Milner, British Colombia, Canada
May 11, 2005
Bevo Agro Inc.
(BVO:TSX-Ven.) reports third quarter results, with increases
in revenue, EBITDA and net income.
Sales (shipments to customers)
were
$4,783,461 for the third quarter, an increase
of 32% over the $3,636,539
in sales for the same quarter a year earlier.
For the nine months ending March 31, 2005, sales totaled
$13,383,968 vs. $11,798,324 last year.
EBITDA (Earnings before interest,
taxes, depreciation and amortization) increased by 64% to
$1,233,373 for the third quarter vs. $751,217 for the same
quarter last year. EBITDA for the year to date totals
$3,164,492, compared to $2,729,342 last year.
Net
profits were
$170,835 for the three months ending March 31,
2005 compared to a net profit of $45,104
in the third quarter last year.
For the nine months ending March 31, 2005, net earnings
totaled $375,707 ($0.02 per share), compared to $521,962
($0.02 per share) for the nine months ending March 31, 2004.
Financial Summary
|
For
the |
3
mths ending |
3
mths ending |
9 mths
ending |
9 mths
ending |
|
|
Mar.
31/05 |
|
Mar.
31/04 |
|
Mar.
31/05 |
|
Mar.
31/04 |
|
|
Sales |
$4,783,461
|
100% |
$3,636,539
|
100% |
$13,383,968
|
100% |
$11,798,324
|
100% |
|
Cost of Sales |
$2,846,488
|
60% |
$2,342,464
|
64% |
$8,206,151
|
61% |
$7,374,235
|
63% |
|
Gross Margin |
$1,936,973
|
40% |
$1,294,075
|
36% |
$5,177,817
|
39% |
$4,424,089
|
38% |
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Operating &
administrative |
$371,357
|
8% |
$310,279
|
9% |
$1,165,220
|
9% |
$1,076,264
|
9% |
|
Admin wages & benefits |
$338,740
|
7% |
$232,579
|
6% |
$854,602
|
6% |
$625,903
|
5% |
|
Amortization |
$517,530
|
11% |
$417,445
|
11% |
$1,544,271
|
12% |
$1,134,936
|
10% |
|
Interest expenses |
$453,021
|
9% |
$259,571
|
7% |
$1,351,916
|
10% |
$747,522
|
6% |
|
Total expenses |
$1,680,648
|
35% |
$1,219,874
|
34% |
$4,916,009
|
37% |
$3,584,625
|
30% |
|
Earnings from operations |
$256,325
|
5% |
$74,201
|
2% |
$261,808
|
2% |
$839,464
|
7% |
|
Other |
$6,497
|
|
|
|
$6,497
|
|
$7,420
|
|
|
Earnings before taxes |
$262,822
|
5% |
$74,201
|
2% |
$268,305
|
2% |
$846,884
|
7% |
|
Income taxes-current |
|
|
($65,952) |
|
|
|
$127,220
|
|
|
Income taxes-deferred |
$91,987
|
|
$95,049
|
|
($107,402) |
|
$197,702
|
|
|
Net earnings for period |
$170,835
|
4% |
$45,104
|
1% |
$375,707
|
3% |
$521,962
|
4% |
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
$1,233,373
|
26% |
$751,217
|
21% |
$3,164,492
|
24% |
$2,729,342
|
23% |
|
|
|
|
|
|
|
|
|
|
|
Earnings Share |
$0.01 |
|
$0.00 |
|
$0.02 |
|
$0.02 |
|
|
EBITDA/Share |
$0.05 |
|
$0.03 |
|
$0.13 |
|
$0.12 |
|
|
|
|
|
|
|
|
|
|
|
Bevo Agro’s trailing twelve
months comparative results are summarized below
|
Twelve
months ended |
June 30 '04 |
|
Sept.
30, ‘04 |
Dec. |
31,
‘04 |
March |
31
,’05 |
|
Sales |
$19,495,807
|
100% |
$19,314,323
|
100% |
$19,934,529
|
100% |
$21,081,451
|
100% |
|
|
Gross Margin |
$6,214,287
|
32% |
$6,156,450
|
32% |
$6,325,117
|
32% |
$6,968,015
|
33% |
|
|
Net earnings
|
$561,614
|
3% |
$241,848
|
1% |
$289,628
|
1% |
$415,359
|
2% |
|
|
EBITDA
|
$4,117,410
|
21% |
$3,952,473
|
20% |
$4,070,404
|
20% |
$4,552,560
|
22% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
