Pharma-Bio Serv Announces Stock Repurchase Program and Results for the Quarter Ended April 30, 2014
16 Junho 2014 - 5:38PM
Marketwired
Pharma-Bio Serv Announces Stock Repurchase Program and Results for
the Quarter Ended April 30, 2014
DORADO, PUERTO RICO--(Marketwired - Jun 16, 2014) - Pharma-Bio
Serv. (OTCQB: PBSV), a compliance, project management and
technology transfer support consulting firm, announced today that
its Board of Directors has authorized a stock repurchase program to
purchase up to 2 million shares of its outstanding common stock.
The timing, manner, price and amount of any repurchases will be at
the discretion of the Company, subject to the requirements of the
Securities Exchange Act of 1934, as amended, and related rules. The
program does not oblige the Company to repurchase any shares and it
may be modified, suspended or terminated at any time and for any
reason. No shares will be repurchased directly from directors or
officers of the Company.
The Company announced net revenues for the three and six months
ended April 30, 2014 of $6.6 and $13.6 million, respectively, a
decrease of approximately $1.7 and $2.3 million, or 20.3% and
14.6%, respectively, when compared to the same periods last year.
This decrease is mainly attributable to a decline in revenues from
projects in the United States, Europe and Puerto Rico consulting
markets of $0.8, $0.4 and $0.3 million, respectively, for the
three-month period ended April 30, 2014, and $1.3, $0.6 and $0.3
million, respectively, for the six-month period ended April 30,
2014. Other Company divisions sustained minor revenue gains/losses
or remained constant, when compared to the same period last year.
The Company continues to invest in business development and
operations support for all of its divisions in order to diversify
and expand their market and customer base.
Selling, general and administrative expenses for the three and
six months ended April 30, 2014 were approximately $1.7 and $3.2
million, respectively, a net increase in expenses of approximately
$0.3 and $0.6 million, respectively, as compared to the same period
last year.
Net income for three and six months ended April 30, 2014 was
approximately $0.3 and $1.0 million, a decrease of $1.1 and $1.5
million, respectively, when compared with the same periods last
year. The net income variance, when compared to the same periods
last year, is mainly attributable to the decline in revenue, the
increase in selling general and administrative expenses for the
business and operations investments incurred aimed to diversify and
expand markets and customer base, and the effect of the effective
income tax rates (including Puerto Rico favorable tax grants) over
income before tax.
"We remain steadfast in our commitment to executing on our
strategic initiatives to drive growth," said Ms. Elizabeth Plaza,
Principal Executive Officer of Pharma-Bio Serv. "The Board's
authorization of a share repurchase program reflects our continued
confidence in the health and long-term profitable growth of the
company," she continued.
Pharma-Bio Serv had approximately 23 million shares of Common
Stock outstanding as of April 30, 2014.
About Pharma-Bio Serv Inc.
Pharma-Bio Serv is a compliance, project management and
technology transfer support consulting firm, 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 300 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, 2013 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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