LANGLEY, BC, Oct. 7, 2013 /CNW/ - (TSXV: BVO) is pleased to announce sales for the year ending June 30, 2013 increased by 9% over the previous year. Sales for fiscal 2013 totaled $20,587,204 an increase of $1,689,462 over last year sales of $18,897,742. Sales for Q4 of 2013 compared favorably to the fourth quarter the year earlier. The gross margin totaling $5,083,066 remained consistent with the previous year, representing 25% of revenue.
Earnings before interest, taxes, depreciation and amortization showed an increase of 8% to $2,815,045 for the year ending June 30, 2013 as total expenses showed only a moderate increase over the previous year. Interest expenses declined because of lower borrowings. The company continues to monitor accounts receivables and did not incur any losses for bad debts in the most recent year.
Under IFRS, the Company monitors the value of all assets and elected to expense $185,344 in deferred costs for the year ending June 30, 2013. Without this expense, earnings from operations would have showed a 104% increase. The year ending June 30, 2012 included a tax recovery of $412,428 as the company realized significant tax credits due to its Scientific Research and Experimental Development claims. No credits were realized in 2013.
|For the year ending||June 30. 2013||June 30. 2012|
|Cost of Sales||$15,504,138||75%||$14,139,870||75%|
|Earnings from operations||$139,619||1%||$159,353||1%|
|Gain on sale of assets||$19,324||$0|
|Earnings before taxes||$158,943||$159,353|
|Income taxes-future recovery||-$25,590||-$412,428|
|Net earnings for the year||$184,533||1%||$571,781||3%|
Readers are encouraged to view the Company's year-end audited financial statements and accompanying MD&A at www.sedar.com.
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: [email protected]