Pharma-Bio Serv's revenues for 2013 hit record levels

Pharma-Bio Serv recently announced record total net revenues of $33.1 million for the year ended October 31, 2013, an increase of approximately $3.8 million, or 13%, compared to 2012. The United States consulting market division and the Lab led the revenue improvement for the year ended October 31, 2013 with an increase in revenues of $2.2 and $1.0 million, respectively, when compared to 2012. Other company divisions sustained minor revenue changes or remained constant, when compared to 2012. The revenue growth, offset by the increase in operational support and business development expenses, resulted in record net income of approximately $4.9 million for the year ended October 31, 2013, an increase of $0.2 million, or 4.7%, when compared with 2012.

Selling, general and administrative expenses for the year ended October 31, 2013 were approximately $5.7 million, a net increase in expenses of approximately $1.6 million as compared to 2012.

"Our record results from operations are a testament to our focus on core value drivers across our business horizons," said Elizabeth Plaza, Chairman of the Board of Directors. "We continue to enhance our strengths while executing on our strategic vision," she added.

Pharma-Bio Serv is a compliance, project management and technology transfer support consulting firm, headquartered in Puerto Rico, with operations in the U.S., Ireland and Spain. Pharma-Bio Serv's core business is FDA and international agencies regulatory compliance related services with integrated portfolio services including microbiological and chemical testing services for clients in the Pharmaceutical, Biotechnology, Chemical, Medical Device, Cosmetic, Food and Allied Products industries, at its laboratory testing facility in Puerto Rico. Services also include "Integratek," an information technology consulting practice, and "Pharma Serv Academy" a division that provides technical and regulatory standards seminars/training conducted by industry experts. The Company's global team includes more than 300 leading engineering and life science professionals, quality assurance managers and directors.

Pharma-Bio Serv Announces Financial Results

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.