Milner, BC, Canada
February 24, 2005
Bevo Agro Inc.
(BVO:TSX-Ven.) reports sales (shipments to customers) were
$5,188,753
for the second quarter compared to $4,568,547
for the same quarter a year earlier.
For the six months, sales totaled $8,600,507 compared to
$8,161,785 for the comparable period last year.
EBITDA (Earnings before interest,
taxes, depreciation and amortization) for the six months
were $1,931,119 or 22% of revenues, consistent with the
previous year of $1,978,125.
Net earnings were
$482,137 for
the three months ending December 31, 2004
compared to net earnings of $434,357
for the second quarter the previous year.
Net earnings for the six months ending December 31, 2004,
totaled $204,872, ($0.01 per share) compared to $476,858,
($0.02 per share) for the six months ending December 31,
2003.
Financial Summary
|
For the |
3 months |
3 months |
6 months |
|
6 months |
|
|
ending |
Dec 31, 2004 |
|
Dec 31, 2003 |
Dec 31, 2004 |
Dec 31, 2003 |
|
Sales |
$5,188,753 |
100% |
$4,568,547 |
100% |
$8,600,507 |
100% |
$8,161,785 |
100% |
|
Cost of Sales |
$3,056,686 |
59% |
$2,605,147 |
57% |
$5,359,663 |
62% |
$5,031,771 |
62% |
|
Gross Margin |
$2,132,067 |
41% |
$1,963,400 |
43% |
$3,240,844 |
38% |
$3,130,014 |
38% |
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Operating & administrative |
$436,815 |
8% |
$461,533 |
10% |
$793,863 |
9% |
$765,985 |
9% |
|
Admin fees, wages, benefits |
$278,271 |
5% |
$202,817 |
4% |
$515,862 |
6% |
$393,324 |
5% |
|
Amortization |
$511,912 |
10% |
$369,744 |
8% |
$1,026,741 |
12% |
$717,491 |
9% |
|
Interest expenses |
$448,045 |
9% |
$226,505 |
5% |
$898,895 |
10% |
$487,951 |
6% |
|
Total |
$1,675,043 |
32% |
$1,260,599 |
28% |
$3,235,361 |
38% |
$2,364,751 |
29% |
|
Earnings from operations |
$457,024 |
9% |
$702,801 |
15% |
$5,483 |
0% |
$765,263 |
9% |
|
Other |
|
|
|
|
|
|
$7,420 |
|
|
Earnings before taxes |
$457,024 |
|
$702,801 |
|
$5,483 |
|
$772,683 |
|
|
Income taxes-current |
$103,828 |
|
$193,172 |
|
$0 |
|
$193,172 |
|
|
Income taxes-future |
($128,941) |
|
$75,272 |
|
($199,389) |
|
$102,653 |
|
|
Net earnings for period |
$482,137 |
9% |
$434,357 |
10% |
$204,872 |
2% |
$476,858 |
6% |
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
$1,416,981 |
27% |
$1,299,050 |
28% |
$1,931,119 |
22% |
$1,978,125 |
24% |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
$0.02
|
|
$0.01
|
|
$0.02 |
|
$0.02 |
|
|
EBITDA per share |
$0.06 |
|
$0.06 |
|
$0.08 |
|
$0.09 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bevo Agro’s trailing twelve
months comparative results are summarized below:
|
|
Dec 31, 2003 |
|
March 31 ,2004 |
June 30,2004 |
|
Sept. 30, 2004 |
|
Dec 31, 2004 |
|
|
Sales |
$19,414,668
|
100% |
$17,572,261
|
100% |
$19,495,807
|
100% |
$19,314,323
|
100% |
$19,934,529
|
100% |
|
Gross Margin |
$6,379,441
|
33% |
$5,956,951
|
34% |
$6,214,287
|
32% |
$6,156,450
|
32% |
$6,325,117
|
32% |
|
Net earnings
|
$1,310,501
|
7% |
$975,516 |
6% |
$561,614
|
3% |
$241,848
|
1% |
$289,628
|
1% |
|
EBITDA |
$4,353,673
|
22% |
$3,968,016
|
23% |
$4,117,410
|
21% |
$3,952,473
|
20% |
$4,070,404
|
20% |
|
Balance Sheet in 000$ as at |
Dec. 31, '04 |
|
Jun 30, '04 |
|
ASSETS |
|
|
|
|
Current Assets |
$8,217 |
|
$4,977 |
|
Net Fixed Assets |
$32,035 |
|
$32,413 |
|
Other Assets |
$146 |
|
$65 |
|
Intangible & Deferred Assets |
$263 |
|
$263 |
|
TOTAL ASSETS |
$40,661 |
|
$37,718 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current Liabilities |
$8,357 |
|
$4,680 |
|
Long Term Debt |
$17,580 |
|
$18,752 |
|
Future Income Taxes |
$1,423 |
|
$1,622 |
|
