DORADO, PUERTO RICO--(Marketwired - Jan 29, 2014) - Pharma-Bio Serv (OTCQB: PBSV), a compliance, project management and technology transfer support consulting firm, recently announced record total net revenues of $33.1 million for the year ended October 31, 2013, an increase of approximately $3.8 million, or 13%, compared to 2012. The United States consulting market division and the Lab led the revenue improvement for the year ended October 31, 2013 with an increase in revenues of $2.2 and $1.0 million, respectively, when compared to 2012. Other company divisions sustained minor revenue changes or remained constant, when compared to 2012. The revenue growth, offset by the increase in operational support and business development expenses, resulted in record net income of approximately $4.9 million for the year ended October 31, 2013, an increase of $0.2 million, or 4.7%, when compared with 2012.
Selling, general and administrative expenses for the year ended October 31, 2013 were approximately $5.7 million, a net increase in expenses of approximately $1.6 million as compared to 2012.
"Our record results from operations are a testament to our focus on core value drivers across our business horizons," said Elizabeth Plaza, Chairman of the Board of Directors. "We continue to enhance our strengths while executing on our strategic vision," she added.
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 international agencies regulatory compliance 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, at its laboratory testing facility in Puerto Rico. Services also include "Integratek," an information technology consulting practice, and "Pharma Serv Academy" a division that provides technical and regulatory standards seminars/training conducted by industry experts. The Company's global team includes more than 300 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, 2013 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.