Biofarm, Inc. Announces Consolidated Results; Posts Operating Profit of $763,000 in Consolidated Filing.LONDON--(BUSINESS WIRE)--Feb. 22, 1999--Biofarm, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BIOF), the holding company for a group with interests in pharmaceuticals, aviation and insurance, has filed its first fully consolidated report on Form 10-KSB. These results cover the ten month period to 31 October 1998, as its year-end has been changed from 31 December in accordance with SEC approval. Highlights of the Consolidated Results: - Four strategic acquisitions completed between September 4 and October 13, 1998 - Total assets increased to $25,443,000 (up from $40,327 at June 30, 1998) - Total assets per share of Common Stock $5.81 - Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased to $11,899,000 for ten month period (up from $7,013,000 for twelve months to December 31, 1997) - Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. increased to US$763,000 for ten month period (up from $685,000 for twelve months to December 31, 1997) - Aviation subsidiary contract to purchase 73% of Romanian aircraft manufacturer ($90 million net assets) Commenting on these first consolidated group results, Mr Keith D. Beekmeyer, Chairman of Biofarm, Inc., stated: "We have made considerable progress during the ten month period. We have demonstrated, with Biofarm, S.A., our Romanian pharmaceutical company, management's ability to enhance shareholder value and to improve significantly return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). . Management is committed to further marketing and expansion initiatives together with specific cost reductions and anticipates further revenue growth. The group's components are already responding well to the changes we have put in place and we firmly believe that they will also become more profitable in the current period." The results stated above do not include BIOF's acquisition of S.C. Romaero S.A. which holds design, manufacturing and sub-assembly fabrication contracts with OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and companies worldwide. Management is confident it will secure the necessary financing required for investment in Romaero. BIOF will be filing its Form 10-QSB for the first quarter ended January 31, 1999, on or before March 16, 1999 and expects to make an application to NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on very shortly. The foregoing contains forward-looking statements that necessarily involve the risks and uncertainties involved in any business venture, especially one with international ramifications ramifications npl → Auswirkungen pl . |
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