Langley, British Columbia
October 25, 2005
Bevo Agro Inc.
(BVO:TSX-Ven.) reports a net profit of
$985,782 ($0.04/share) for the
year ending June 30, 2005 compared to a net profit of
$561,614
($0.02/share) for the year ending June 30, 2004.
Sales (shipments to customers)
for the year ending June 30, 2005 were
$21,756,304
compared to
$19,495,807 for the twelve months ending June 2004.
Fourth quarter sales of
$8,372,336 were higher than any
previous quarter.
EBITDA (Earnings before
Interest, Taxes, Amortization and Depreciation) totaled $4,397,946
for the year versus $4,117,410 last year.
Milestones for 2005
-
Grafted over 10
million seedlings into 5 million tomato plants. This
grafting innovation, first introduced in 2000,
increases the client production of tomatoes.
-
2. Constructed
a new wood shed and water reservoir which reduced costs
and improved efficiency.
-
3. Flower and
bedding plants shipments exceeded $8.7 million, a 27%
increase over the fiscal 2004.
-
4. Reduced long
term bank loans by
more than $1.9 million.
Financial Summary
|
For the year ending |
June 30 '05 |
|
June 30 '04 |
|
|
Sales |
$21,756,304
|
100% |
$19,495,807
|
100% |
|
Cost of Sales |
$14,990,018
|
69% |
$13,281,520
|
68% |
|
Gross Margin |
$6,766,286
|
31% |
$6,214,287
|
32% |
|
Expenses |
|
|
|
|
|
Operating &
administrative |
$1,358,292
|
6% |
$1,245,631
|
6% |
|
Administrative fees,
wages & benefits |
$1,016,545
|
5% |
$857,648
|
4% |
|
Amortization |
$2,072,028
|
10% |
$1,814,850
|
9% |
|
Interest expenses |
$1,804,785
|
8% |
$1,198,748
|
6% |
|
|
$6,251,650
|
29% |
$5,116,877
|
26% |
|
Earnings from
operations |
$514,636
|
2% |
$1,097,410
|
6% |
|
Other |
$6,497
|
|
$6,402
|
|
|
Earnings before taxes |
$521,133
|
|
$1,103,812
|
|
|
Income taxes-current |
($292,749) |
|
$203,104
|
|
|
Income taxes-future |
($171,900) |
|
$339,094
|
|
|
Net earnings for
period |
$985,782
|
5% |
$561,614
|
3% |
|
Per Share |
$0.04
|
|
$0.02
|
|
|
EBITDA |
$4,397,946
|
|
$4,117,410
|
|
|
CASH FLOW |
$2,885,910
|
|
$2,715,558
|
|
|
|
|
|
|
|
Financial Summary
Bevo Agro’s trailing
twelve months comparative results are summarized below;
|
Year ending |
June 30 '02 |
|
June 30 '03 |
|
June 30 '04 |
|
June 30. '05 |
|
|
Sales |
$13,584,116
|
100% |
$20,073,130
|
100% |
$19,495,807
|
100% |
$21,756,304
|
100% |
|
Gross Margin |
$4,149,215
|
31% |
$7,222,435
|
36% |
$6,214,287
|
32% |
$6,766,286
|
31% |
|
Net earnings for
period |
$314,662
|
2% |
$1,905,234
|
9% |
$561,614
|
3% |
$985,782
|
5% |
|
EBITDA |
$2,590,046
|
19% |
$5,387,846
|
27% |
$4,117,410
|
21% |
$4,397,946
|
20% |
|
CASH FLOW |
$1,511,358
|
11% |
$3,434,700
|
17% |
$2,715,558
|
14% |
$2,885,910
|
13% |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share |
$0.01
|
|
$0.09
|
|
$0.02
|
|
$0.04
|
|
|
EBITDA/share |
$0.12
|
|
$0.24
|
|
$0.18
|
|
$0.17
|
|
|
Cash flow/share |
$0.07
|
|
$0.15
|
|
$0.12
|
|
$0.11
|
|
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.
|
