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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 July 31,
2018
September 14, 2018
DORADO, PUERTO RICO / ACCESSWIRE / September 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
nine months ended July 31, 2018 were $5.2 and $13.8 million,
respectively, an increase of approximately $1.2 and $1.9 million,
or 31.0% and 15.8%, respectively, when compared to the same periods
last year.
Selling, general and administrative expenses for the three and nine
months ended July 31, 2018 were approximately $1.2 and $3.5
million, an increase of approximately $0.1 million and a decrease
of $0.4 million when compared to the same periods last year,
respectively.
Aided by non-recurring proceeds, other income for both the three
and nine-months periods ended on July 31, 2018 increased by
approximately $0.4 million, when compared to the same periods last
year.
Net income before income tax and US Tax Reform Transition Tax
expense, for the three and nine months ended July 31, 2018, were
approximately $766,000 and $675,000, an earnings improvement of
$928,000 and $1,540,000 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 nine months periods ended July 31, 2018 the
Company attained net income of $0.7 million and a net loss of
approximately $2.1 million, respectively. This represents an
improvement in net earnings of $0.9 million for the three months
ended July 31, 2018 and a decrease in net earnings of $1.2 million
for the nine months ended July 31, 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.
"Our focus and efforts are concentrated to maximize our consulting
business and controlling expenses. We believe that consulting,
which has been our core business, will provide the maximum
added-value to our clients," 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