Bevo Agro Inc. announces third quarter results
LANGLEY, BC, May 25 /CNW/ - Bevo Agro Inc. (BVO:TSX-Ven.) is pleased to report net earnings of $499,209 for the three months ended March 31, 2010, compared to net earnings of $296,471 for the three months ending March 31, 2009, an increase of 68%.
Earnings for the nine months total $444,546 compared to a net loss of $409,286 for the same nine months last year.
The gross profit margin for the 3rd quarter was $1,802,523 (52%) of sales compared to $1,592,650 (53%) for the same quarter last year. Margins for the nine months are 39% of sales, consistent with the previous year.
Total expenses for Q3 and year to date are lower than the same periods last year as interest costs and operating expenses decrease.
Sales for the third quarter ending March 31, 2010 were $3,456,505, a 15% increase over sales of $2,995,734 for the same quarter last year. Sales for the nine months ending March 31, 2010 totaled $10,129,649, an increase of $2.0 million over sales of $8,067,980 for the nine months ending March 31, 2009. Sales for the nine months ending March 31, 2010 include $1.1 million in payments from the Federal Government's AgriStability program.
Comparative results on a trailing twelve month basis continue to demonstrate improvement.
Readers are encouraged to view the Company's unaudited financial statements and accompanying MD&A at www.sedar.com.
Financial Summary
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Three months ending Mar 31,2010 Mar 31,2009
------------------- ----------- -----------
Sales $3,456,505 100% $2,995,734 100%
Cost of Sales $1,653,982 48% $1,403,084 47%
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Gross Margin $1,802,523 52% $1,592,650 53%
Expenses
Operating &
administrative $242,962 7% $269,969 9%
Administrative wages
& benefits $268,571 8% $260,734 9%
Amortization $370,064 11% $381,042 13%
Interest expenses $143,555 4% $213,429 7%
Provision for
bad debts $ 34,700 1% $ 31,605 1%
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$1,059,852 31% $1,156,779 39%
Earnings from
operations $742,671 21% $435,871 15%
Other ($8,552) 0% $0 0%
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Earnings before taxes $734,119 21% $435,871 15%
Income taxes-current $0 0% $0 0%
Income taxes-future $234,910 7% $139,400 5%
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Net earnings for period $499,209 14% $296,471 10%
Earnings per share $0.02 $0.01
EBITDA $1,247,738 36% $1,030,342 34%
Nine months ending Mar 31,2010 Mar 31,2009
------------------ ----------- -----------
Sales $10,129,649 100% $8,067,980 100%
Cost of Sales $6,210,067 61% $5,063,091 61%
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Gross Margin $3,919,582 39% $3,004,889 39%
Expenses
Operating &
administrative $767,848 8% $775,716 10%
Administrative wages
& benefits $854,697 8% $778,844 10%
Amortization $1,080,701 11% $1,136,580 14%
Interest expenses $437,863 4% $840,664 10%
Provision for
bad debts $ 127,496 1% $ 80,459 1%
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$3,268,605 32% $3,612,263 45%
Earnings (loss) from
operations $650,977 6% ($607,374) -8%
Other $2,759 0% $0 0%
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Earnings before taxes $653,736 6% ($607,374) -8%
Income taxes-current $0 0% $0 0%
Income taxes-future $209,190 2% ($198,088) -2%
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Net earnings (loss)
for period $444,546 4% ($409,286) -5%
Earnings per share $0.02 ($0.02)
EBITDA $2,169,541 21% $1,369,870 17%
Bevo Agro's trailing twelve months comparative results are summarized below:
12 months Mar 31, Sept 30, Mar 31, Sept 30, Mar 31,
--------- ------- -------- ------- -------- -------
ended 2008 2008 2009 2009 2010
----- ---- ---- ---- ---- ----
Sales $18,789,620 $19,428,840 $17,237,976 $19,540,204 $19,938,024
Gross
Margin $5,879,387 $5,534,899 $4,573,674 $6,099,393 $6,198,460
Net
earnings
(loss) ($636,611) ($608,775) ($615,466) $1,381,378 $1,621,739
EBITDA $3,101,752 $2,291,075 $1,811,547 $3,585,232 $3,704,052
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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