Savaria Announces Results for the Third Quarter of 2012
(firmenpresse) - LAVAL, QUEBEC -- (Marketwire) -- 11/13/12 -- Savaria Corporation (TSX: SIS), North America's leader in the accessibility industry, today disclosed its results for the third quarter ended September 30, 2012.
Third-Quarter Highlights
A Word from the President
"Third quarter results were adversely affected by the relocation of our manufacturing operations at our Brampton, Ontario plant. In addition to decreasing revenue due to the temporary shutdown of operations, it resulted in moving expenses to the amount of $857,000 during the third quarter. On the other hand, this investment will result in yearly savings of some $1 million," declared Marcel Bourassa, President and Chief Executive Officer of Savaria.
"However, two events that occurred during the third quarter will contribute positively to the future results of the company. Firstly, our main North American competitor, TK Access, ceased operations on August 22, which will potentially enable our Corporation to increase our market share and revenue; secondly, our Chinese subsidiary has won its first major contract, for the delivery of 27 platform lifts, to equip the high-speed train stations on the island of Hainan in China.
"We have a strong balance sheet, which enables us to further our development," concluded Mr. Bourassa.
Operating Results (Comparative Analysis with Third Quarter and First Three Quarters of 2011)
Savaria Corporation (savaria.com) is North America's leader in the accessibility industry focused on meeting the needs of people with mobility challenges. Savaria designs, manufactures and distributes primarily elevators for home and commercial use, as well as stairlifts and vertical and inclined platform lifts. In addition, it converts and adapts wheelchair accessible automotive vehicles and offers scooters and motorized wheelchairs. The diversity of its product line, one of the world's most comprehensive, enables the Corporation to stand out by proposing an integrated and customized solution for its customers' mobility needs. Its operations in China have substantially grown since 2006 and the collaboration with Savaria's other Canadian facilities increases its competitive edge in the market place. The Corporation records slightly over 50% of its sales outside Canada, primarily in the United States. It has a sales network of some 600 retailers in North America and employs close to 400 people at its head office in Laval and at its plants in Montreal (Quebec), Brampton and London (Ontario), Calgary (Alberta) and Huizhou (China).
Compliance with International Financial Reporting Standards ("IFRS")
The information appearing in this press release has been prepared in accordance with IFRS. However, the Corporation uses EBITDA for analysis purposes to measure its financial performance. This measure has no standardized definition in accordance with IFRS and is therefore regarded as a non-IFRS measure. This measure may therefore not be comparable to similar measures reported by other companies. Reconciliation between net income for the period and EBITDA is provided in the Financial Highlights section below.
Cautionary Notice Regarding Forward-Looking Statements
Certain information in this press release may constitute "forward-looking statements" regarding Savaria, including, without being limited thereto, understanding of the elements that might affect the Corporation's future, relating to its financial or operating performance, the costs and schedule of future acquisitions, supplementary capital expenditure requirements and legislative matters. Most frequently, but not invariably, forward-looking statements are identified by the use of such terms as "plan", "expect", "should", "could", "budget", "expected", "estimated" "forecast", "intend", "anticipate", "believe", variants thereof (including negative variants) or statements that certain events, results or shares "could", "should" or "will" occur or be achieved. Such statements involve known and unknown risks, uncertainties and other factors liable to cause Savaria's actual results, performance or achievements to differ materially from those set forth in or underlying the forward-looking statements. Such factors notably include general, economic, competitive, political and social uncertainties. Although Savaria has attempted to identify the key elements liable to cause actual measures, events or results to differ from those described in the forward-looking statements, other factors could have an impact on the reality and produce unexpected results. The forward-looking statements contained herein are valid at the date of this press release. As there can be no assurance that these forward-looking statements will prove accurate, actual future results and events could differ materially from those anticipated therein. Accordingly, readers are strongly advised not to unduly rely on these forward-looking statements.
Complete financial statements and the management's report for quarter ended September 30, 2012 will be available shortly on Savaria's website and on SEDAR ().
Financial Highlights
Although EBITDA is not recognized according to IFRS, it is used by management, investors and analysts to assess the Corporation's financial and operating performance.
Reconciliation of EBITDA with Net Income
Contacts:
Helene Bernier, CPA, CA
Vice-President, Finance
1-800-931-5655, ext. 248
Marcel Bourassa
President and Chief Executive Officer
1-800-661-5112
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Datum: 13.11.2012 - 17:18 Uhr
Sprache: Deutsch
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