House & Home
House and Home
House and Home 
Tue, September 20, 2011
Mon, September 19, 2011
LANGLEY, BC, Sept. 19, 2011 /CNW/ - Bevo Agro Inc. (TSXV: BVO) is pleased to announce sales for the year ending June 30, 2011 totaled $18,263,703, compared to last year sales of $19,921,973, 355. Sales, gross margin and net profits for the year ended June 2010 were affected by receipt of AgriStability payments from the Federal Government. The total payments of $1,101,624 had a positive impact on sales and earnings during 2010 compared to other years.
The gross margin was $4,538,849 for the year ended June 30, 2011 compared to the gross margin last year of $5,776,336.
Poor spring weather throughout the Pacific Northwest had a negative impact on sales and gross margins of bedding plants as deliveries were delayed or canceled during the Company's fourth quarter. Sales for the fourth quarter totaled $8,622,333 a decrease of 12% from sales of$9,792,324 in Q4 last year. The gross margin in Q4 for fiscal 2011 was $1,299,822 compared to $1,856,754 last year, a change of 19%.
Operating expenses for the year totaled $4,495,347 compared to $4,501,905 last year, mainly due to lower interest costs resulting from lower borrowing levels and reductions in long term debt.
Net earnings were $44,128 for the year ending June 30, 2011, compared to $1,055,294 for the year ending June 30, 2010 which included the $1,101,624 in AgriStability payments
Financial Summary
| The year ending | June 3, '11 | June 30, '10 | ||||||
| Sales | $18,263,703 | 100% | $19,921,973 | 100% | ||||
| Cost of Sales | $13,724,854 | 75% | $14,145,637 | 71% | ||||
| Gross Margin | $4,538,849 | 25% | $5,776,336 | 29% | ||||
| Expenses | ||||||||
| Operating & administrative | $1,083,130 | 6% | $998,160 | 5% | ||||
| Administrative fees, wages & benefits | $1,207,592 | 7% | $1,169,354 | 6% | ||||
| Amortization | $1,462,655 | 8% | $1,577,246 | 8% | ||||
| Interest expenses | $704,571 | 4% | $589,789 | 3% | ||||
| Provision for bad debts | $37,399 | 0% | $167,356 | 1% | ||||
| $4,495,347 | 25% | $4,501,905 | 23% | |||||
| Earnings (loss) from operations | $43,502 | 0% | $1,274,431 | 6% | ||||
| Other | $0 | 0% | $2,759 | 0% | ||||
| Earnings before taxes | $43,502 | 0% | $1,277,190 | 6% | ||||
| Income taxes-current | $0 | 0% | $0 | 0% | ||||
| Income taxes-future | -$626 | 0% | $221,896 | 1% | ||||
| Net earnings (loss) for period | $44,128 | 0% | $1,055,294 | 5% | ||||
| Earnings per share | $0.00 | $0.04 | ||||||
Balance Sheet Summary & Comparison
| The year ending | June 30, '11 | June 30, '10 | ||
| ASSETS (in $000) | ||||
| CURRENT | ||||
| Cash | $647 | $2,342 | ||
| Accounts Receivable | $3,286 | $1,962 | ||
| Inventory | $1,684 | $1,604 | ||
| Income Tax Recoverable | $183 | |||
| Prepaids & Deposits | $83 | $93 | ||
| Total Current Assets | $5,700 | $6,184 | ||
| FIXED | ||||
| Property, plant & equipment | $27,766 | $26,522 | ||
| Deferred costs | $166 | $166 | ||
| Goodwill | $523 | $263 | ||
| TOTAL ASSETS | $34,155 | $33,135 | ||
| LIABILITIES | ||||
| CURRENT | ||||
| Bank Loans | ||||
| Accounts Payable & accruals | $1,626 | $1,466 | ||
| Curr.Port. Long Term Debt | $1,010 | $1,158 | ||
| Total Current Liabilities | $2,636 | $2,624 | ||
| Long term debt | $19,758 | $18,661 | ||
| Obligations under capital leases | $55 | $38 | ||
| Future Income Taxes | $754 | $937 | ||
| $23,203 | $22,260 | |||
| SHAREHOLDER'S EQUITY | ||||
| Share Capital | $4,008 | $4,008 | ||
| Retained Earnings | $6,845 | $6,801 | ||
| Contributed Surplus | $99 | $66 | ||
| TOTAL SHAREHOLDER EQUITY | $10,952 | $10,875 | ||
| TOTAL LIABILITIES | $34,155 | $33,135 | ||
| KEY Balance Sheet Ratios | ||||
| Working Capital (000$) | $3,064 | $3,560 | ||
| Working Capital Ratio | 2.16 | 2.36 | ||
| Debt/Equity | 2.19 | 2.04 |
Readers are encouraged to view the Company's audited financial statements for the year ending June 30, 2011 and accompanying MD&A at [ www.sedar.com ].
Bevo Agro is North America's leading propagator of vegetable plants including tomatoes, peppers, cucumbers as well as bedding plants, flowers and poinsettias. In addition to being a certified organic grower, Bevo also produces cucumbers which are marketed and sold through a licensed marketing agency. Bevo's vigorous, well rooted, and healthy and pest free plants are grown under stringent controlled conditions from its 34 acre production facility.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.