Feb. 24, 2011, Langley, B.C. – Bevo Agro Inc. (BVO:TSX-V) reports sales of $4,333,408 for the second quarter ending Dec. 31, 2010, compared to sales of $3,705,700 for the quarter ending Dec. 31, 2009.
Sales for the six months ending Dec. 31, 2010, totalled $6,295,102, compared to sales of $6,673,144 for the six months the year earlier. Sales and profits for the six months ending Dec. 31, 2009, included $871,378 received from the federal government's AgriStability program. Excluding AgriStability, sales for the six months ending Dec. 31, 2009, were $5,801,766 and the net loss was $654,889.
The gross margin for the second quarter was 32 per cent compared to 30 per cent last year. For the six months ending Dec. 31, 2010, the gross margin was 26 per cent versus 32 per cent for the six months last year. Financial results for the six months ended Dec. 31, 2009, were affected by the AgriStability payment.
Second quarter operating expenses were consistent with the previous year and totalled $2,129,717 for the six months compared to $2,208,753 the previous period.
The company generated net earnings of $134,952 for the three months ended Dec. 31, 2010, compared to a net profit of $49,027 for the three months ending Dec. 31, 2009. The net loss for the six months ending Dec. 31, 2010, was $340,701. The $54,663 net loss last year was impacted by the AgriStability payment.
Bevo Agro is a leading North American supplier of propagated agricultural plants, growing and distributing vegetable, flower, berry and other plant seedlings to North America's growers. It 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 at Dec. 31, 2010, and accompanying MD&A at www.sedar.com.