Pharma-Bio Serv, Inc. announced earnings results for the year ended October 31, 2016. The company reported net revenues for the year ended October 31, 2016 were $19.5 million, a decrease of approximately $3.8 million, or 16%, when compared to last year. The revenue decrease is mainly attributable to a decline of $2.9 million in the Puerto Rico consulting market, of which $1.3 million is attributable to projects in Latin America which were managed from Puerto Rico, plus $1.2 million and $0.3 million decrease in the United States and Europe consulting markets, respectively, partially offset by a gain in the Puerto Rico Lab and project revenue from the Brazil consulting market of approximately $0.4 million and $0.2 million, respectively. Other Company divisions sustained minor revenue gains/losses or remained constant, when compared to last year. For the year ended October 31, 2016, the Company reported a net loss of approximately $0.3 million, a decrease in earnings of $1.9 million when compared to the same period last year. The variance is mainly attributable to the decline in revenue, continued investment on business development and operational support expenses, recorded other than temporary impairment on available for sale securities, the recording of the early lease cancellation fee for its Pennsylvania office facilities, and the effect of the effective income tax rates (including Puerto Rico favorable tax grants) over income before tax.