Bevo Agro Inc. (BVO:TSX-Ven.) reports net profits of $45,104 for the three months ending March 31, 2004 compared to a  net profit of $380,089 in the third quarter last year.

For the nine months ending March 31, 2004, net earnings totaled $521,962 ($0.02 per share), compared to $1,451,680 ($0.07 per share) for the nine months ending March 31, 2003.

Sales (shipments to customers) were $3,636,539 for the third quarter compared to $5,478,946 for the same quarter a year earlier. For the nine months, sales totaled $11,798,324 vs. $14,299,193 last year.

Bevo Agro's results reflect timing of customer orders and the historical pattern of flat sales and profits during an expansion. Year to date results have been affected by expansion costs related to a 50% increase in propagation area.

With the recent 11 acre expansion, Bevo's plant totals 34 acres and provides a solid platform to meet customer demands. The expansion was completed in early 2004 and has allowed the Company to grow record numbers of flower and bedding plants. Approximately $5.0M has been shipped to clients during the first six weeks of the fourth quarter.

Bevo's ability to meet customer orders is enhanced by the expansion and management is focused on increasing competitiveness in the marketplace.

Financial Summary
For the                        3 mths ending         3 mths ending
                                 Mar. 31/04            Mar. 31/03
	
	
Sales                            $3,636,539   100%     $5,478,946   100%
Cost of Sales                    $2,342,464    64%     $3,762,381    69%
                                -------------  -----  -------------  -----
Gross Margin                     $1,294,075    36%     $1,716,565    31%
Expenses
Operating & administrative         $310,279              $346,432
Admin fees, wages & benefits       $232,579              $194,133
Amortization                       $417,445              $342,776
Interest expenses                  $259,571              $270,209
                                 -------------         -------------
                                 $1,219,874    34%     $1,153,550    21%
Earnings from operations            $74,201     2%       $563,015    10%
Other                                                    -$39,126
Earnings before taxes               $74,201     2%       $523,889    10%
Income taxes-current               -$65,952              $163,262
Income taxes-future                 $95,049              -$19,462
                                 -------------         -------------
Net earnings for period             $45,104     1%       $380,089     7%
	
	
EBITDA                             $751,217            $1,136,874
CASH FLOW                          $557,598              $703,403
	
Earnings Share                        $0.00                 $0.02
EBITDA/Share                          $0.03                 $0.05
Cash Flow/Share                       $0.02                 $0.03
	
	
	
Financial Summary
For the                       9 mths ending         9 mths ending
                                Mar. 31/04            Mar. 31/03
	
	
Sales                           $11,798,324   100%    $14,299,193   100%
Cost of Sales                    $7,374,235    63%     $8,609,620    60%
                             --------------  -----  -------------  -----
Gross Margin                     $4,424,089    37%     $5,689,573    40%
Expenses
Operating & administrative       $1,076,264              $930,830
Admin fees, wages & benefits       $625,903              $570,445
Amortization                     $1,134,936              $957,296
Interest expenses                  $747,522              $801,274
                             --------------         -------------
                                 $3,584,625    30%     $3,259,845    23%
Earnings from operations           $839,464     7%     $2,429,728    17%
Other                                $7,420              -$39,126
Earnings before taxes              $846,884     7%     $2,390,602    17%
Income taxes-current               $127,220              $784,619
Income taxes-future                $197,702              $154,303
                             --------------         -------------
Net earnings for period            $521,962     4%     $1,451,680    10%
	
	
EBITDA                           $2,729,342            $4,149,172
CASH FLOW                        $1,854,600            $2,563,279
	
Earnings Share                        $0.02                 $0.07
EBITDA/Share                          $0.12                 $0.19
Cash Flow/Share                       $0.08                 $0.12
	
	

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 primarily for wholesale vegetable greenhouse growers, field growers and nursery operators from its 34 acre production facility.