Attached files
file | filename |
---|---|
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,
2018
June 14, 2018
DORADO, PUERTO RICO / ACCESSWIRE / June 14, 2018 /
Pharma-Bio Serv, Inc. (Pharma-Bio Serv
or the Company) (OTCQB: PBSV), a compliance and project management
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, 2018 were $4.4 and $8.6 million,
respectively, an increase of approximately $0.5 and $0.7 million,
or 12.3% and 8.2%, respectively, when compared to the same periods
last year.
Selling, general and administrative expenses for the three and six
months ended April 30, 2018 were approximately $1.2 and $2.2
million, a decrease of approximately $0.2 million and $0.6 million
when compared to the same periods last year,
respectively.
For the three and six months ended April 30, 2018, the Company
incurred a net loss before taxes of approximately $128,000 and
$91,000, an improvement of $195,000 and $612,000 when compared to
the same periods last year, respectively.
After considering the Tax Reform $2.7 million Transition Tax
adjustment recorded in our first quarter of the current fiscal
year, for the three and six months periods ended April 30, 2018 the
Company sustained a net loss of approximately $0.1 and $2.8
million, respectively. This represents an improvement in net
earnings of $0.2 million for the three months ended April 30, 2018
and a decrease in net earnings of $2.1 million for the six months
ended April 30, 2018, when compared to the same periods last year.
The one-time mandatory Transition Tax may be paid over a period of
eight years starting on February 28, 2019.
"We continue placing efforts in our consulting business and
controlling expenses, on a more streamlined and effective business
development approach. We continue to focus on our core businesses
which provide the maximum added-value to our clients and a
substantial share of our revenues" 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. 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.