Pharma-Bio Serv, a compliance and validation services consulting solutions provider founded in Puerto Rico, announced net revenues for the three and six months ended April 30, 2013 of $8.3 and $15.9 million, an increase of approximately 1.2 and 2.5 million, or 17% and 18%, respectively, when compared to the same periods last year.
Pharma-Bio Serv reported net income for the three and six months ended April 30, 2013 of approximately $1.4 and $2.4 million, an increase of $0.2 and $0.1 million, respectively, when compared with the same periods last year.
Revenue growth for the three and six months ended April 30, 2013, over the same period last year, is mainly attributable to increases in the United States Consulting market and Lab services, respectively, offset by a decrease in revenues in the Integratek division and other minor revenue gains from other Company divisions.
Net income growth for the company, when compared to the same period last year, is attributable mainly to the aggregate increase in overall gross margins, offset by the increase in selling general and administrative expenses to support the favorable revenue trend and business development expenses to diversify its markets, and the effective income tax rates (including Puerto Rico favorable tax grants) over income before tax.
"We are very pleased with our continued performance in expanding our U.S. presence while efficiently managing our costs," said Nelida Plaza, Acting Chief Executive Officer, Acting President, Secretary and President of Puerto Rico Operations. "Our growth is a testament to our ability to continue to expand our US market base and increase our Lab services business," she continued.
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