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| 8-K - FORM 8-K - Pharma-Bio Serv, Inc. | pbsv_8k.htm |
Exhibit 99.1
Pharma-Bio Serv Announces Results for the Quarter
Ended April 30, 2021
Announces Regulatory and Compliance Advisory Board
June 14, 2021
DORADO, PUERTO RICO / ACCESSWIRE / June 14,
2021 / 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
revenues for the three and six months ended April 30, 2021 were
$5,042,000 and $9,530,000, respectively, a decrease of
approximately $606,000 and $731,000, respectively, when compared to
the same periods last year.
Net income for the three and six
months ended April 30, 2021 was approximately $240,000 and
$508,000, a decrease of approximately $448,000 and $706,000 when
compared to the same periods last year, respectively. The decrease
in net income is mainly attributable to the completion of projects
in the Puerto Rico market during the three and six months ended
April 30, 2020. The Company is actively pursuing higher margin
business and has already taken significant steps to reduce
administrative expenses to mitigate margin
pressure.
"During the last two quarters we
have seen significant business development in Europe and LATAM,
which we expect will continue through the end of the year. We are
also excited with new opportunities arising in the domestic market,
which we expect will result in new projects in the short term,"
said Victor Sanchez, CEO of Pharma-Bio Serv,
Inc.
"To support our strategy of being
recognized as a world-class provider of regulatory and compliance
solutions, we have assembled a Regulatory and Compliance
Advisory Board composed of former FDA officials and ex-industry
members (biographical information regarding our Advisory Board can
be found on our website at www.pharmabioserv.com).
The Advisory Board members have strong relationships within the FDA
and the Industry and will provide extremely valuable insights
to the Company’s management. We also believe that their
relationships and knowledge will help attract new clients and
business opportunities, providing additional growth opportunities
and allowing us to continue to provide best in class
regulatory and compliance solutions. " continued Mr.
Sanchez.
About Pharma-Bio Serv,
Inc.
Pharma-Bio
Serv services the Puerto Rico, United States, Europe and Latin
America markets. Pharma-Bio Serv's core business is FDA and
international agencies regulatory compliance consulting related
services. 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 earnings announcement. Although Pharma-Bio Serv's
management believes these expectations, estimates, or projections
to be reasonable as of the date of this earnings announcement,
forward-looking statements are inherently subject to significant
business risks, economic uncertainties, and competitive
uncertainties, and other factors, 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, 2020, 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.