Fiscal 2014 ‒ First quarter highlights:
Revenues increased by 95.0% and rose to $4,227,942;
Net income after tax amounted to $336,113 for the quarter, a 62.2%
increase over last year;
Non-recurring expenses from business acquisitions amounted to $62,583
(fiscal and consolidation of subsidiaries);
Total assets amounted to $30,824,432 for the quarter ended on September
LAVAL, QC, Nov. 29, 2013 /CNW Telbec/ - Ergoresearch Ltd (TSXV: ERG) - based in Laval and better known under the «Clinique du
pied Équilibre», «Orthoconcept» and «Laboratoire Langelier» banners -
announced today its first quarter results for the period ended
September 30, 2013. All figures quoted are in Canadian dollars.
The analysis of the financial results takes into consideration the
acquisitions of Victhom Human Bionics inc. on April 26, 2013,
Laboratoire M.P. Langelier, LL Customs Inc., 2947-9052 Québec Inc. and
Laboratoire M.P. Langelier/Lanoue Inc. on January 22 2013 (effective
January 01 2013) and hereafter called ″Laboratoire Langelier″, and of
Laboratoire Podotech inc., hereafter called ″Podotech″, on November 27,
2012 (effective October 01, 2012).
Fiscal 2014 first quarter revenues amounted to $4,227,942, a 95.0%
increase compared to the period ended September 30, 2012 at $2,167,916.
Increased sales were primarily due to the following factors:
Influx of revenues from recent business acquisition, namely Victhom
Human Bionics, Laboratoire Langelier and Laboratoire Podotech, for a
total amount of $1,775,901;
Organic growth (other than by acquisitions) of 13.6 %
A $456,843 increase in revenues from product derived from the Company's
own technologies has offset a slight decrease in revenues from generic
A 54.1% increase in operating income is reported in the first quarter of
fiscal 2014. Operating income totaled $544,292 compared to $353,246
for the first quarter of fiscal 2013. The non-recurring expenses from
business acquisitions amounted to $62,583 and resulted in a lowering of
the operating income figure in the first quarter of fiscal 2014.
The Company's net profits after tax reached $336,113 in the quarter
compared to $207,164 in the first quarter ended September 30, 2012.
Higher profitability is mainly attributable to increasing revenues from
custom made foot orthotic and specialty orthotic products, including
the OdrA, a product launched in fiscal year 2013.
Income tax expense amounted to $97,835 of which an amount of $92,500 has
no cash flows incidence on the Corporation. This amount decreases the
fiscal attributes available to the Company which were recognized as
deferred income taxes assets during the fourth quarter of fiscal year
Ergoresearch and its subsidiaries are pursuing their objective of
sustained growth, the outcome of a carefully executed business
strategy. "The launch of the patented OdrA orthotic device, under an
exclusive Canadian distribution licensing agreement, is well received
among both patients and the medical community." Today, the Company's
cash position exceeds $6,000,000 and it is in a promising position to
execute the next steps of its growth strategy. "We will take advantage
of the next few months to properly integrate our recent acquisitions,
accelerate product promotion (including the OdrA orthotic device) while
seeking new business acquisition opportunities", says Ergoresearch
President and CEO, Mr. Sylvain Boucher
Ergoresearch has developed the most important network of orthotics clinics in
Québec, with over one hundred clinics and satellite centres flying
under the banners of Clinique du pied Équilibre, Orthoconcept, Podotech and Langelier Orthèses Chaussures. The Company owns patents in the field of bionics, including
intellectual property for the Power Knee, the world's only motor-powered prosthesis with artificial intelligence
designed for above-knee amputees and is a leading manufacturer and
trend-setter of software, "intelligent" foot orthotics and specialty
orthotics dedicated to the orthopedics market.
Ergoresearch has also developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software
program of its kind, launched the first Living Lab in Canada for knee osteoarthritis and more recently, a new
world-patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee OA.
Ergoresearch Ltd is listed on the TSX Venture Exchange (TSXV) under the
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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 personnel, as well as other documents
containing risks and uncertainties which are put forth every now and
then by the firm to various Canadian securities and exchange
commissions and made available at www.sedar.com.
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)
accepts responsibility for the adequacy or accuracy of this release.
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