Another Record Quarter for Savaria!
(firmenpresse) - LAVAL, QUEBEC -- (Marketwired) -- 11/14/13 -- Savaria Corporation (TSX: SIS), North America's leader in the accessibility industry, today disclosed its results for its third quarter ended September 30, 2013.
Third-Quarter Highlights
A Word from the President
"The third quarter results continue the outstanding trend seen in Savaria's previous three quarters; we have reached an all-time high for our Corporation. For the first time in our history, our quarterly revenue has reached the 20 million dollar mark. Our cumulative gross margin for 2013 is at 29.6%, an increase of 2.3% compared to the same period of 2012. Our EBITDA is $2.7 million, or 12 cents per share, for the quarter and a record cumulative 32 cents for the first nine months. At 13.2% of revenue, it is a tangible result of our unrelenting efforts in order to improve our productivity," declared Marcel Bourassa, President and Chief Executive Officer of Savaria.
"These outstanding results concur with the status of Savaria as the leader in the accessibility industry in North America. Indeed, we are the only company to offer such a comprehensive equipment offering, including stairlifts and platform lifts, both for straight and curved stairs, residential and commercial elevators, and vehicle conversions. In October, we started installing, in Ontario and China, our new Stairfriend stairlift for curved staircase; we believe this product will have a positive impact on the 2014 results.
"Ultimately, our strong balance sheet enables us to maintain a dividend policy highly appreciated by our shareholders, without restricting our development strategy", concluded Mr. Bourassa.
Operating Results (Comparative Analysis with Third Quarter and First Nine Months of 2012)
Dividend
The Corporation's Board of Directors has declared a dividend of 2 cents ($0.02) per common share, payable on December 9, 2013 to shareholders of record of the Corporation at the close of business on November 25, 2013. This is an eligible dividend within the meaning of the Income Tax Act.
Savaria Corporation () is North America's leader in the accessibility industry focused on meeting the needs of people with mobility challenges. Savaria designs, manufactures, installs 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 and the collaboration with Savaria's other Canadian facilities increases its competitive edge in the market place. The Corporation records some 60% of its revenue outside Canada, primarily in the United States. It has a sales network of some 600 retailers in North America and employs some 360 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, 2013 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 (loss)
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: 14.11.2013 - 11:25 Uhr
Sprache: Deutsch
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