Pharma-Bio Serv Announces Results for the Quarter Ended April 30, 2013
14 Junho 2013 - 5:10PM
Marketwired
Pharma-Bio Serv. (OTCQB: PBSV), a global compliance and validation
services consulting solutions provider, announced net revenues for
the three and six months ended April 30, 2013 of $8.3 and $15.9
million, an increase of approximately $1.2 and $2.5 million, or 17%
and 18%, respectively, when compared to the same periods last year.
The Company reported net income for the three and six months
ended April 30, 2013 of approximately $1.4 and $2.4 million, an
increase of $0.2 and $0.1 million, respectively, when compared with
the same periods last year.
Revenue growth for the three and six months ended April 30,
2013, over the same period last year, is mainly attributable to
increases in the United States Consulting market and Lab services,
respectively, offset by a decrease in revenues in the Integratek
division and other minor revenue gains from other Company
divisions.
Net income growth, when compared to the same period last year,
is attributable mainly to the aggregate increase in overall gross
margins, offset by the increase in selling general and
administrative expenses to support the favorable revenue trend and
business development expenses to diversify our markets, and the
effective income tax rates (including Puerto Rico favorable tax
grants) over income before tax.
Selling, general and administrative expenses for the three and
six months ended April 30, 2013 were approximately $1.4 and $2.7
million, respectively, a net increase in expenses of approximately
$0.4 and $0.8 million, respectively, as compared to the same
periods last year. Business development and operations support
expenses in the Puerto Rico and United States markets were
increased to follow the consulting business favorable revenue
trend. In addition, the Company made business development
investments in Spain to diversify its European division market.
"We are very pleased with our continued performance in expanding
our U.S. presence while efficiently managing our costs," said
Nélida Plaza, Acting Chief Executive Officer, Acting President,
Secretary and President of Puerto Rico Operations. "Our growth is a
testament to our ability to continue to expand our US market base
and increase our Lab services business," she continued.
About Pharma-Bio Serv Inc.
Pharma-Bio Serv is a global compliance and validation services
consulting solutions provider, headquartered in Puerto Rico, with
operations in the U.S, Ireland and Spain. Pharma-Bio Serv's core
business is FDA and international agencies regulatory compliance
related services with integrated portfolio services including
microbiological and chemical testing services for clients in the
Pharmaceutical, Biotechnology, Chemical, Medical Device, Cosmetic,
Food and Allied Products industries, at its laboratory testing
facility in Puerto Rico. Services also include "Integratek," an
information technology consulting practice and "Pharma Serv
Academy" a division that provides technical and regulatory
standards seminars/training conducted by industry experts. The
Company's global team includes more than 275 leading engineering
and life science professionals, quality assurance managers and
directors.
Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of the U.S. federal securities laws, which statements
may include information regarding the plans, intentions,
expectations, future financial performance, or future operating
performance of Pharma-Bio Serv. Forward-looking statements are
based on the expectations, estimates, or projections of management
as of the date of this news release. Although Pharma-Bio Serv's
management believes these expectations, estimates, or projections
to be reasonable as of the date of this news release,
forward-looking statements are inherently subject to significant
business risks, economic and competitive uncertainties, or other
contingencies, which could cause its actual results or performance
to differ materially from what may be expressed or implied in the
forward-looking statements. Important factors that could cause
Pharma-Bio Serv's actual results or performance to differ
materially from the forward-looking statements include those set
forth in the "Risk Factors" section of Pharma-Bio Serv's Annual
Report on Form 10-K for the year ended October 31, 2012 and in its
other filings with the Securities and Exchange Commission, which
filings are available on www.sec.gov. Pharma-Bio Serv disclaims any
intention or obligation to update or revise any forward-looking
statements to reflect subsequent events and circumstances, except
to the extent required by applicable law.
Investor Relations Contact: Scott Gordon President CorProminence
LLC scottg@corprominence.com 631 703 4900
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