PBSV 8-K
Pharma-Bio Serv, Inc. (PBSV)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 2.02. Results of Operations and Financial Condition
On January 30, 2023, Pharma-Bio Serv, Inc. (the “Company”) issued a press release announcing its results of operations for the year ended October 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: January 30, 2023 | By: | /s/ Pedro J. Lasanta |
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| Pedro J. Lasanta |
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| Chief Financial Officer, Vice President Finance and Administration and Secretary |
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EXHIBIT 99.1
Pharma-Bio Serv Announces Full Year Results
DORADO, PUERTO RICO / ACCESSWIRE / January 30, 2023 / Pharma-Bio Serv, Inc. (“Pharma-Bio Serv” or the “Company”) (OTCQB:PBSV), is a regulatory, compliance, project management and technology transfer support consulting firm that provides services to the pharmaceutical, biotechnology, medical device, cosmetic, food and allied products industries.
Today, Pharma-Bio Serv announced that revenues for the year ended October 31, 2022 were approximately $19.4 million, a decrease of approximately $0.7 million when compared to last year. Additionally, net income for the year ended October 31, 2022 was approximately $1.0 million, an improvement of approximately $3.0 million when compared to last year. The net income variance is mostly due to the recording of an account receivable provision of approximately $5.2 million in 2021 which was partially offset by the recording of a PPP loan forgiveness for approximately $2.0 million in 2021.
“As the Company emerges from fiscal year 2022, management sees evidence that our efforts and execution in the continental United States and European markets have strengthened our foundation for organic growth. During fiscal year 2023, we continue our efforts to expand our network of clients in these and other targeted markets. Furthermore, we continue to pursue strategic acquisition opportunities in our efforts to achieve external growth and maximize shareholder value.,” stated Mr. Sanchez, Chief Executive Officer of the Company.
About Pharma-Bio Serv, Inc.
Pharma-Bio Serv services the Puerto Rico, United States, Europe and Latin America markets. Pharma-Bio Serv’s core business is FDA and international agencies regulatory compliance consulting related services. The Company’s global team includes leading engineering and life science professionals, quality assurance managers and directors.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Pharma-Bio Serv. Forward-looking statements are based on the expectations, estimates, or projections of management as of the date of this earnings announcement. Although Pharma-Bio Serv’s management believes these expectations, estimates, or projections to be 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 in 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 ended October 31, 2022, and in its other filings with the Securities and Exchange Commission, which filings are available on 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
Chief Financial Officer
787 278 2709