Bevo Agro Inc. announces second quarter results.
LANGLEY, BC, Feb. 25 /CNW/ - Bevo Agro Inc. (BVO:TSX-Ven.) reports sales of $3,705,700 for the second quarter ending December 31, 2009, compared to sales of $3,768,651 for the quarter ending December 31, 2008. Sales for the six months ending December 31, 2009 totaled $6,673,144, an increase of $1.6 million over sales of $5,072,246 for the six months ending December 31, 2008. $871,378 of the increase resulted from the Federal Government's AgriStability payment.
Total expenses for the most recent quarter are $160,193 lower than the same quarter the previous year as a result of lower borrowing costs and amortization.
The Company generated net earnings of $49,027 for the three months ended December 31, 2009, compared to a net profit of $11,404 for the three months ending December 31, 2008. The net loss for the six months ending December 31, 2009 was $54,663 compares to a net loss of $705,757 last year.
Net earnings for the 12 months ending December 31, 2009 have increased to nearly $3,486,656 from trailing twelve month earnings of 1,991,769 at December 31, 2008.
Financial Summary:
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3 months ending Dec 31, 2009 Dec 31, 2008
--------------- ------------ ------------
Sales $3,705,700 100% $3,768,651 100%
Cost of Sales $2,589,284 70% $2,541,429 67%
------------ ----- ------------ -----
Gross Margin $1,116,416 30% $1,227,222 33%
Expenses
Operating & administrative $264,104 7% $253,176 7%
Admin fees, wages & benefits $254,385 7% $264,031 7%
Amortization $356,959 10% $378,797 10%
Interest expenses $145,945 4% $283,381 8%
Provision for bad debts $34,232 1% $36,433 1%
------------ ----- ------------ -----
$1,055,625 28% $1,215,818 32%
------------ ----- ------------ -----
Earnings from operations $60,791 2% $11,404 2%
Other $11,311 0% 0%
------------ ----- -----
Earnings before taxes $72,102 2% $11,404 0%
Income taxes-current $0 $0
Income taxes-future $23,075 1% $0 0%
------------ ----- ------------ -----
Net earnings for period $49,027 1% $11,404 0%
Earnings per share $0.00 $0.00
6 months ending Dec 31, 2009 Dec 31, 2008
--------------- ------------ ------------
Sales $6,673,144 100% $5,072,246 100%
Cost of Sales $4,556,085 68% $3,660,007 72%
------------ ----- ------------ -----
Gross Margin $2,117,059 32% $1,412,239 28%
Expenses
Operating & administrative $524,886 8% $505,747 10%
Admin fees, wages & benefits $586,126 9% $518,110 10%
Amortization $710,637 11% $755,538 15%
Interest expenses $294,308 4% $627,235 12%
Provision for bad debts $48,854 1% $48,854 1%
------------ ----- ------------ -----
$2,208,753 33% $2,455,484 48%
------------ ----- ------------ -----
Earnings (loss) from operations ($91,694) 2% ($1,043,245) 2%
Other $11,311 0% $0 0%
------------ ----- ------------ -----
Earnings before taxes ($80,383) -1% ($1,043,245) -21%
Income taxes-current $0 $0
Income taxes-future ($25,720) 0% ($337,488) -7%
------------ ----- ------------ -----
Net earnings (loss) for period ($54,663) 0% ($705,757) -7%
Earnings per share $0.00 ($0.03)
Bevo Agro's trailing twelve months comparative results are summarized
below:
12 months
---------
ending June 30. '08 Dec 31, '08 June 30. '09
------ ------------ ----------- ------------
Sales $19,763,458 100% $18,490,692 100% $17,876,355 100%
Gross Margin $5,452,491 28% $4,954,578 27% $5,283,767 30%
Net earnings
(loss) ($650,943) -3% ($700,310) -4% $767,907 4%
EBITDA $2,254,499 11% $1,991,769 11% $2,901,622 16%
12 months
---------
ending Dec 31, '09
------ -----------
Sales $19,477,253 100%
Gross Margin $5,988,587 31%
Net earnings
(loss) $1,419,001 7%
EBITDA $3,486,656 18%
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: (604) 888-0420, Fax: (604) 888-8048, Email: [email protected]
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