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| 8-K - CURRENT REPORT - Pharma-Bio Serv, Inc. | pbsv_8k.htm |
Exhibit
99.1
Pharma-Bio Serv Announces Results for the Quarter
Ended
January 31, 2017
DORADO, PUERTO RICO / ACCESSWIRE / March 17, 2017 /
Pharma-Bio Serv, Inc. (Pharma-Bio Serv or the Company) (OTCQB:
PBSV), a compliance, project management and technology transfer
support consulting firm, that provides services to the
pharmaceutical, biotechnology, chemical, medical device, cosmetic,
food and allied products industries, today announced net revenues
for the quarter ended January 31, 2017 were $4.0 million, a
decrease of $0.9 million when compared to the same period last
year.
The
revenue decrease is mainly attributable to a decline in projects in
the Puerto Rico consulting market and Puerto Rico Lab operation of
$0.9 and $0.1 million, respectively, partially offset by a gain in
the Calibrations operation of approximately $0.1 million. Other
Company divisions sustained minor revenue gains/losses or remained
constant, when compared to the same period last year.
For the
three months ended January 31, 2017, the Company reported a net
loss of approximately $0.4 million, a decrease in earnings of $0.7
million when compared to the same period last year. The variance is
mainly attributable to the decline in revenue, and continued
investment on business development, partially offset by savings in
other operational support expenses.
“Our
strategic re-alignment and investment is ongoing and our goals are
to achieve long-term profitability on our non-performing
operations.” said Victor Sanchez, CEO of Pharma-Bio Serv.
“To that end we have refocused our US consulting services
strategy with a more streamlined business development approach,
which we believe will experience savings during the second quarter
of the current fiscal year with the closing of our Plymouth
Meeting, PA and Los Angeles, CA leased offices. We remain confident
that our continued investment in our consulting team, new markets
and services, Lab facilities and equipment will yield continued and
sustainable growth for the Company in the future. We remain fully
focused on consulting business development in both existing and new
markets, expanding the scope of our Puerto Rico Lab facilities, and
developing our new Lab facility in Spain,” he
added.
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 other international regulatory compliance
agency 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. The Company's
services also include "Pharma Serv Academy," a division that
provides technical and regulatory standards seminars/training
conducted by industry experts. The Company's global team includes
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. There can be no assurance that the
processes being undertaken by Pharma-Bio Serv will result in growth
through business development or mergers and acquisitions. 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, 2016, 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