Pharma-Bio Serv Announces Results for the Quarter Ended January 31, 2014
17 Marzo 2014 - 2:15PM
Marketwired
Pharma-Bio Serv Announces Results for the Quarter Ended January 31,
2014
DORADO, PUERTO RICO--(Marketwired - Mar 17, 2014) - Pharma-Bio
Serv. (OTCQB: PBSV), a compliance, project management and
technology transfer support consulting firm, announced today net
revenues for the three months ended January 31, 2014 of $7.0
million, a decrease of approximately $0.6 million, or 8%, when
compared to the same period in 2013. This decrease is mainly
attributable to a decline in revenues from projects of $0.4 and
$0.2 million in the United States and Europe consulting markets,
respectively. The Company continues investing in its global
business development and operations in order to diversify its
market and customer base.
Selling, general and administrative expenses for the three
months ended January 31, 2014 were approximately $1.5 million, a
net increase in expenses of approximately $0.2 million as compared
to the same period in 2013 reflecting the additional business and
operations investments.
Net income for the three months ended January 31, 2014 was
approximately $0.7 million, a decrease of $0.4 million when
compared with the same period in 2013. The net income variance,
when compared to the same period in 2013, is mainly attributable to
the revenue decline, the increase in selling general and
administrative expenses for the business and operations investments
incurred aimed to diversify markets and customer base, and the
effect of the effective income tax rates (including Puerto Rico
favorable tax grants) over income before tax.
"We continue to establish the foundation for our continued
strategic growth by investing in our global operations which we
believe will enhance future shareholder value," said Elizabeth
Plaza, Chairman of the Board of Directors.
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 and the presentation contain "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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