DORADO, PUERTO RICO--(Marketwired - Jun 14, 2013) - Pharma-Bio Serv. (
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.
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.