Project management, compliance, and technology transfer consultancy company Pharma-Bio Serv Inc (OTCMKTS:PBSV) could be one of the companies to look into this morning following recent developments. The company was in the news yesterday after it announced its revenues for the three-month and nine-month periods, both of which ended on July 31, 2022.
Trading Data
On Wednesday, PBSV stock ended flat at $0.7410 with more than 3.77K shares, compared to its average volume of 2.75K shares. The stock moved within a range of $0.7410 – 0.7410 after opening trading at $0.8390.
Pharma-Bio Serv Announces Results for the Three and Nine Months Ended July 31, 2022
In the three-month period, the company managed to bring in $4.8 million in revenues, while the revenues in the nine-month period stood at $14.8 million. That reflected a year-on-year drop of $0.2 million for the three-month period but a rise of $0.2 million in the nine-month period.
On the other hand, the net income generated by Pharma-Bio in the three-month period stood at $0.3 million, while in the nine-month period it came in at $0.8 million. The reflected year-on-year drops of around $2 million for both periods under consideration. The year-on-year drop is primarily due to the forgiveness of accrued interest and principal of around $2 million worth of SBA loans last year. In addition to that, the company also bought back 10400 shares in the three-month period and 81303 shares in the nine-month period.
Key Quote
“During the third quarter, our revenue in the US and European consulting markets increased as we focused our efforts on markets we have identified as significant opportunities to expand our network of clients. Our goal is to continue the positive revenue trend we are experiencing in those markets and replicate it to other markets we can serve,” stated Mr. Sanchez, Chief Executive Officer of the Company.
Technical Data
PBSV stock is trading below the 20-Day and 50-Day Moving averages of $0.77 and $0.77 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.87.
