Bevo posts impressive third-quarter results

May 27, 2010
Written by
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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