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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
April 30, 2017
DORADO, PUERTO RICO / ACCESSWIRE / June 14, 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 three and six months ended April 30, 2017 were $3.9 and
$8.0 million, respectively, a decrease of approximately $1.2 and
$2.1 million, or 23.6% and 20.6%, respectively, when compared to
the same periods last year. The decline for the three months ended
April 30, 2017, when compared to the same period last year, is
mainly attributable to a decline in projects in the Puerto Rico,
United States and Brazil consulting markets of $1.1, $0.1 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. The decline for the six
months ended in April 30, 2017, when compared to the same period
last year, is mainly attributable to a decline in projects
in the
Puerto Rico, United States and Brazil consulting markets for $1.9,
$0.1 and $0.1 million, respectively, plus a decline in the Puerto
Rico Lab operation of $0.1 million, partially offset by a gain in
Calibrations operation of approximately $0.2 million. Other Company
divisions sustained minor revenue gains/losses or remained
constant.
Selling,
general and administrative expenses for the three and six months
ended April 30, 2017 were approximately $1.4 and $2.8 million, a
decrease of approximately $63,000 and $22,000, respectively. The
Company net investments for new business development positions for
the three and six months ended April 30, 2017 were approximately
$21,000 and $138,000 more than the same period last year,
respectively, these expenses were offset by savings on other
operational support expenses in the aggregate amount of $84,000 and
$160,000, respectively.
For the
three and six months ended April 30, 2017, we incurred a net loss
of approximately $0.3 and $0.7 million, respectively, a decrease in
earnings of $0.4 and $1.1 million when compared to the same periods
last year. The variance is mainly attributable to the decline in
revenue and gross margin, and net investment on business
development, partially offset by savings in other operational
support
expenses.
For the
three and six months ended April 30, 2017, loss per common share
for both basic and diluted were $0.014 and $0.031, respectively, a
common share basic and diluted decrease of $0.016 and $ 0.048 when
compared to the same periods last year, respectively. The variance
is mainly attributable to the decrease in net earnings when
compared to the same periods last year.
"Pursuing
our goals to achieve long-term profitability, we continue to
refocus our strategies with a more streamlined business development
approach on non-performing operations. 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,” said
Victor Sanchez, CEO of Pharma-Bio Serv.
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