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Bevo Agro sales up 22 percent

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Staff writer |
Bevo AgroNorth America's supplier of propagated agricultural plants Bevo Agro reported an increase of 21.8% in sales for its third quarter.

Bevo Agro, in the third quarter ending March 31, 2013, saw sales of $3,567,427, compared to sales of $2,928,350 during the same quarter last year. Sales for the nine months ending March 31, 2013 totaled $10,502,417, compared to sales of $8,861,139 the same nine months the previous year, an increase of 18.5%. The increase in sales is a result of adding new clients and an overall increase in the number of plants ordered by clients.

Gross margins for the quarters ending March 31st were $1,469,809 (41%) in 2013 and $1,449,500 (49%) in 2012. Margins for the nine month period were $3,017,602 (29%) compared to $2,937,327 (33%) the previous year. Margins this year are challenged by increased wages brought on by increases in the provincial minimum wage.

Purchase costs were also higher as a result of increased biological expenses due to pest and disease issues. This issue has since been resolved, and the Company does not expect a similar recurrence going forward.

Operating expenses totaled $3,454,417 or 33% of revenues for the nine months ending March 31, 2013. Operating expenses for the same period last year were $3,359,718 or 38% of revenues.

Net earnings for the three months ending March 31, 2013 totaled $210,919 compared to $190,097 for the same period last year. The nine month results show a loss of $297,015 versus a loss of $287,231 for the nine months ending March 31, 2012.

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