Record first quarter sales for Bevo Agro
Nov. 27, 2015, Langley, B.C. — Bevo Agro Inc. achieved record operating and financial results for the first quarter ending Sept. 30, 2015.
First quarter highlights (versus Q1 last year):
• Record sales of $4,511,667, an increase of 14 per cent over sales of $3,948,405 in Q1 last year.
• A 30 per cent improvement in gross margin.
• The Q1 net loss was reduced to $123,469 from a $201,321 loss last year.
• A 46 per cent improvement in EBITDA for Q1 to $468,523.
Rolling year-over-year highlights (Sept. 30, 2015 versus Sept. 30, 2014):
• Trailing 12 months sales increased seven per cent to $26,784,939 for the 12 months ending Sept. 30, 2015.
• Net earnings increased 21 per cent to $1,275,408 for the12 months.
• EBITDA increased 10 per cent to $4,226,249.
ALL-TIME RECORD QUARTER FOR SALES
Sales for the three months ending Sept. 30, 2015 achieved an all-time company record for the first quarter.
While sales in Q1are typically low, increased customer orders resulted in a 14 per cent increase in first quarter sales to the record $4,511,667.
The gross profit increased by 30 per cent to $1,110,570 (25 per cent of sales) for the three period ending Sept. 30, 2015 compared to the gross profit of $855,763 (22 per cent of sales) for the same quarter last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 46 per cent to $468,523 for the period compared to EBITDA of $320,853 for the same period last year.
General operating expenses for the first quarter ending Sept. 30, 2015 were $1,277,419 (28.3 per cent of sales) compared to $1,195,775 (30.3 per cent of sales) for the same three months last year.
The net loss for the three months was $123,469, a reduction from a loss of $201,321in the first quarter last year.
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.
Readers are encouraged to view the Company’s financial statements for the first quarter ending Sept. 30, 2015 and accompanying MD&A at www.sedar.com.
A LEADING NORTH AMERICAN PROPAGATOR
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 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.
Bevo has achieved a ranking in the 2015 TSX Venture 50® which recognizes the strongest companies on TSXV by share price, trading volume, market capitalization and analyst coverage. The winning companies have seen impressive growth over the past year, offered strong return to their shareholders and are actively traded in the market.
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