TORONTO, April 23 /CNW/ - Prism Medical Ltd. ("Prism" or "the Company") (PM:TSX-VEN) today announced its results for the first quarter ended February 28, 2010.
During the first quarter of 2010, revenues were $14.4 million compared to $14.6 million in 2009. Sales in the US increased 5% on a US dollar basis but decreased 2% after incorporating the decline in the US dollar relative to the Canadian dollar. Canadian sales decreased 45% mainly as a result of strong institutional demand partially driven by government funding in the first quarter of 2009. The Company continues to focus its efforts on the US marketplace through enhanced sales initiatives and geographical coverage. In the UK, sales increased 26% after incorporating the impact of a decline in the British Pound Sterling (GBP) relative to the Canadian dollar.
In the first quarter of 2010, gross profit increased $405 (7%) over the same period in 2009 largely as a result of a higher percentage of sales made by the Company owned network of dealers and direct sales staff. Selling, general and administration expenses increased $1,274 (31%) over the same period last year primarily as a result of incorporating the operating costs of new acquisitions and non-recurring infrastructure costs incurred within the US.
Net income for the first quarter of 2010 decreased to $485 thousand or $0.08 per share on a diluted basis versus $1.1 million or $0.17 per share on a diluted basis for the same period in 2009.
Andrew McIntyre, Chairman and CEO of Prism stated "the first quarter of 2010 was positive for the Company as we saw continued institutional demand for our products, improved manufacturing efficiencies and greater geographic coverage in the current economic climate. Further improvements in US sales representation and dealer market share should result in future profitable growth."
Prism Medical Ltd. is a provider of durable medical equipment and related services to the mobility disadvantaged in Canada, the USA and the United Kingdom. While Prism's history dates back to 1996, Prism's subsidiaries and divisions have been servicing the mobility disadvantaged since the mid 1980s in their homes, long-term care facilities and acute care facilities. Prism includes Waverley Glen Systems, North America's premier lifting, handling and repositioning aid manufacturer with distribution across Canada and the US; Patient Lifts of New England and Access Solutions with distribution across the northeastern USA; Westholme, Care Free Lifting & Handling, Test Valley Mobility, Saluss, Liftech and Assured Patient Lifts, leading distributors of moving and handling products in the UK; and Freeway Health Care, a UK-based manufacturer of ceiling hoists and shower chairs.
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE Prism Medical Ltd.
For further information: For further information: William G. Edwards, Chief Financial Officer, Prism Medical Ltd., Tel: (416) 260-2145 ext. 230, Fax: (416) 260-9195, firstname.lastname@example.org, www.prismmedicalltd.com