The compliance, project management and technology transfer support consulting firm, Pharma-Bio Serv, announced net revenues for the three months ended January 31, 2014 of $7.0 million, a decrease of approximately $0.6 million, or 8%, when compared to the same period in 2013. This decrease is mainly attributable to a decline in revenues from projects of $0.4 and $0.2 million in the United States and Europe consulting markets, respectively. Pharma-Bio Serv said it continues to invest in its global business development and operations in order to diversify its market and customer base.
Selling, general and administrative expenses for the three months ended January 31, 2014 were approximately $1.5 million, a net increase in expenses of approximately $0.2 million as compared to the same period in 2013 reflecting the additional business and operations investments.
Net income for the three months ended January 31, 2014 was approximately $0.7 million, a decrease of $0.4 million when compared with the same period in 2013. The net income variance, when compared to the same period in 2013, is mainly attributable to the revenue decline, the increase in selling general and administrative expenses for the business and operations investments incurred aimed to diversify markets and customer base, and the effect of the effective income tax rates (including Puerto Rico favorable tax grants) over income before tax.
"We continue to establish the foundation for our continued strategic growth by investing in our global operations which we believe will enhance future shareholder value," said Elizabeth Plaza, Chairman of the Board of Directors.
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