/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITES STATES/
MONTREAL, Nov. 12 /CNW Telbec/ - OPMEDIC GROUP Inc. ("OPMEDIC GROUP")
(TSX: "OMG"), a healthcare-related services company providing facilities and
services to patients and surgeons, is pleased to announce its financial
results for the fourth quarter and for the year ended August 31, 2007.
HIGHLIGHTS FOR THE FOURTH QUARTER :
- Revenue up by 26%. Revenue for the fourth quarter totalled
$2.338 million compared to $1.862 million for the same period a year
- Gross profit up by 36%. Gross profit for the fourth quarter totalled
$1.159 million compared to $0.851 million in 2006.
- Net earnings up. Net earnings and net earnings per share for the fourth
quarter were respectively $78,173 and $0.01. In 2006, net loss and net
loss per share were respectively $161,253 and 0.01.
Revenue for the quarter ended August 31, 2007 totalled $2.338 million, up
26% or $0.476 million from $1.862 million the previous year. The new prenatal
screening tests offered by the Company contributed $0.329 million whereas, in
2006, the Company had received only royalties of $0.063 million on these tests
that, at the time, were outsourced to a third party. The OPMEDIC division,
which recorded its first full quarter in 2006, generated additional revenue of
$0.214 million from surgery and rental of facilities in 2007.
Gross profit for the quarter ended August 31, 2007 rose by 36% or
$0.308 million from $0.851 million in 2006 to $1.159 million in 2007. The new
prenatal screening tests contributed $0.186 million, with the balance due to
the reduction in OPMEDIC division's gross loss following an increase in its
Net earnings and net earnings per share for the fourth quarter were
$78,173 and $0.01, respectively. In 2006, the net loss and net loss per share
totalled $161,253 and $0.01, respectively. The fourth quarter of 2006 was the
first complete quarter for the OPMEDIC division's new Laval facility, which
initially incurred significant expenses without generating corresponding
HIGHLIGHTS FOR THE FULL FISCAL YEAR :
- Revenue up by 26%. Revenue for the year ended August 31, 2007 totalled
$9.204 million compared to $7.328 million in 2006.
- Gross profit up by 17%. Gross profit for the year ended August 31, 2007
totalled $4.877 million compared to $4.162 million in 2006.
- Net loss in 2007. Net loss for the year 2007 was mainly due by the non
recurring expense of the legal settlement on prenatal testing of
$1.250 million. Net loss and net loss per share for the year ended
August 31, 2007 were respectively $322,115 and $0.02. In 2006, net
earnings and net earnings per share were respectively $495,521 and
Revenue for the year ended August 31, 2007 totalled $9.204 million
compared to $7.328 million in 2006, resulting in an increase of 26% or
$1.876 million. The new prenatal screening tests made available by the Company
since October 2006 contributed $1.227 million whereas, during the previous
year, the Company had received only $0.299 million in royalties on these tests
that, at the time, were outsourced to a third party. The OPMEDIC division's
new Laval facilities recorded its first complete year in 2007 (versus four
months of operations in 2006), and generated new revenue of $0.820 million for
surgery and rental of space.
Cost of Services
The cost of services for the year ended August 31, 2007 was up 37%, or
$1.161 million, to $4.327 million from $3.166 million in the previous year.
OPMEDIC division's expenses for salaries, rent and supplies primarily
accounted for this increase of $0.837 million. In addition, the new prenatal
screening activities resulted in additional salary expenses and supply costs
totalling $0.326 million.
Gross profit for the year ended August 31, 2007 was up 17% or
$0.715 million, from $4.162 million in 2006 to $4.877 million in 2007. The
$0.602 million contribution from the new prenatal screening tests mainly
accounted for this increase.
General and Administrative Expenses
General and administrative expenses totalled $2.943 million, up
$0.450 million from $2.493 million in 2006. The expenses related to new
operating rooms in the OPMEDIC division amounted to $0.499 million, comprising
mainly salaries, rent and office expenses. These higher expenses were
partially offset by the $0.143 reduction in stock-based compensation.
Net Earnings (Net Loss)
The net loss and net loss per share for the year ended August 31, 2007
were $322,115 and $0.02, respectively. In 2006, net earnings and earnings
per share totalled $495,521 and $0.03, respectively. The net loss for the
current year was mainly due to the expense related to the legal settlement in
prenatal testing of $1.250 million.
Detailed financial results can be accessed on the the OPMEDIC GROUP web
site at www.opmedicgroup.com.
About OPMEDIC GROUP
OPMEDIC GROUP is a company incorporated under the laws of the Province of
Quebec which provides healthcare-related services including surgical
facilities and services to patients and surgeons (with its OPMEDIC division),
fertility treatments, medical imaging, laboratory services and diagnostic
procedures (with its PROCREA Cliniques division) and sperm banking services
(with its PROCREA Cryopreservation Centre subsidiary). OPMEDIC GROUP's Common
Shares trade on the Toronto Stock Exchange under the symbol "OMG".
This news release does not constitute an offer to sell or to solicitation
of an offer to buy any security and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offerting would be
unlawful. This news release contains certain forward-looking statements that
reflect the current views and/or expectations of OPMEDIC GROUP with respect to
its performance, business and future events. Such statements are subject to a
number of risks, uncertainties and assumptions. Actual results and events may
The Content of this press release has not been approved by nor submitted
to the TSX which assumes no liability therefore.
For further information:
For further information: Jean-Marc Lachance, Vice President Finance and
Chief Financial Officer, (514) 345-8535, x 2260, firstname.lastname@example.org