pushing some revenue into the first quarter of 2020.”
The Company’s working capital grew by $815,000 during the quarter to $10.3 million on September 30, 2019. Cash on hand decreased during the quarter to $5.3 million from $5.8 million on June 30, 2019. Earnings from operating activities generated $830,000 of cash but increased operating activities during the quarter resulted in $876,000 of cash being invested in non-cash working capital particularly a reduction in accounts payable and unearned revenue.
