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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, 2018
March 19, 2018
DORADO, PUERTO RICO / ACCESSWIRE / March 19, 2018 /
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, 2018 were $4.2 million,
an increase of $0.2 million when compared to the same period last
year.
The
revenue increase is mainly attributable to projects in the Europe
consulting market for $0.5 million, partially offset by a decline
in the Puerto Rico Lab and the consulting market of $0.2 million
and $0.1 million, respectively. Other Company divisions sustained
minor revenue losses or remained constant, when compared to the
same period last year.
For the
three months ended January 31, 2018, the Company reported approximately $37,000
on income before taxes, an improvement of $417,000 when compared to
the same period last year. The variance is mainly attributable to a
slight improvement in revenue and related gross margin, plus
savings in other operational support expenses.
After
considering a one-time mandatory US Tax Reform $2.7 million
Transition Tax over foreign undistributed earnings, the Company
sustained a net loss of approximately $2.7 million, a decrease in
earnings of $2.3 million when compared to the same period last
year. The one-time mandatory Transition Tax may be paid over a
period of eight years starting on February 28, 2019.
“We are pleased to have made some inroads in the
European consulting market, while also proceeding with our
US consulting services strategy
with a more streamlined business development approach. We are
continuing to recover from the disruption caused by the recent
hurricanes in Puerto Rico and continue to focus on the territories
where we have a strong presence to maintain our share of the
consulting and Lab operations,” 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, 2017, 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.
Company Contact:
Pedro J. Lasanta
Chief Financial Officer
787 278 2709
SOURCE: Pharma-Bio Serv,
Inc.