Strong results for Ergoreseach Ltd in the first quarter of fiscal 2013
- 18.7% increase in earnings from operations (EFOs);
- 22% increase in operating income;
- EBITDA1 increased by 16.9% to reach $426,625 or 19.7% of sales;
- Cash flows generated from operating activities rose by 81.7% to $256,504;
- Cash on hand and temporary investments amounted to $2,597,321 as of September 30 2012.
LAVAL, QC, Nov. 29, 2012 /CNW Telbec/ - Ergoresearch Ltd (TSXV: ERG), while actively pursuing a growth strategy based on innovation and corporate acquisitions, is pleased to announce an increase in sales and profitability for the first quarter of the 2013 fiscal year. Sales have increased by 18.7% to $2,167,916, compared to $1,826,393 for the same quarter last year. Earnings before income taxes increased by 21.1% to $312,224 compared to $257,734 last year.
"The present financial results reflect the efficacy of our business plan and the strong abilities of our executive team," states Ergoresearch President and CEO, Sylvain Boucher. "Beyond solid growth in revenues and profits for this quarter, the launch of the OdrA Distraction−Rotation Orthotic Device on September 25 2012 remains the chief highlight in the first quarter. This new generation of orthotic device has the potential to revolutionize knee osteoarthritis treatment by relieving pain like no other treatment method other than knee replacement surgery. This innovation is patented and exclusively distributed across Canada by the Clinique du pied Équilibre and Orthoconcept laboratory networks, two subsidiaries of the Ergoresearch Ltd group," added Mr Boucher. "The healthcare sector is in full expansion and joint problems associated with an aging population present countless business opportunities. Ergoresearch is positioned to take advantage of just such opportunities," he concluded.
Ergoresearch has developed Quebec's leading network of orthotics clinics, with over 60 corporate and satellite centres under the Clinique du pied Équilibre and Orthoconcept banners. The leading manufacturer of "intelligent" foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world-patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the Toronto Stock Exchange (TSX-V) under the TSX-V Symbol: ERG.
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 (i) the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and (ii) 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 otherwise.
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.
|1||We refer the reader to the notes in the section entitled "Selected Consolidated Financial Information" of the Management Report for quarter ended September 30 2012 for the definition of EBITDA.|
SOURCE: Ergoresearch Ltd
For further information:
Source - Information:
Sylvain Boucher, President and CEO - Ergoresearch Ltd
Tel.: 450-973-6700, ext. 213 / [email protected]
Isabelle Vallée, Director of Communications and Public Relations - Ergoresearch Ltd
Tel.: 450-973-6700, ext. 233 / 514-377-0485 / [email protected]