LAVAL, QC, June 2, 2014 /CNW Telbec/ - Ergoresearch Ltd (TSXV: ERG) - based in Laval and mainly known under the Clinique du
pied Équilibre, Orthoconcept and Laboratoire Langelier banners -
announced today its third quarter results for the period ended March
31, 2014. All figures quoted are in Canadian dollars. Financial results
analysis takes into consideration the acquisitions of Victhom Human
Bionics inc. on April 26, 2013.
Revenues for the third quarter of fiscal 2014 were stable and totaled $
3,823,851 compared to $ 3,813,863 for the third quarter ended March 31,
2013. Like most companies in the industry, Quebec severe winter
affected the performance of all our products, in all our divisions
since the majority of our sales are currently generated in Quebec. The
increase in sales of our new distraction brace ''Odra '' was able to
offset this slowdown.
Operating income amounted to $ 248,295 in the third quarter of fiscal
2014 compared to $ 399,873 in the third quarter of fiscal 2013.
Depreciation included in the income is $ 252,742 for the current
quarter compared to $ 150,294 for the quarter ended March 31, 2013.
For the third quarter of 2014, profit before tax amounted to $ 135,125
compared to $ 312,239 for the corresponding period in 2013. As for
EBITDA, it amounted to $ 432,167 compared to $ 476,446 for the third
quarter ended March 31, 2013.
Total assets amounted to $33,770,035 for the quarter ended March 31,
2014, company had $9,426,184 cash on hand.
M.Sylvain Boucher, President and CEO of Ergoresearch states: "The third
quarter was mainly devoted to integrate recent acquisitions and to
develop efficient tools for further expansion. More specifically, the
following have been realized including:
Hiring an experienced manager as CFO, Mr. Piero Greco
Share issuance for gross proceeds of $ 5,000,000
Closing of Podotech Laval clinical and transfer of its activities to
Continued implementation of the new web base ERP software according to
plan; to date, the Company uses concurrently the old and the new system
in one of its subsidiaries in order to ensure clinical and production
Products have been affected by severe winter weather in 2014 in Quebec
since the company currently generates the majority of its revenue. The
Company has nevertheless completed the training and ''ODRA''
certification of a Western Canadian partner. The Company also plans to
drive two other tests in Canada by this type of distribution channel
during the next year. This validation process is an important step in
the deployment of the patented product ''ODRA'' outside Quebec.
Finally, the company completed last April the development of scanner
technology for the orthopedic field. These new 3D scanners come support
the launch of the Odra brace has received a warm reception from the
patients and the medical community. These 3D scanners, like other tools
developed internally, are fully integrated into the new ERP platform.
Ergoresearch is advantageously positioned to execute the next stages of
its growth plan. «We will use the coming months to accelerate the
commercialization of our products (including new distraction " Odra "
brace) , unify our brands under a single brand name, while remaining on
the lookout for opportunities to acquire businesses. "Says the
President and CEO of Ergoresearch , M.Sylvain Boucher.
Ergoresearch is a Canadian based company that designs and manufactures
cutting edge technologies for the orthopedic industry. The Company
holds patents in the field of bionics including intellectual property
used in the Power Knee, the world's only motor-powered prosthesis for
above-knee amputees. Ergoresearch has developed and commercialized
Web-Fit™, the first robotized custom-fit orthotics manufacturing
software program and launched OdrA, a world -patented orthotic device
that revolutionizes the treatment of pain associated with knee
Ergoresearch owns Quebec's leading network in orthotics, with over 100
corporate and satellite centres under the Clinique du pied Équilibre,
Orthoconcept and Laboratoire Langelier banners. The Company is listed
on the TSX Venture Exchange (TSXV) under the symbol ERG.
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Exchange. TMX Group and its affiliates do not endorse or recommend any
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Forward looking statements
Certain statements in this Press Release contain forward-looking
statements and information that may entail certain risks related to
uncertainties. Such statements are based on management's expectations
and no assurance can be given that potential future results or
circumstances described in the forward looking statements will be
achieved or will occur. Such risks factors include, but are not limited
to, those related to the Corporation's ability to finance its
activities, competition, ability to negotiate and maintain
partnerships, the market acceptance of the said product, fluctuations
in operating results, the impact of general economics, industry and
market conditions, the ability to recruit and retain qualified
employees, the success of research and development programs, fluctuations in cash
flow, expectations regarding market demand for particular products, the
strength of intellectual property, market dependence on new product
development, the trust invested in sub-contractors or their core
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The reader should not give great importance to forward-looking
statements as the results may differ from conclusions, predictions or
projections contained in such forward-looking statements; and certain
important factors or hypothesis taken into account in reaching
conclusions or the preparation of a projection or prediction may prove
to be incorrect in fact.
Management disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or circumstances. All figures are in Canadian dollars,
unless otherwise specified.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
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SOURCE: Ergoresearch Ltd
For further information:
Sylvain Boucher, President and CEO - Ergoresearch Ltd
Tel.: 450-973-6700, x. 213 / email@example.com
Émilie Vion, Communications Coordinator - Ergoresearch Ltd
Tel.: 450-973-6700, x. 242 / firstname.lastname@example.org