Bevo Agro Inc. Announces Second Quarter Results

LANGLEY, BC, Feb. 23, 2012 /CNW/ - Bevo Agro Inc. (BVO:TSXV) reports sales of $4,231,964 for the second quarter ending December 31, 2011, a decrease of 2.4% compared to sales of $4,333,408 for the quarter ending December 31, 2010. Sales for the six months ending December 31, 2011 totaled $5,932,789, compared to sales of $6,295,102 for the six months the year earlier.

For the six months ending December 31, 2011 the gross margin was 25% versus 26% for the six months last year.

Second quarter operating expenses declined slightly from the previous year totaling $1,156,977 for the six months compared to $1,169,895 for the second quarter a year earlier.

The Company generated net earnings of $59,577 for the three months ended December 31, 2011, compared to a net profit of $134,952 for the three months ending December 31, 2010.  The net loss for the six months ending December 31, 2011 was $477,328 compared to a loss of $340,701 for the second quarter ending December 31, 2010.

Readers are encouraged to view the Company's unaudited financial statements as at December 31, 2011, and accompanying MD&A at www.sedar.com.

Financial Summary;

For the three months ending Dec 31, 2011     Dec 31, 2010  
Sales $4,231,964 100%   $4,333,408 100%
Cost of Sales $2,997,490 71%   $2,965,051 68%
Gross Margin $1,234,474 29%   $1,368,357 32%
           
Expenses          
Operating & administrative $269,162 6%   $327,159 8%
Administrative fees, wages & benefits $264,148 6%   $283,542 7%
Amortization $375,380 9%   $358,389 8%
Interest expenses $226,837 5%   $177,405 4%
Provision for bad debts $21,450 1%   $23,400 1%
  $1,156,977 27%   $1,169,895 27%
Earnings (loss) from operations $77,497 2%   $198,462 5%
           
Earnings before taxes $77,497 2%   $198,462 5%
Income taxes-future $17,920     $63,510  
Net earnings (loss) for period $59,577 1%   $134,952 3%
Earnings per share $0.00     $0.00  
           
EBITDA $679,714 16%   $734,256 17%
           
For the six months ending Dec 31, 2011     Dec 31, 2010  
Sales $5,932,789 100%   $6,295,102 100%
Cost of Sales $4,444,962 75%   $4,666,416 74%
Gross Margin $1,487,827 25%   $1,628,686 26%
           
Expenses          
Operating & administrative $464,144 8%   $495,647 8%
Administrative fees, wages & benefits $529,440 9%   $541,405 9%
Amortization $725,808 12%   $714,747 11%
Interest expenses $440,403 7%   $339,845 5%
Provision for bad debts $38,073 1%   $38,073 1%
  $2,189,775 37%   $2,129,717 34%
Earnings (loss) from operations - $701,948 -12%   - $501,031 -8%
           
Earnings before taxes - $701,948 -12%   - $501,031 -8%
Income taxes-future -$224,620 -4%   -$160,330 -3%
Net earnings (loss) for period -$477,328 -8%   -$340,701 -5%
Earnings per share - $0.02     - $0.02  
           
EBITDA $464,263 8%   $553,561 9%

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 40 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


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