DORADO, PUERTO RICO/ACCESSWIRE/February 11, 2022/ Pharma-Bio Serv, Inc. (“Pharma-Bio Serv” or the “Company”) (OTCQB: PBSV), a regulatory, compliance, project management and technology transfer consulting firm that provides services to the pharmaceutical, biotechnology and medical device industries. , cosmetics, food and related products, today announced that revenue for the fiscal year ended October 31, 2021 was approximately $20.1 million, a decrease of approximately 1, $4 million over last year.
Net loss for the year ended October 31, 2021 was approximately $2.1 million, a decrease in profit of approximately $4.1 million from a year ago, primarily due to a provision for losses on accounts receivable of approximately $5.2 million, offset by a discount of approximately $1.9 million. million PPP loans. Adjusted net income* for the year ended October 31, 2021 was approximately $1.2 million, a decrease of approximately $0.8 million from a year ago. Adjusted net income for the year ended October 31, 2021 includes adjustments for the allowance for trade receivables and the PPP loan forgiveness described above. Although the Company has made a full reserve for this client’s debit account, the Company continues to monitor this account and is actively seeking full payment from this client.
The Company also announced today that the Board of Directors has approved a special dividend of $0.075 per share for shareholders. The special dividend will be payable on or about March 15, 2022 to shareholders of record at the close of business on February 25, 2022.
“We are continuing to execute our strategy by focusing our new commercial efforts on the American and European continental markets. This strategy, coupled with our clients’ feedback to the Regulatory and Compliance Advisory Committee, enables us to provide our clients with exceptional, market-proven regulatory and compliance solutions. Additionally, we remain focused on value-added M&A opportunities to further the Company’s non-organic growth strategy,” said Mr. Sanchez, Chief Executive Officer of the Company.
* Reconciliations of non-GAAP financial measures used in this release are provided in the accompanying financial measures.
About Pharma-Bio Serv, Inc.
Pharma-Bio Serv serves markets in Puerto Rico, the United States, Europe and Latin America. Pharma-Bio Serv’s core business is regulatory compliance consulting services for the FDA and international agencies. The company’s global team includes engineering and life science professionals, quality assurance managers and directors.
Non-GAAP Financial Measures
As required by Securities and Exchange Commission rules, we provide reconciliations of Adjusted net income, the non-GAAP financial measure contained in this release, to the most directly comparable GAAP measure, which reconciliations are presented in the attached financial tables. to this version.
Adjusted net income, a non-GAAP financial measure, for the year ended October 31, 2021 and October 31, 2020 facilitates analysis of our ongoing business activities, as it excludes items that may not reflect or not be related to the basic operational activities of the company. performance, and can help investors make comparisons to prior periods and assess trends in our underlying businesses. Other companies may calculate non-GAAP financial measures differently and therefore our measure may not be comparable to similarly titled measures of other companies. This non-GAAP financial measure should only be used as a supplemental measure of our operating performance.
Adjusted net income includes adjustments for a provision for accounts receivable and a PPP loan forgiveness, as shown in the accompanying tables. Management uses adjusted net earnings to make financial, operational and planning decisions and to assess the ongoing performance of the Company.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the United States federal securities laws, which statements may include information regarding Pharma-Bio’s plans, intentions, expectations, future financial performance or operating performance. Serv. Forward-looking statements are based on management’s expectations, estimates or projections as of the date of this earnings announcement. Although the management of Pharma-Bio Serv believes that such expectations, estimates or projections are 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 by 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 ending in October. 31, 2021, and in its other filings with the Securities and Exchange Commission, which filings are available at 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
Financial director
787 278 2709
Pharma-Bio Serv, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(in millions)
| Years ended October 31 | ||||||||
| 2021 | 2020 | |||||||
|
Reconciliation of net income (net loss) to adjusted net income: |
||||||||
|
Net profit (net loss) |
$ | (2.1 | ) | $ | 2.0 | |||
|
Adjustments to net income (loss): |
||||||||
|
Provision for trade receivables |
5.2 | – | ||||||
|
PPP loan forgiveness |
(1.9 | ) | – | |||||
|
Total net adjustments to net income (loss) |
3.3 | – | ||||||
|
Adjusted net income (1) |
$ | 1.2 | $ | 2.0 | ||||
(1) See the “Non-GAAP Financial Measurers” section of the press release.
THE SOURCE: Pharma-Bio Serv, Inc.
See the source version on accesswire.com:
https://www.accesswire.com/688504/Pharma-Bio-Serv-Announces-Full-Year-Results-and-Declares-a-Special-Dividend
