First year post acquisition of Med-Emerg International a success
TORONTO, April 12 /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 year ended December 31, 2009 ("Fiscal 2009") increased to $1.3 million from a loss of $2.9 million in 2008. At the same time EBITDA(1) increased to $3.0 million from negative $0.3 million on a year-over-year basis. The Company also announced that revenues increased 84% to $54.1 million for Fiscal 2009 from $29.4 million for the same period in 2008. Revenue and income include the operating results of Med-Emerg International since its acquisition on January 20, 2009.
For the three months ended December 31, 2009, net income increased to $8,205 from a loss of $2.8 million for the same period in 2008. Similarly, EBITDA increased to $0.6 million for the three months ended December 31, 2009, compared to a negative $1.0 million in the same period in 2008 and revenues increased from $7.5 million to $13.7 million, on a quarter-over-quarter basis.
Dr. Lu Barbuto, President and Chief Executive Officer of AIM commented, "2009 was a year of substantial change for our Company. We have had our most successful year ever, financially, and we enter 2010 with new opportunities to continue on this path."
The Company's financial results are summarized as follows:
($000's except share Three Months Ended Year ended
information) December 31 December 31
2009 2008 2009 2008
Revenue 13,686 7,469 54,105 29,419
EBITDA(1) 590 (975) 2,980 (327)
Net income (loss)
for the year 8 (2,792) 1,279 (2,931)
Net income (loss) per
common share (basic
and diluted) $ 0.00 $ (0.06) $ 0.01 $ (0.07)
basic 105,836,391 60,326,759 103,467,396 43,246,820
(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 December 31, 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 fully integrated Canadian health care company that offers community based comprehensive services to individuals that are ill, injured, or disabled, and to individuals requiring lifestyle interventions to improve their quality of life (wellness). This philosophy translates into a continuum of health delivery where the individual's health care is integrated with the various service providers through a public-private funding delivery model. This continuum of care model is the core concept of AIM's integrated service and delivery model.
AIM's service lines integrate all aspects of health care and include, but are not limited to, family medicine, medical assessments, medical chronic pain management, inter-disciplinary rehabilitation, medical acute care, and clinical research. AIM provides these health services through a growing infrastructure of "one stop" community based Health and Wellness Centres. We also provide occupational health services, community-based infusion centers and health human resource management, including physician and nurse staffing.
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.
SOURCE AIM HEALTH GROUP INC.
For further information: For further information: AIM Health Group Inc., Lu Barbuto, President and Chief Executive Officer; or Greg Van Staveren, Chief Financial Officer, (905) 475-3353