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Pharma-Bio Serv Inc (PBSV-1.36%) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The company reported revenues of $9.5 million for the year, a decrease from $17 million in the previous year. The decline in revenue was primarily due to reduced project activity in the European, Puerto Rican, and United States markets.
Gross profit for the year was $2.5 million, down from $5.1 million in the prior year. The decrease in gross profit was attributed to the completion of high-margin projects in Europe during fiscal 2023.
Selling, general, and administrative expenses were approximately $3.8 million, a slight decrease from $3.9 million in the previous year. The company invested in business development to target growth in specific markets.
Net loss for the year was approximately $0.8 million, compared to a net income of $1.3 million in the previous year. Basic and diluted loss per share was $0.034.
The company maintains a stock repurchase program, under which it repurchased 12,100 shares during the fiscal year, with 1,501,443 shares available for future repurchases.
Pharma-Bio Serv Inc operates in three reportable segments: Puerto Rico, United States, and Europe consulting services, primarily serving the pharmaceutical, chemical, biotechnology, and medical device industries.
The company has a tax grant from the Puerto Rico Industrial Development Company, which expired on October 31, 2024, and is pending extension. This grant provides tax relief for operations in Puerto Rico.
Pharma-Bio Serv Inc is engaged in a legal proceeding to collect a judgment of $6.7 million against Romark Global Pharma, LLC and its affiliates, with ongoing efforts to identify assets for collection.
The company’s cash and cash equivalents at the end of the fiscal year amounted to $6.8 million, with marketable securities valued at $6 million, held in U.S. Treasury securities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pharma-Bio Serv Inc annual 10-K report dated January 29, 2025. To report an error, please email earnings@qz.com.