Sept. 21, 2012, Langley, B.C. — Bevo Agro Inc. sales for the year ending
June 30 totalled $18,897,742, an increase of $634,039 (3.5 per cent)
over last year’s sales of $18,263,703.
Sept. 21, 2012, Langley, B.C. — Bevo Agro Inc. sales for the year ending June 30 totalled $18,897,742, an increase of $634,039 (3.5 per cent) over last year’s sales of $18,263,703.
Fourth quarter sales were particularly strong because of favorable early spring weather.
The gross margin was $4,757,872 for the year ended June 30, 2012, an increase of 4.8 per cent compared to the gross margin last year of $4,538,849.
Operating expenses for the year totaled $4,598,519 compared to $4,495,347 last year. Interest expense increased because of borrowing costs related to a five-acre expansion, and amortization expense was higher as a result of the increase in area. These increases were offset by lower administrative costs and recoveries of bad debts.
Net earnings increased to $571,781, compared to $44,128 for the year ending June 30, 2011. During the year, $412,428 in income taxes was recovered as the company realized significant tax credits due to its Scientific Research and Experimental Development claims.
Readers are encouraged to view the company’s year-end audited financial statements and accompanying MD&A at www.sedar.com.
Bevo Agro is a leading North American supplier of propagated plants, growing and distributing vegetable, flower, berry and other plant seedlings to North America’s growers.
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