Pharma-Bio Serv, Inc. Announces Earnings Results for the Year Ended October 31, 2017
January 30, 2018 at 06:12 am EST
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Pharma-Bio Serv, Inc. announced earnings results for the year ended October 31, 2017. The company reported net revenues for the year ended October 31, 2017 were $15.6 million, a decrease of approximately $4 million, or 20%, when compared to last year. The revenue decrease is mainly attributable to decreases in the Puerto Rico consulting market and the Puerto Rico Lab of $3.7 and $0.4 million, respectively. Also, these results include (i) declines of $0.2 and $0.1 million, in the Puerto Rico consulting market and the Puerto Rico Lab respectively, which are attributable to the impacts of Hurricanes Irma and Maria (the “Hurricanes”), and (ii) declines in the United States and Brazil consulting markets of $0.2 and $0.1 million, respectively. These declines are partially offset by gains in the European consulting and Calibrations operations of approximately $0.3 and $0.2 million, respectively. Net loss of approximately $1.4 million, an increase in net loss of $1.1 million when compared to the same period last year. The variance is mainly attributable to the decline in revenue, partially offset by cost reduction measures implemented during the year geared to align operational support expenses to market conditions. These cost reductions included (i) the closing of operational satellite offices and (ii) the net reduction of business development personnel and global support personnel.
Pharma-Bio Serv, Inc. is a compliance and technology transfer services consulting company. The Company operates through four segments: Puerto Rico technical compliance consulting, United States technical compliance consulting, Europe technical compliance consulting, and Puerto Rico microbiological and chemical laboratory testing division (Lab). The Company provides a range of compliance-related consulting services. The Company provides microbiological testing services and chemical testing services through its laboratory testing facility in Puerto Rico. The Company's technical consulting services include regulatory compliance, validation, technology transfer, engineering, project management and process support. The Company markets its services to pharmaceutical, chemical, biotechnology, medical devices, cosmetic and food industries, and allied products companies in Puerto Rico, the United States, Europe and Brazil.