TORONTO, Aug. 25 /CNW/ - AIM Health Group Inc. ("AIM" or the "Company")
(TSXV - AHG), a fully integrated health care company, announced today that its
net income for the three month period ended June 30, 2009 (the "Quarter")
increased to $365,645 from a loss of $118,223 in the same period in 2008. At
the same time EBITDA(1) increased 380% to $806,838 from $167,150, on a
quarter-over-quarter basis. The Company also announced that revenues increased
102% to $14.2 million in the Quarter from $7.0 million for the same period in
2008. Revenue and income include the operating results of Med-Emerg
International (MedEmerg) since its acquisition on January 20, 2009.
For the six months ended June 30, 2009, net income increased to $637,480
from a loss of $150,417 for the same period in 2008. Similarly, EBITDA
increased to $1,479,141 for the six months ended June 30, 2009, compared to
$415,960 in the same period in 2008 and revenues increased from $14.9 million
to $27.3 million, on a year-over-year basis.
Lu Barbuto, President and Chief Executive Officer of AIM commented, "We
expect that our results will continue to improve as we harmonize the combined
management experience. The clinical and business expertise of our expanded
management team will allow us to dedicate more resources to the growth of our
service lines and provide leadership in community-based health delivery.
With the integration of three of our pain management centres into our
Health and Wellness Centres, we are starting to demonstrate positive financial
results in our pain business. In this second quarter, we opened our two
largest Health and Wellness Centres located in Ottawa and in Mississauga, both
of which include our new pharmacy services. Our Health and Wellness Centres
are the cornerstone of our community-based health services delivery model, and
consistent with the needs of the consumer, we expect that these centres will
continue to create more opportunities for growth."
Dr. Barbuto added, "Our business is heavily dependent on the quality,
experience and skills of our people. One of our priorities in the integration
with MedEmerg was to identify management roles and to define areas of
responsibility. In this regard we are pleased to announce the following
- Dr. James Ducharme - Senior Vice President and Chief Medical Officer;
- William Danis - Senior Vice President, Operations and Financial
- Ross Glover - Vice President, Medical Services."
The Company's financial results are summarized as follows:
($000's except share Three Months Ended Six months ended
information) June 30 June 30
2009 2008 2009 2008
Revenue 14,184 6,986 27,276 14,919
EBITDA(1) 807 167 1,479 416
Net income (loss)
for the period 366 (118) 637 (150)
Net income (loss) per
common share (basic
and diluted) $ 0.003 $ (0.003) $ 0.006 $ (0.006)
basic 105,836,391 45,898,900 100,585,280 25,008,920
(1) EBITDA is defined as earnings before interest, taxes and non-cash
items including stock compensation and accretion expenses.
The Company also announced that it has filed its June 30, 2009 financial
results with the securities regulatory authorities. Such financial results may
be found on SEDAR at www.sedar.com.
About AIM Health Group Inc.
AIM is a Canadian healthcare company, providing patient care and health
related consulting services for Employers, Unions, Hospitals, Pharmaceutical
Companies, Insurers and the General Public. Our focus is to increase
shareholder value through the leveraging of our healthcare infrastructure in
more than 70 community-based sites.
AIM's healthcare services include (i) medical and complementary
alternative medical care, (ii) Infusion Services where we provide intravenous
infusions and subcutaneous injections to patients suffering from various
complex diseases, (iii) Pharmaceutical Research services where we provide
clinical research services in community and hospital-based sites (iv) Chronic
pain management services, (v) Hospital and Institutional healthcare staffing,
where we provide physician staffing to Canadian hospitals, prisons and other
institutions, and (vi) Workplace Health and Cost Solutions where we are a
one-stop occupational health solution for more than 80 employers across
Caution Concerning Forward-Looking Statements
Certain statements in this press release are forward-looking statements.
These statements are based upon certain material factors, assumptions and
analyses that were applied in drawing a conclusion or making a forecast or
projection, including AIM's experience and perceptions of historical trends,
current conditions and expected future developments, as well as other factors
that are believed to be appropriate in the circumstances. Forward-looking
statements are provided for the purpose of presenting information about
management's current expectations and plans relating to the future and readers
are cautioned that such statements may not be appropriate for other purposes.
These statements may include, without limitation, statements regarding the
operations, business, financial condition, expected financial results,
performance, prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of AIM for the current fiscal year and
subsequent periods. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or conditions.
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise to the
possibility that expectations, forecasts, predictions, projections or
conclusion will not prove to be accurate, that assumptions may not be correct
and that objectives, strategic goals and priorities will not be achieved. A
variety of material factors, many of which are beyond AIM's control, affect
operations, performance, achievements and results of AIM that may be expressed
or implied by such forward-looking statements and could cause actual results
to differ materially from current expectations of estimated or anticipated
events or results. These factors include, but are not limited to: general
economic, industry and market segment conditions; equipment and labour
shortages and inflationary costs; changes in applicable environmental,
taxation and other laws and regulations, as well as how such laws and
regulations are interpreted and enforced; changes in technology; operating
risks, including risks inherent in the ability to generate sufficient cash
flow from operations to meet current and future obligations; increased
competition; stock market volatility; ability to maintain current and obtain
additional financing; and management's success in anticipating and managing
the foregoing factors.
The reader is cautioned that the foregoing list of factors is not
exhaustive of the factors that may affect AIM's forward-looking statements.
The reader is also cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue reliance on
forward-looking statements. Although the forward-looking statements contained
in this press release are based upon what management of AIM currently believes
to be reasonable assumptions, actual results, performance or achievements
could differ materially from those expressed in, or implied by, this
forward-looking information and, accordingly, no assurance can be given that
any of the events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits will be derived
therefrom. These forward-looking statements are made as of the date of this
release and, other than as specifically required by law, AIM does not assume
any obligation to update or revise any forward-looking statement to reflect
events or circumstances after the date on which such statement is made, or to
reflect the occurrence of unanticipated events, whether as a result of new
information, future events or results, or otherwise.
THE TSX VENTURE EXCHANGE INC. HAS IN NO WAY APPROVED NOR DISAPPROVED THE
CONTENTS OF THIS PRESS RELEASE.
For further information:
For further information: AIM Health Group Inc., Lu Barbuto, President
and Chief Executive Officer or Greg Van Staveren, Chief Financial Officer,