May 19, 2011, Langley, B.C. — Bevo Agro Inc. (TSXV: BVO) reports sales
for the third quarter ending March 31, 2011 were $3,346,268 compared to
sales of $3,456,505 during the same quarter last year.
May 19, 2011, Langley, B.C. — Bevo Agro Inc. (TSXV: BVO) reports sales for the third quarter ending March 31, 2011 were $3,346,268 compared to sales of $3,456,505 during the same quarter last year.
Sales for the nine months ending March 31, 2011 were $9,641,370, compared to sales of $10,129,649 the previous year. During the nine months ending March 31, 2010 the company received $1,101,624 in payments from the federal government's AgriStability program. This payment had a positive impact on sales and earnings during 2010 compared to other years.
Total expenses for the third quarter increased by approximately $128,000 over the same quarter last year. Legal fees related to accounts receivable represented $93,000 of the increase and interest costs were approximately $28,000 for the third quarter. Administrative fees and wages and amortization were lower than Q3 last year. For the nine month period total expenses are in line with last year.
Net earnings for the three months ending March 31, 2011 totaled $287,524 compared to $499,209 for the same period last year. The nine month results show a loss of $53,177. The $444,546 net profit of the previous year was impacted by the $1.1 million of payments from the AgriStability program.
Readers are encouraged to view the company's unaudited financial statements and accompanying MD&A at www.sedar.com.
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