Milner, BC, Canada
February 24, 2005
Bevo Agro Inc.
(BVO:TSX-Ven.) reports sales (shipments to customers) were
$5,188,753
for the second quarter compared to $4,568,547
for the same quarter a year earlier.
For the six months, sales totaled $8,600,507 compared to
$8,161,785 for the comparable period last year.
EBITDA (Earnings before interest,
taxes, depreciation and amortization) for the six months
were $1,931,119 or 22% of revenues, consistent with the
previous year of $1,978,125.
Net earnings were
$482,137 for
the three months ending December 31, 2004
compared to net earnings of $434,357
for the second quarter the previous year.
Net earnings for the six months ending December 31, 2004,
totaled $204,872, ($0.01 per share) compared to $476,858,
($0.02 per share) for the six months ending December 31,
2003.
Financial Summary
|
For the |
3 months |
3 months |
6 months |
|
6 months |
|
|
ending |
Dec 31, 2004 |
|
Dec 31, 2003 |
Dec 31, 2004 |
Dec 31, 2003 |
|
Sales |
$5,188,753 |
100% |
$4,568,547 |
100% |
$8,600,507 |
100% |
$8,161,785 |
100% |
|
Cost of Sales |
$3,056,686 |
59% |
$2,605,147 |
57% |
$5,359,663 |
62% |
$5,031,771 |
62% |
|
Gross Margin |
$2,132,067 |
41% |
$1,963,400 |
43% |
$3,240,844 |
38% |
$3,130,014 |
38% |
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Operating & administrative |
$436,815 |
8% |
$461,533 |
10% |
$793,863 |
9% |
$765,985 |
9% |
|
Admin fees, wages, benefits |
$278,271 |
5% |
$202,817 |
4% |
$515,862 |
6% |
$393,324 |
5% |
|
Amortization |
$511,912 |
10% |
$369,744 |
8% |
$1,026,741 |
12% |
$717,491 |
9% |
|
Interest expenses |
$448,045 |
9% |
$226,505 |
5% |
$898,895 |
10% |
$487,951 |
6% |
|
Total |
$1,675,043 |
32% |
$1,260,599 |
28% |
$3,235,361 |
38% |
$2,364,751 |
29% |
|
Earnings from operations |
$457,024 |
9% |
$702,801 |
15% |
$5,483 |
0% |
$765,263 |
9% |
|
Other |
|
|
|
|
|
|
$7,420 |
|
|
Earnings before taxes |
$457,024 |
|
$702,801 |
|
$5,483 |
|
$772,683 |
|
|
Income taxes-current |
$103,828 |
|
$193,172 |
|
$0 |
|
$193,172 |
|
|
Income taxes-future |
($128,941) |
|
$75,272 |
|
($199,389) |
|
$102,653 |
|
|
Net earnings for period |
$482,137 |
9% |
$434,357 |
10% |
$204,872 |
2% |
$476,858 |
6% |
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
$1,416,981 |
27% |
$1,299,050 |
28% |
$1,931,119 |
22% |
$1,978,125 |
24% |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
$0.02
|
|
$0.01
|
|
$0.02 |
|
$0.02 |
|
|
EBITDA per share |
$0.06 |
|
$0.06 |
|
$0.08 |
|
$0.09 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bevo Agro’s trailing twelve
months comparative results are summarized below:
|
|
Dec 31, 2003 |
|
March 31 ,2004 |
June 30,2004 |
|
Sept. 30, 2004 |
|
Dec 31, 2004 |
|
|
Sales |
$19,414,668
|
100% |
$17,572,261
|
100% |
$19,495,807
|
100% |
$19,314,323
|
100% |
$19,934,529
|
100% |
|
Gross Margin |
$6,379,441
|
33% |
$5,956,951
|
34% |
$6,214,287
|
32% |
$6,156,450
|
32% |
$6,325,117
|
32% |
|
Net earnings
|
$1,310,501
|
7% |
$975,516 |
6% |
$561,614
|
3% |
$241,848
|
1% |
$289,628
|
1% |
|
EBITDA |
$4,353,673
|
22% |
$3,968,016
|
23% |
$4,117,410
|
21% |
$3,952,473
|
20% |
$4,070,404
|
20% |
|
Balance Sheet in 000$ as at |
Dec. 31, '04 |
|
Jun 30, '04 |
|
ASSETS |
|
|
|
|
Current Assets |
$8,217 |
|
$4,977 |
|
Net Fixed Assets |
$32,035 |
|
$32,413 |
|
Other Assets |
$146 |
|
$65 |
|
Intangible & Deferred Assets |
$263 |
|
$263 |
|
TOTAL ASSETS |
$40,661 |
|
$37,718 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current Liabilities |
$8,357 |
|
$4,680 |
|
Long Term Debt |
$17,580 |
|
$18,752 |
|
Future Income Taxes |
$1,423 |
|
$1,622 |
|
Due to Related Company |
$392 |
|
$397 |
|
Convertible Subordinated Debt |
$5,000 |
|
$5,000 |
|
SHAREHOLDER'S EQUITY |
$7,910 |
|
$7,266 |
|
TOTAL LIABILITIES |
$40,661 |
|
$37,717 |
|
|
|
|
|
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.
|
