Fri, Jun 14, 8:19 PM (129 days ago)
Pharma-Bio Serv, Inc. reported a significant decline in financial performance for the quarter ended April 30, 2024. Revenues fell by approximately $2.2 million to $2.4 million compared to the same quarter last year, primarily due to decreased projects in Europe, Puerto Rico, and the United States. The company posted a net loss of $213.8K for the quarter and $484.5K for the six months ended April 30, 2024, compared to net income in the prior periods. Gross profit margins also declined by 3.5 percentage points for the quarter and 5.1 percentage points for the six-month period, attributed to the closure of high-margin projects in Europe. Operating expenses remained relatively unchanged, but the company invested in business development to target growth. Cash flow from operations was positive at $25.2K for the six months, but cash and cash equivalents decreased significantly from $10.4 million to $3.5 million, mainly due to marketable securities investments and dividend payments. The company continues to face uncertainties from global economic conditions, industry consolidations, and tax reforms, potentially impacting future performance.