/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
MONTREAL, April 9 /CNW Telbec/ - OPMEDIC GROUP Inc. ("OPMEDIC GROUP")
(TSX: "OMG"), a healthcare-related company in fertility, laboratories and
surgeries providing services and facilities to patients and surgeons, is
pleased to announce financial results for the second quarter ended February
- Revenue up by 20%. Revenue for the second quarter totalled
$2.963 million compared to $2.473 million for the same period a year
- Gross profit up by 15%. Gross profit for the second quarter totalled
$1.483 million compared to $1.287 million for the same period a year
- Net earnings up by 113%. Net earnings and net earnings per share for
the second quarter were respectively $0.269 million and $0.02 compared
to $0.126 million and $0.01 a year earlier.
- Dividend of $0.01 on common shares
Revenue for the quarter ended February 28, 2009 totalled $2.963 million,
up 20% or $0.490 million from $2.473 million for the same period a year
earlier. The Company's expansion projects continue to make a positive
contribution to revenue. In fact, the new cytology operations, following the
acquisition of Laboratoire Cyto-Stat on March 31, 2008, generated additional
revenue of $0.203 million, and the surgical operations of the OPMEDIC division
resulted in additional revenue of $0.108 million partially because of the
opening of the new endoscopy rooms. Lastly, prenatal screening tests continued
to generate additional revenue totalling $0.149 million for the quarter, of
which 70% resulted from the increase in operations.
For the first half of the year ended February 28, 2009, revenue totalled
$6.428 million, up $1.194 million or 23% from $5.234 million in 2008. The
cytology operations generated additional revenue of $0.515 million, while
surgical activities also increased by $0.263 million. Prenatal screening tests
generated increased revenue of $0.269 million, of which close to two-thirds
resulted from the increase in operations. Lastly, although fertility
treatments were down slightly in the last quarter, revenue for the six-month
period exceeded that of the corresponding period in 2008 by $0.072 million,
mainly because of the higher prices of the fertility cycles.
Cost of Services
The cost of services for the quarter rose by $0.295 million, from $1.186
million in 2008 to $1.481 million in 2009. The new cytology operations
generated additional expenses of $0.173 million in payroll, professional fees
and supplies, while the new endoscopic services available required additional
expenses of $0.082 million, mainly to cover the cost of the new premises,
payroll and supplies.
For the six-month period ended February 28, 2009, the cost of services
totalled $3.036 million, up $0.641 million from $2.395 million in 2008. Since
the beginning of the fiscal year, expenses relating to payroll, professional
fees and supplies were up $0.369 million as a result of the new cytology
operations, while the new endoscopic services caused the cost of premises,
payroll and supplies to rise by $0.226 million.
Gross profit for the quarter ended February 28, 2009 was $1.483 million,
up $0.196 million or 15% from $1.287 million in 2008. The increase in OPMEDIC
division operations contributed $0.100 million to gross profit, while the
fertility division, and more specifically laboratories, contributed $0.096
Gross profit to revenue for the quarter was 50% in 2009, versus 52% in
For the first half of the year ended February 28, 2009, gross profit,
totalling $3.392 million, was up $0.553 million or 19% from $2.839 million in
2008. Fertility division operations contributed $0.384 million, while OPMEDIC
division surgical operations enhanced gross profit by $0.169 million.
Gross profit to revenue for the six-month period ended February 28, 2009
was 53% versus 54% in 2008.
General and Administrative Expenses
General and administrative expenses for the quarter ended February 28,
2009 totalled $0.780 million versus $0.828 million in 2008, for a decrease of
$0.048 million. In 2008, there was a $0.070 million loss on disposal, while in
2009, additional rent and payroll expenses were incurred for the new cytology
and endoscopy operations.
For the first half of the current fiscal year, general and administrative
expenses rose by $0.021 million to $1.612 million from $1.591 million in 2008.
Additional expenses of $0.109 million in cytology and endoscopy were offset by
a loss on disposal in the preceding 2008 period.
Net earnings and net earnings per share for the second quarter ended
February 28, 2009 were respectively $0.269 million and $0.02, versus $0.126
million and $0.01 in 2008.
For the six months ended February 28, 2009, net earnings and net earnings
per share were respectively $0.770 million and $0.05, versus $0.469 million
and $0.03 in 2008.
DECLARATION OF DIVIDEND ON COMMON SHARES
The Company today announced that its Board of Directors has declared a
cash dividend of $0.01 per share payable April 30, 2009 to shareholders of
record at the close of business on April 23, 2009. Future dividends are
subject to the discretion of the Board of Directors.
Detailed financial results can be accessed on the OPMEDIC GROUP web site
About OPMEDIC GROUP
OPMEDIC GROUP is a company incorporated under the laws of the Province of
Quebec which provides healthcare-related services including surgical and
endoscopic facilities and services to patients and surgeons (with its OPMEDIC
division), fertility treatments, medical imaging, laboratory services and
diagnostic procedures (with its PROCREA Cliniques division) and sperm banking
services (with its PROCREA Cryopreservation Centre subsidiary). OPMEDIC
GROUP's Common Shares trade on the Toronto Stock Exchange under the symbol
This news release does not constitute an offer to sell or to solicitation
of an offer to buy any security and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offering would be
unlawful. This news release contains certain forward-looking statements that
reflect the current views and/or expectations of OPMEDIC GROUP with respect to
its performance, business and future events. Such statements are subject to a
number of risks, uncertainties and assumptions. Actual results and events may
The Content of this press release has not been approved by nor submitted
to the TSX which assumes no liability therefore.
For further information:
For further information: Jean-Marc Lachance, Vice President Finance and
Chief Financial Officer, (514) 345-8535, x 2260, firstname.lastname@example.org;
Renmark Financial Communications Inc.: Maurice Dagenais:
email@example.com; Christine Stewart:
firstname.lastname@example.org; Montreal: (514) 939-3989, Fax: (514) 939-3717;
Toronto: (416) 644-2020, Fax: (416) 644-2021; www.renmarkfinancial.com