/Not for dissemination in the United States./
MONTREAL, April 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 second quarter ended February 28, 2007.
- Revenue for the quarter is up 23% at $2.149 million compared to $1.753
million for the same period a year earlier. For the six-months period
revenue is up 22% at $4.365 million compared to $3.568 million in 2006.
- Net earnings and net earnings per share for the second quarter were
$67,724 and $0.00, compared to $136,564 and $0.01, respectively, in
2006. For the six-month period, net loss and net loss per share stood
at $0.690 million and $0.04, whereas earnings and earnings per share
were $0.455 million and $0.03 in 2006.
Revenue for the quarter ended February 28, 2007 totalled $2.149 million,
up $0.396 million or 23% from $1.753 million for the same period a year
earlier. The new prenatal screening tests offered by the Company contributed
$0.326 million over the quarter. In the corresponding quarter of the previous
year, the Company received only $0.072 million in fees for these same tests.
This upward trend will continue throughout the year. In addition, the new
OPMEDIC division generated new surgical revenue of $0.170 million.
For the first six months of the fiscal year, revenue totalled
$4.365 million, for a 22% increase amounting to $0.797 million from $3.568
million in 2006. The prenatal screening tests offered by the Company since
October 2006 contributed $0.530 million. Fees for these same tests were $0.115
million the previous year. The OPMEDIC division generated new surgical revenue
of $0.299 million.
Cost of Services
The cost of services for the quarter ended February 28, 2007 rose from
$0.602 million in 2006 to $1.054 million in 2007, for an increase of
$0.452 million. Expenses of $0.265 million incurred by the OPMEDIC surgical
division chiefly accounted for this increase. Moreover, the new prenatal
screening services resulted in additional salary expenses and supplies of
For the first half of the fiscal year, the cost of services was
$2.035 million, up $0.695 million from $1.340 million in 2006. The surgical
division's new expenses of $0.528 million and prenatal screening costs of
$0.166 million accounted for this increase.
Gross profit for the quarter ended February 28, 2007 was $1.094 million,
compared to $1.151 million in 2006. The new prenatal screening services
offered contributed $0.154 million whereas the OPMEDIC division recorded a
loss of $0.102 million.
For the first six months of the fiscal year, gross profit was
$2.330 million, versus $2.229 million in 2006. The $0.250 million contribution
of the new prenatal screening services offered was offset by the loss of
$0.230 million for the OPMEDIC division.
Gross margin was 51% for the quarter ended February 28, 2007, compared to
66% in 2006. For the first half-year, gross margin rose to 53% in 2007, as
against 62% in 2006. The recent opening of the OPMEDIC division, pushed down
the margin in 2007.
General and Administrative Expenses
General and administrative expenses for the second quarter ended February
28, 2007 were $0.723 million, up $0.092 million from $0.631 million in 2006.
New expenses related to the opening of operating rooms in Laval totalled
$0.174 million, and higher professional fees of $0.050 million were recorded.
These two items were, however, offset by stock-based compensation recognized
as $0.152 million in 2006, and non-existent for the current quarter.
For the six-month period ended February 28, 2007, general and
administrative expenses totalled $1.498 million compared to $1.094 million for
the corresponding period in 2006, for an increase of $0.404 million. New
expenses related to the opening of the Laval operating rooms totalled
$0.353 million, with higher professional fees amounting to $0.205 million in
2007, of which $0.111 million was attributable to the settlement with Warnex
Inc. in October 2006. The higher fees were offset by the $0.143 million
decrease in stock-based compensation.
Net Earnings (Loss)
Net earnings and net earnings per share for the second quarter were
respectively $67,724 and $0.00, compared to $136,564 and $0.01, respectively,
in 2006. For the six-month period, net loss and net loss per share stood at
$0.690 million and $0.04, whereas earnings and earnings per share were
$0.455 million and $0.03 in 2006.
Detailed financial results can be accessed on the OPMEDIC GROUP web site
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 Finances and
Chief Financial Office, (514) 345-8535, ext: 2260,