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May 28, 2010, Langley,
B.C. – Bevo Agro Inc. posted net earnings of
$499,209 for the three months ended March 31, 2010, compared to net
earnings of
$296,471 for the three months ending March 31, 2009, an increase of 68
per
cent.
May 28,
2010, Langley,
B.C. – Bevo Agro Inc. posted net earnings of
$499,209 for the three months ended March 31, 2010, compared to net
earnings of
$296,471 for the three months ending March 31, 2009, an increase of 68
per
cent.
Earnings for the nine
months total $444,546 compared to a net loss of
$409,286 for the same nine months last year.
The gross profit margin
for the third quarter was $1,802,523 (52 per
cent) of sales compared to $1,592,650 (53 per cent) for the same quarter
last
year. Margins for the nine months are 39 per cent of sales, consistent
with the
previous year.
Total expenses for the
third quarter and year to date are lower than the
same periods last year as interest costs and operating expenses
decrease.
Sales for the third
quarter ending March 31, 2010 were $3,456,505, a 15 per cent
increase over sales of $2,995,734 for the same quarter last year.
Sales for the nine months
ending March 31, 2010 totalled $10,129,649, an
increase of $2 million over sales of $8,067,980 for the nine months
ending
March 31, 2009. Sales for the nine months ending March 31, 2010 include
$1.1
million in payments from the federal government’s AgriStability program.
Comparative results on a
trailing 12-month basis continue to
demonstrate improvement.
Bevo Agro is
a leading North American supplier of propagated
agricultural plants, growing and distributing vegetable, flower, berry
and
other plant seedlings. Bevo propagates quality seedlings and plants for
wholesale vegetable greenhouse growers, field growers and nursery
operators
from its 34-acre production facility.
Readers are encouraged to
view the company’s unaudited financial
statements and accompanying MD&A at www.sedar.com.
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