0001354488-15-003003.txt : 20150615 0001354488-15-003003.hdr.sgml : 20150615 20150615171850 ACCESSION NUMBER: 0001354488-15-003003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150615 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150615 DATE AS OF CHANGE: 20150615 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pharma-Bio Serv, Inc. CENTRAL INDEX KEY: 0001304161 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 200653570 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50956 FILM NUMBER: 15931909 BUSINESS ADDRESS: STREET 1: INDUSTRIAL ZONE STREET 1 STREET 2: LOT 14 CITY: DORADO STATE: PR ZIP: 00646 BUSINESS PHONE: 787-278-2709 MAIL ADDRESS: STREET 1: INDUSTRIAL ZONE STREET 1 STREET 2: LOT 14 CITY: DORADO STATE: PR ZIP: 00646 FORMER COMPANY: FORMER CONFORMED NAME: LAWRENCE CONSULTING GROUP INC DATE OF NAME CHANGE: 20040923 8-K 1 pbsv_8k.htm CURRENT REPORT pbsv_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT PURSUANT
TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported):  June 15, 2015
 
Pharma-Bio Serv, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware
(State or Other Jurisdiction of Incorporation)
 
0-50956
20-0653570
(Commission File Number)
(I.R.S. Employer Identification No.)

6 Road 696, Dorado, Puerto Rico
00646
(Address of Principal Executive Offices)
(Zip Code)

(787) 278-2709
(Registrant’s Telephone Number, Including Area Code)
 
 
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
Item 2.02 Results of Operations and Financial Condition
 
On June 15, 2015, Pharma-Bio Serv, Inc. (the “Company”) issued a press release announcing its results of operations for the three and six months ended April 30, 2015. 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
 
Exhibit No.   Description
     
99.1   Press Release, dated June 15, 2015
     
 
 
2
 
 
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.
 
  PHARMA-BIO SERV, INC.  
       
Date:  June 15, 2015   
By:
/s/ Pedro J. Lasanta  
   
Pedro J. Lasanta
  
   
Chief Financial Officer, Vice President Finance and Administration and Secretary
  
       
 
 
 
 
 
3
 

EXHIBIT INDEX
 
Exhibit No.   Description
     
99.1   Press Release, dated June 15, 2015
     
 
 
 
 
 
 
 
4
 
 EX-99.1 2 pbsv_ex991.htm PRESS RELEASE pbsv_ex991.htm
Exhibit 99.1
 
 
Pharma-Bio Serv Announces Results for
the Three and Six Months Ended April 30, 2015

DORADO, PUERTO RICO / ACCESSWIRE / June 15, 2015 / Pharma-Bio Serv, Inc. (Pharma-Bio Serv or the Company) (OTCQB: PBSV), a compliance, project management and technology transfer support consulting firm, that provides services to the pharmaceutical, biotechnology, chemical, medical device, cosmetic, food and allied products industries, today announced net revenues for the three and six months ended April 30, 2015 of $5.4 and $11.3 million, respectively, a decrease of approximately $1.1 and $2.3 million, or 17.2% and 16.6%, respectively, when compared to the same periods last year. The revenue decrease is mainly attributable to declines in the United States and Europe consulting markets of $1.4 and $0.2 million, and $2.9 and $0.5, for the three months and six months ended April 30, 2015, as compared to the same periods last year respectively, partially offset by gains in the Puerto Rico consulting business of $0.6 and $1.3 million, respectively. Latin America projects, managed from Puerto Rico, contributed to Puerto Rico consulting gains in the amount of $0.5 and $1.0 million for the three and six months periods ended April 30, 2015 when compared to the same periods last year, respectively.

Selling, general and administrative expenses for the three and six months ended April 30, 2015 were approximately $1.3 and $2.7 million, respectively, a net decrease in expenses of approximately $0.4 and $0.5 million, respectively, as compared to the same periods last year. Business development and operational support expenses were streamlined on those divisions that had a decline on revenues as compared to the same period last year.

Net income for three and six months ended April 30, 2015 was approximately $0.4 and $0.6 million, no significant variance for the three months ended April 30, 2015, and a decrease of $0.3 million for the six months ended April 30, 2015, when compared with the same periods last year. Our net income variance is mainly attributable to the decline in revenue, partially offset by a reduction of business development and operational support expenses, and the effect of the effective
income tax rates (including Puerto Rico favorable tax grants) over income before tax.

Earnings per common share basic and diluted for the three and six months ended April 30, 2015 were $0.016 and $0.015, and $0.028 for both, respectively. These represents an increase of $0.002 and $0.001, and a decrease of $0.015 and $1.014 per common share basic and diluted, for the three and six months ended April 30, 2015, respectively, when compared to the same periods last year. The variances are mainly due to the slight increase in net income for the three months ended April 30, 2015, and the decrease in net income for the six months ended April 30, 2015, as compared to the same periods last year.
 
“Our focus on strategic growth initiatives and global business development continues, as we pursue our robust, integrated services model,” said Victor Sanchez, CEO of Pharma-Bio Serv. “We are encouraged by continued growth of projects in Latin America and remain optimistic about prospects for growth in both the US and European markets. We also strive to streamline our costs in non-performing divisions, while at the same time we continue emphasizing high quality services. This strategy allowed us to balance current market needs with our operational costs during the six months ended April 30, 2015.” he added.

About Pharma-Bio Serv Inc.

Pharma-Bio Serv is a compliance, project management and technology transfer support consulting firm, headquartered in Puerto Rico, with operations in the U.S., Ireland and Spain. Pharma-Bio Serv's core business is FDA and other international regulatory compliance agency related services, with integrated portfolio services including microbiological and chemical testing services for clients in the Pharmaceutical, Biotechnology, Chemical, Medical Device, Cosmetic, Food and Allied Products industries. The Company's services also include information technology consulting through our "Integratek" consulting practice, and "Pharma Serv Academy," a division that provides technical and regulatory standards seminars/training conducted by industry experts. The Company's global team includes more than 215 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 news release. Although Pharma-Bio Serv's management believes these expectations, estimates, or projections to be reasonable as of the date of this news release, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies, which could cause its actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. There can be no assurance that the processes being undertaken by Pharma-Bio Serv will result in growth through business development or mergers and acquisitions. 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, 2014, 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.

Investor Relations Contact:
Scott Gordon
President
CorProminence LLC
scottg@corprominence.com
631 703 4900