Impressive first quarter for Bevo Agro
Nov. 26, 2014, Langley, B.C. – Bevo Agro Inc. reports that sales for the three months ending Sept. 30, 2014 increased by $1,798,229 or 84 per cent in the first quarter compared to last year.
Sales totaled $3,948,405 compared to sales of $2,150,176 for the same period ending Sept. 30, 2013. The first quarter sales were a 10-year record. The first quarter is historically the lowest revenue producing period of the year.
Approximately 90 per cent of Bevo’s sales result from repeat orders through recurring multiyear contracts.
The gross margin for the quarter increased to $855,763 compared to $340,809 for the prior year as a result of increased sales and utilized space in the greenhouse.
Expenses for the quarter ended Sept. 30, 2014 totaled $1,195,775 compared to $1,090,626 in the same quarter the year earlier as operating and administrative costs increased with the increase in revenues. No allowance for bad debts was necessary in the first quarter.
The increased sales reduced the Q1 loss to $201,321, an improvement of over $300,000 when compared to last year’s loss of $513,661.
Readers are encouraged to view the Company’s unaudited financial statements at September 30, 2014, and accompanying MD&A at www.sedar.com.
FIRST QUARTER HIGHLIGHTS
• 84 per cent increase in sales to a record $3.948 million.
• Net loss for the quarter reduced by 60 per cent.
• Pitt Meadows Greenhouse acquisition completed.
Bevo Agro is a leading North American supplier of propagated agricultural plants, operating 45 acres of greenhouse facilities on 98 acres of land in Langley, and 20 acres of land in Pitt Meadows, B.C.