SOURCE: Pharma-Bio Serv Inc.
DORADO, PR--(Marketwired - Sep 16, 2013) - Pharma-Bio Serv. (OTCQB: PBSV), a global compliance and validation services consulting solutions provider, announced net revenues for the three and nine months ended July 31, 2013 of $8.3 and $24.3 million, an increase of approximately $0.7 and $3.2 million, or 9% and 15%, respectively, when compared to the same periods last year. Revenue growth is mainly attributable to the revenue increase in the United States consulting market and Lab services.
Selling, general and administrative expenses for the three and nine months ended July 31, 2013 were approximately $1.4 and $4.1 million, respectively, a net increase in expenses of approximately $0.4 and $1.2 million, respectively, when compared to the same periods last year. Business development and operations support expenses in the Puerto Rico and United States markets were increased to follow the consulting business favorable revenue trend. In addition, the Company has made business development investments in Spain to diversify the European division market.
The Company reported net income for three and nine months ended July 31, 2013 of approximately $1.2 and $3.7 million, respectively, a slight increase of approximately $0.1 million for the nine month period, and no change for the three month period, when compared with the same periods last year.
"Our continued performance in capitalizing on favorable market trends is a testament to the execution of our business model," said Nélida Plaza, Acting Chief Executive Officer, President of Puerto Rico Operations. "We are very pleased with our consistent performance, especially in our U.S. consulting and Lab services business," she continued.
About Pharma-Bio Serv Inc.
Pharma-Bio Serv is a global compliance and validation services consulting solutions provider, 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 285 leading engineering and life science professionals, quality assurance managers and directors.
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, 2012 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.