BEVO AGRO INC. ANNOUNCES FIRST QUARTER RESULTS

LANGLEY, BC, Nov. 23 /CNW/ - Bevo Agro Inc. (BVO:TSX-Ven.) announces that sales for the three months ending September 30, 2010 were $1,961,694. This compares to sales of $2,967,444 for the same quarter last year which included an AgriStability payment of $871,378.  AgriStability is a federal government program that provides financial assistance to farms that experience margin declines. Excluding the AgriStability payment, propagation sales for the first quarter ending September 30, 2009 totaled $2,096,066. 

The first quarter is historically the lowest revenue producing period of the year as greenhouses are transitioning from flowers and bedding plants delivered in the fourth quarter to propagated vegetable plants for delivery in the second and third quarters.

Expenses for the quarter ended September 30, 2010 totaled $958,822 compared to $1,153,128 in the same quarter the year earlier.  The $200,000 reduction in expenses is primarily a result of lower general operating expenses and lower administrative fees, wages and benefits.

The net loss and comprehensive loss for the quarter was $475,653 compared to a loss of $103,690 for the same quarter in the previous year.

Readers are encouraged to view the Company's unaudited financial statements at September 30, 2010, and accompanying MD&A at www.sedar.com.

Financial Summary
For the 3 months ended									Sept. 30, 2010						Sept. 30, 2009
Sales									$1,961,694			100%			$2,967,444			100%
Cost of Sales									$1,701,365			87%			$1,966,801			66%
Gross Margin									$260,329			13%			$1,000,643			34%
Expenses
Operating & administrative									$168,488			9%			$260,782			9%
Administrative fees, wages & benefits									$257,863			13%			$331,741			11%
Amortization									$356,358			18%			$353,678			12%
Interest expenses									$162,440			8%			$148,363			5%
Provision for bad debts									$14,673			1%			$58,564			2%
									$959,822			49%			$1,153,128			39%
Earnings (loss) from operations									($699,493)			-36%			($152,485)			-5%
Earnings before taxes									($699,493)			-36%			($152,485)			-5%
Income taxes-current
Income taxes-future									($223,840)						($48,795)
Net earnings (loss) for period									($475,653)			-24%			($103,690)			-3%

Bevo Agro's trailing twelve months comparative results are summarized below

12 months ended				Sept. 30, 2008			Mar 31 ,2009			Sept. 30, 2009			Mar 31 ,2010			Sept. 30, 2010
Sales Gross Margin Earnings (loss) from operations Net earnings (loss) for period				$19,428,840 $5,606,613 ($1,290,413) ($537,061)			$17,237,976 $4,645,388 ($1,296,175) ($543,752)			$19,540,204 $6,099,393 $1,165,002 $1,381,378			$19,938,024 $6,198,460 $1,521,189 $1,621,739			$18,916,223 $5,036,022 $727,423 $683,331

Bevo Agro is North America's leading supplier of propagated agricultural plants, growing and distributing vegetable, flower, berry and other plant seedlings to North America's growers. Bevo propagates quality seedlings and plants for wholesale vegetable greenhouse growers, field growers and nursery operators from its 34 acre production facility.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

Jack Benne, President
Bevo Agro Inc.
Phone: [phone]
Fax: [phone]
Email:  [email protected]