TORONTO, May 22 /CNW/ - AIM Health Group Inc. ("AIM" or the "Company")
(TSXV - AHG), a fully integrated health care company, announced today that its
income for the three months ended March 31, 2009 (the "Quarter") increased to
$271,835 from a loss of $32,194 in the same period in 2008. At the same time
EBITDA(1) increased 170% to $672,303 from $248,810, on a quarter-over-quarter
basis. This is the first reporting period since AIM acquired Med-Emerg
International ("MedEmerg"), on January 20, 2009. The Company also announced
that revenues increased 66% to $13.1 million in the Quarter from $7.9 million
for the same period in 2008. Revenue and earnings include MedEmerg results
from the date of the acquisition.
Lu Barbuto, President and Chief Executive Officer of AIM commented, "The
results for the Quarter are encouraging. As expected, the transaction with
MedEmerg is showing a positive impact. I expect to see more benefits as the
integration process continues. We continue to see 2009 as a growth year for
our Company and where our focus will be on the continued development of our
Health and Wellness Centres and our service lines, including those acquired
The Company's financial results are summarized below:
($000's except share information) Three Months Ended
Revenue 13,092 7,933
EBITDA(1) 672 249
Net income (loss) for the period 272 (32)
(1) EBITDA is defined as earnings before interest, taxes and non-cash
items including stock compensation and accretion expenses.
The Company went on to advise that the integration of the MedEmerg
service lines continues. Two of MedEmerg's chronic pain management sites have
been relocated into AIM's Health and Wellness Centres in London and Hamilton,
Ontario. Two more sites will be relocated in the next few weeks in Ottawa and
Mississauga. The Company continues to indentify synergies of integration and
growth related opportunities from the acquisition.
The Company also announced today that it has filed its March 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 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, most of which are in Ontario.
AIM's healthcare services are comprised of (i) our network of Health and
Wellness Centres where we provide medical and complementary alternative
medical care, (ii) Infusion Services where we provide intravenous infusions
and subcutaneous injections to patients suffering from rheumatoid arthritis,
Crohn's disease, ITP and other inflammatory diseases, (iii) Pharmaceutical
Research services where we provide clinical research services in community and
hospital based sites (iv) Chronic pain management services where we provide
medically-based care for more than 60,000 treatments annually, (v) Hospital
and Institutional healthcare staffing, where we provide physician staffing to
Canadian hospitals, prisons and other institutions, and (vi) Workplace Health
Solutions where we are a one-stop solution for more than 80 employers in
Canada addressing various occupational health issues.
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 PASSED UPON THE MERITS OF THE
PROPOSED TRANSACTION AND HAS NEITHER 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,