Bevo Agro Inc. Announces First Quarter Results.

LANGLEY, BC, Nov. 27, 2012 /CNW/ - Bevo Agro Inc. (TSXV:BVO) announces sales for the three months ending September 30, 2012 were $2,082,883. This compares to sales of $1,700,825 for the same quarter last year.

The first quarter is historically the lowest revenue producing period of the year as the company greenhouses are transitioning from flowers and bedding plants delivered in the fourth quarter to propagated vegetable plants for delivery in the second and third quarters.

The gross margin for the quarter was $320,692 compared to $253,353 the prior year with the increase a result of an increase in sales.

Expenses for the quarter ended September 30, 2012 totaled $1,095,387 compared to 1,032,798 in the same quarter the year earlier. No allowance for bad debts was necessary in the first quarter.

The net loss and comprehensive loss for the quarter was $526,795 compared to a loss of $536,905 for the same quarter in the previous year.

Readers are encouraged to view the Company's unaudited financial statements at September 30, 2012, and accompanying MD&A at www.sedar.com.

Consolidated Interim Condensed Statements of Operations and Comprehensive Income (Loss)

                             
Three months ending    Sept. 30, 2012        Sept. 30, 2011  
Sales $2,082,883 100% $1,700,825 100%
Cost of Sales $1,762,191 84.60% $1,447,472 85.10%
Gross Margin $320,692 15.40% $253,353 14.90%
         
Expenses        
Operating & administrative $216,306 10.40% $194,982 11.50%
Administrative fees, wages & benefits $267,429 12.80% $265,292 15.60%
Amortization $386,541 18.60% $350,428 20.60%
Interest expenses $225,111 10.80% $213,566 12.60%
Provision for bad debts $       000        0% $    8,530      0.8%
  $1,095,387 52.60% $1,032,798 60.70%
Earnings (loss) from operations -$774,695 -37.20% -$779,445 -45.80%
Earnings before taxes -$774,695 -37.20% -$779,445 -45.80%
Income taxes-current        
Income taxes-future -$247,900 -11.90% -$242,540 -14.30%
Net earnings (loss) for period -$526,795 -25.30% -$536,905 -31.60%
         

Bevo Agro is North America's leading supplier of propagated agricultural plants, growing and distributing vegetable, flower, berry and other plant seedlings to North America's growers. Bevo propagates quality seedlings and plants for wholesale vegetable greenhouse growers, field growers and nursery operators from its 39-acre production facility.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

 

 

 

SOURCE: Bevo Agro Inc.

For further information:

Jack Benne, President
Bevo Agro Inc.
Phone: (604) 888-0420
Fax: (604) 888-8048
Email:  jackbenne@bevofarms.com