News Column

Bevo Agro Inc. announces results for the third quarter of fiscal 2014

May 28, 2014

LANGLEY, BC, May 28, 2014 /CNW/ - Bevo Agro Inc. (BVO:TSXV) is pleased to report sales totaled $5,126,0842 for the third quarter ending March 31, 2104, an increase of 44% compared to sales of $3,567,427 for the three months ending March 31, 2013.  Deliveries of propagated plants to new clients in addition to larger orders from customers contributed to the increase in sales.

Sales for the nine months ending March 31, 2014 totaled $12,482,497, compared to sales of $10,502,417 for the same nine months last year which is an increase of 19%.

As a result of increased sales, the gross profit increased to $1,875,260 compared to $1,469,809 for the same three months last year.

Operating expenses for the three months were $1,243,602 (24% of sales) compared to $1,150,790 (32% of sales) in the same period last year.

EBITDA (Earnings before interest, taxes, depreciation and amortization) increased 33% and 39% respectively to $1,250,186 and $1,954,293 for the three and nine month periods.

The company has not provided for any bad debt write offs in the second quarter, since accounts receivable are current and collectable.

Readers are encouraged to view the Company's unaudited financial statements at March 31, 2014, and accompanying MD&A at www.sedar.com.

Summary- Consolidated Interim Condensed Statements of Operations and Comprehensive Income (Loss)

Three Months ended

 Mar 31 ,2014

 Mar 31 ,2013



Change

Sales

$5,126,084

100%

$3,567,427

100%



44%

Cost of Sales

$3,250,724

63%

$2,097,618

59%



55%

Gross Margin

$1,875,360

37%

$1,469,809

41%



28%















Expenses













Operating & administrative

$323,050

6%

$257,943

7%



25%

Administrative fees, wages & benefits

$302,124

6%

$273,955

8%



10%

Amortization

$402,916

8%

$398,845

11%



1%

Interest expenses

$215,512

4%

$220,047

6%



-2%

Provision for bad debts

$0

0%

$0

0%





Total

$1,243,602

24%

$1,150,790

32%



8%

Earnings  from operations

$631,758

12%

$319,019

9%



98%

Other

$0

0%

$0

0%





Earnings before taxes

$631,758

12%

$319,019

9%



98%

Income taxes-future

$190,140



$108,100





76%

Net earnings  for period

$441,618

9%

$210,919

6%



109%















EBITDA

$1,250,186

24%

$937,911

26%



33%

Earnings Share

$0.02



$0.01










Nine  months ended

 Mar 31 ,2014

 Mar 31 ,2013





Sales

$12,482,497

100%

$10,502,417

100



19%

Cost of Sales

$8,792,216

70%

$7,484,815

71%



17%

Gross Margin

$3,690,281

30%

$3,017,602

29%



22%















Expenses













Operating & administrative

$890,594

7%

$796,615

8%



12%

Administrative fees, wages & benefits

$864,783

7%

$815,328

8%



6%

Amortization

$1,166,425

9%

$1,174,641

11%



-1%

Interest expenses

$636,992

5%

$667,833

6%



-5%

Provision for bad debts

$0

0%

$0

0%





Total

$3,558,794

29%

$3,454,417

33%



3%

Earnings (loss) from operations

$131,487

1%

-$436,815

-4%





Other

$19,389



$0







Earnings before taxes

$150,876

1%

-$436,815

-4%





Income taxes-future

$45,300

0%

-$139,800

-1%





Net earnings (loss) for period

$105,576

1%

-$297,015

-3%



















EBITDA

$1,954,293

16%

$1,405,659

13%



39%

Earnings per share

$0.00



-$0.01










Because revenue is accounted as "when goods are shipped", the Company provides the following summary of trailing twelve month financial performance. 

 

Bevo's trailing twelve months results are summarized below

Twelve months ended     

 Mar 31 ,2012

June 30. '12

 Mar 31 2013

June 30. '13

 Mar 31, 2014

Sales

$17,483,472

$18,897,742

$20,539,020

$20,587,204

$22,567,284

Gross Margin

$4,237,149

$4,757,872

$4,838,147

$5,083,066

$5,755,745

Net earnings (loss) for period

-$189,926

$571,781

$561,997

$184,533

$587,124

EBITDA 

$2,073,968

$2,605,826

$2,632,729

$2,815,045

$3,363,679



 

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 for wholesale vegetable greenhouse growers, field growers, nurseries and retail outlets from its 39 acre production facility.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

SOURCE Bevo Agro Inc.


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