First quarter of fiscal year 2015 highlights:
- The Corporation merged its different divisions under one denomination called « Équilibre ». Hence, the «Clinique du Pied Équilibre», «Orthoconcept», «Laboratoire Podotech» and «Laboratoire Langelier» networks amalgamated and now operate under this one common banner.
- On September 16, 2014, the Corporation entered into a letter of intent to acquire all of the issued and outstanding shares held by the minority shareholders in its Orthoconcept (2008) inc. branch.
- Revenues totaled $4 137 111 compared to $ 4 227 942 for the same period last year.
- Net income after tax amounted to $ 308 431 compared to $ 336 113 for the same period last year.
- Cash flow from operating activities were at $ 872 259 for the quarter ended September 30, 2014 compared to $ 63 576 for the same period last year.
- EBITDA reached $ 673 270 compared to $ 711 946 for the same period last year.
- Total assets as of this past September 30 were at $ 33 997 741.
- The Corporation reimbursed an amount of $ 705 552 on its long term debt during this quarter. The long term debt totaled $ 2 742 360 as of September 30, 2014.
- The Corporation continued the implementation and development of its new ERP software. Until now, the Corporation uses both the previous and new systems in one of its divisions to guarantee the integrity of the clinical, financial and production data.
LAVAL, QC, Nov. 28, 2014 /CNW Telbec/ - Ergoresearch Ltd (TSXV: ERG) – based in Laval and known under the «Équilibre, orthèses et biomécanique» banner – announces its results for the first quarter Ended on September 30, 2014. All dollar amounts in the present release are in Canadian currency.
Results for the first quarter of fiscal year 2015 ended this past September 30, 2014 totaled $ 4 137 111 decreasing by 2,1 % compared to revenues of $ 4 227 942 for the quarter ended September 30, 2013. This decrease is partly related to the following elements :
- The closing of a laboratory located in Laval («Podotech»). All activities and patients files were transferred to the Équilibre Laval branch.
- The transition period required to merge all the banners of the group («Laboratoire Langelier, Laboratoire Podotech, Clinique du Pied Équilibre et Orthoconcept») into one unified banner.
Cash flow from operating activities amounted to $ 872 259 for the first quarter ended on September 30, 2014 compared to $ 63 576 for the same period last year. Net income before tax of the Corporation reached $ 400 431 compared to $ 433 948 for the same period last year. The income tax expense totaled $ 92 000 but had no incidence on the cash flow of the Corporation. This amount decreases the fiscal attributes which have been recognized as deferred income tax assets to the Corporation during the fourth quarter of fiscal year 2013.
Ergoresearch and its subsidiaries intend to pursue the growth of past years. To that end, the Corporation began the final stage of the integration of its recent acquisitions. This final phase is in three parts:
- Merging all Quebec banners under one trademark (completed in September 2014).
- Impliment the new personalized ERP software. This had been completed at 60% and the Corporation intends to complete the integration as of June 30, 2015
- Simplifiy the corporate structure.
« In parallel, we will accelerate the commercialization of our products in the coming months (of which the « OdrA » device), while staying vigilant to any new acquisition opportunities. » declared Mr. Sylvain Boucher, President and CEO of Ergoresearch.
Ergoresearch is a Canadian company that designs and manufactures cutting edge technologies for the orthopedic industry. The Company holds a portfolio of patents in the bionics field, including the intellectual property used in the Power Knee, the world's only motor-powered AI prosthesis for above-knee amputees. Ergoresearch designed and commercialized WebFit™, the first robotized custom-fit orthotics manufacturing software program and launched OdrA, a new category of orthotic that, with the action of its world-patented distraction-rotation action, revolutionizes the treatment of pain associated with knee osteoarthritis.
Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.
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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, as these statements are subject to numerous uncertainties and risk factors. Such risk factors include, but are not limited to, those related to the Company's ability to finance its activities, competition, ability to negotiate and maintain partnerships, the market acceptance of the Company's product, the strength of intellectual property, the success of research and development programs, the trust invested in sub-contractors or their core personnel as well as other risks and uncertainties that are put forth every now and then by the Company in the documents filed with 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 hypotheses taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.
These statements are correct only on the date on which they were written, and Management disclaims any obligation to revise these statements after any event, circumstance or other situation, except as required by law. 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, ext. 213 / email@example.com