Oct. 15, 2015, Langley, B.C. – Bevo Agro posted double-digit sales and net earnings increases for its 2015 fiscal year.
Net earnings were $1,197,556 compared to $738,745 for 2014, a 62 per cent increase, excluding land revaluation.
Sales totalled $26,221,677, an increase of 12.5% over sales of $23,309,085 the previous year.
Earnings before interest, taxes, depreciation and amortization (EDITDA) increased by 21 per cent to $4,078,579 ($0.16 per share) for fiscal 2015 compared to EBITDA of $3,359,710 ($0.13/share) for the previous year ending June 30, 2014.
A combination of streamlining, growing efficiencies and product mix had positive effects on gross margins and profits.
Earnings before interest, taxes, depreciation and amortization (EDITDA) increased by 21 per cent to $4,078,579 ($0.16 per share) for fiscal 2015 compared to EBITDA of $3,359,710 ($0.13/share) for the previous year ending June 30, 2014.
Bevo Agro maintains a balance of fixed and floating rates on borrowings as a hedge against interest rate fluctuations. From a balance sheet perspective, the company maintains sufficient working capital to manage its business and maintain conservative financial ratios.
Bevo Agro is one of North America’s leading supplier of propagated agricultural plants, operating 45 acres of greenhouse facilities on 98 acres of land in Langley, B.C. and 20 acres of land in nearby Pitt Meadows.
The company’s main products are the propagation of vegetable plants such as tomatoes, peppers, cucumbers, and other plants such as bedding plants, flowers and grasses. The majority of Bevo’s sales result from repeat orders through recurring multiyear contracts.
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