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

Rhea-AI Summary

Pharma-Bio Serv (OTCQB:PBSV) reported third-quarter revenues of approximately $4.99 million, down about $1.29 million year-over-year, while nine-month revenues totaled $14.52 million, reflecting a decrease of $2.02 million. However, net income for the same periods increased by $1.58 million and $876,000 to $2.28 million and $2.78 million, respectively, largely due to $1.96 million in PPP loan forgiveness. The company aims to expand its projects in the US, Europe, and Latin America and is actively pursuing mergers and acquisitions.

Positive

• Net income for Q3 increased by $1,583,000 year-over-year, totaling $2,275,000.
• Net income for nine months increased by $876,000 year-over-year, totaling $2,783,000.
• Company received $1,956,000 in PPP loan forgiveness, positively impacting net income.

Negative

• Q3 revenue declined by approximately $1,290,000 compared to the previous year.
• Nine-month revenue decreased by approximately $2,021,000 compared to the previous year.

DORADO, PUERTO RICO / ACCESSWIRE / September 14, 2021 / Pharma-Bio Serv, Inc. ("Pharma-Bio Serv" or the "Company") (OTCQB:PBSV), a regulatory, compliance, project management and technology transfer support consulting firm that provides services to the pharmaceutical, biotechnology, medical device, cosmetic, food and allied products industries, today announced revenues for the three and nine months ended July 31, 2021 were approximately $4,988,000 and $14,518,000, respectively, a decrease of approximately $1,290,000 and $2,021,000, respectively, when compared to the same periods last year.

Net income for the three and nine months ended July 31, 2021 was approximately $2,275,000 and $2,783,000, an increase of approximately $1,583,000 and $876,000 when compared to the same periods last year, respectively. Net income for the July 31, 2021 reported periods is inclusive of $1,956,000 in PPP loan forgiveness.

"We are focusing our efforts on pursuing projects within the continental US, as well as in Europe and Latin America. The launch of our Regulatory and Compliance Advisory Board last quarter was a milestone in the Company's path for future success. Additionally, the Company is focused on its M&A strategy and ensuring that our organization is structured to quickly capitalize on non-organic growth opportunities, allowing us to continue to provide best in class regulatory and compliance solutions", continued Mr. Sanchez.

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, and competitive uncertainties, and other factors, 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/664122/Pharma-Bio-Serv-Announces-Results-for-the-Quarter-Ended-July-31-2021

FAQ

What were Pharma-Bio Serv's revenues for the third quarter of 2021?

Pharma-Bio Serv reported revenues of approximately $4.99 million for the third quarter of 2021.

How did Pharma-Bio Serv's net income change in Q3 2021?

Net income for Q3 2021 increased by $1,583,000, totaling approximately $2.28 million.

What strategies is Pharma-Bio Serv focusing on?

Pharma-Bio Serv is focusing on projects in the US, Europe, and Latin America, as well as pursuing mergers and acquisitions.

What impact did PPP loan forgiveness have on Pharma-Bio Serv's financials?

The company benefited from $1.96 million in PPP loan forgiveness, which was included in its net income.

How much did Pharma-Bio Serv's revenue decrease in the first nine months of 2021?

Revenue for the first nine months of 2021 decreased by approximately $2.02 million, totaling around $14.52 million.