Pharma-Bio Serv Announces Results for the Quarter Ended January 31, 2021

Rhea-AI Summary

Pharma-Bio Serv, Inc. (OTCQB:PBSV) reported revenues of approximately $4,488,000 for the quarter ending January 31, 2021, a decrease of about $125,000 compared to the previous year. The net income for the same period fell to approximately $268,000, down by approximately $259,000 year-over-year. This decline is primarily due to the completion of projects in Puerto Rico in April 2020. The company is focusing on pursuing higher-margin business and has implemented measures to reduce administrative costs.

Positive

• The company is actively pursuing higher-margin business opportunities.
• Significant steps have been taken to reduce administrative expenses, mitigating margin pressure.

Negative

• Revenues decreased by approximately $125,000 year-over-year.
• Net income fell by approximately $259,000 compared to the same period last year.

DORADO, PUERTO RICO / ACCESSWIRE / March 17, 2021 / Pharma-Bio Serv, Inc. ("Pharma-Bio Serv" or the "Company") (OTCQB:PBSV), a compliance, project management and technology transfer support consulting firm that provides services to the pharmaceutical, biotechnology, chemical, medical device, cosmetic, food and allied products industries, today announced that revenues for the quarter ended January 31, 2021 were approximately $4,488,000, a decrease of approximately $125,000 when compared to the same period last year.

Additionally, net income for the quarter ended January 31, 2021 was approximately $268,000, a decrease of approximately $259,000 when compared to the same period last year. The decrease in net income is mainly attributable to the completion of projects in the Puerto Rico market in April 2020. The Company is actively pursuing higher margin business and has already taken significant steps to reduce administrative expenses to mitigate margin pressure.

"We continue to execute on our strategy focused on providing our portfolio of services to our clients and pursuing additional growth opportunities for the Company," said Victor Sanchez, CEO of Pharma-Bio Serv, Inc.

About Pharma-Bio Serv, Inc.

Pharma-Bio Serv services the Puerto Rico, United States, Europe and Latin America markets. Pharma-Bio Serv's core business is FDA and international agencies regulatory compliance consulting related services. The Company's global team includes leading engineering and life science professionals, quality assurance managers and directors.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Pharma-Bio Serv. Forward-looking statements are based on the expectations, estimates, or projections of management as of the date of this earnings announcement. Although Pharma-Bio Serv's management believes these expectations, estimates, or projections to be reasonable as of the date of this earnings announcement, forward-looking statements are inherently subject to significant business risks, economic uncertainties, including any impacts of the coronavirus (COVID-19) pandemic, and competitive uncertainties, or other contingencies, which could cause its actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Pharma-Bio Serv's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" section of Pharma-Bio Serv's Annual Report on Form 10-K for the year ended October 31, 2020, and in its other filings with the Securities and Exchange Commission, which filings are available on www.sec.gov. Pharma-Bio Serv disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.

Company Contact:

Pedro J. Lasanta
Chief Financial Officer
787 278 2709

SOURCE: Pharma-Bio Serv, Inc.

View source version on accesswire.com:
https://www.accesswire.com/636131/Pharma-Bio-Serv-Announces-Results-for-the-Quarter-Ended-January-31-2021

FAQ

What were Pharma-Bio Serv's revenues for the quarter ended January 31, 2021?

Pharma-Bio Serv reported revenues of approximately $4,488,000 for the quarter.

What was the net income for Pharma-Bio Serv for the quarter ended January 31, 2021?

The net income for the quarter was approximately $268,000.

What factors contributed to the decline in net income for Pharma-Bio Serv?

The decline in net income was primarily due to the completion of projects in the Puerto Rico market in April 2020.

How is Pharma-Bio Serv addressing margin pressure?

The company is focusing on higher-margin business opportunities and has reduced administrative expenses.

What stock symbol is associated with Pharma-Bio Serv?

The stock symbol for Pharma-Bio Serv is PBSV.