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Pharma-Bio Serv Inc (PBSV-0.05%). has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing an increase in total revenues to $2,471,333 from $2,380,187 in the same quarter the previous year. This increase is primarily attributed to a rise in project revenue in the European market.
Cost of services for the quarter was $1,703,224, representing 68.9% of revenues, compared to 77.5% in the same quarter of the previous year. This decrease in cost ratio is due to a high margin yielding project within the European market.
The company reported a gross profit of $768,109 for the quarter, compared to $535,609 in the previous year, with the improvement attributed to the European market.
Selling, general, and administrative expenses decreased to $860,300 from $973,909, primarily due to planned savings in general and administrative expenses.
Net income for the quarter was $8,536, compared to a net loss of $270,719 in the previous year. Basic and diluted earnings per common share were negligible, an increase from a loss of $0.012 per share in the previous year.
Cash and cash equivalents increased to $7,307,123 from $6,767,356 at the end of the previous fiscal year. Cash provided by investing activities was $988,338, while cash used in operating activities was $429,486.
Pharma-Bio Serv had a working capital of $12,121,031 as of January 31, 2025. The company believes that its current level of working capital and operations are sufficient to fund anticipated expenses and satisfy other possible long-term contractual commitments for and beyond the next twelve months.
The filing also details a breach of contract and money collection complaint against Romark Global Pharma, LLC and related entities, with a judgment entered in favor of Pharma-Bio Serv's subsidiaries for $6,717,431.69, including principal and interest.
Pharma-Bio Serv is pursuing collection of the judgment but has been unable to identify assets of Romark against which to collect. The company continues its collection efforts but cannot guarantee a successful outcome.
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 quarterly 10-Q report dated March 17, 2025. To report an error, please email earnings@qz.com.