Prism Medical Reports Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/29/14 -- Prism Medical Ltd., ("Prism Medical" or "the Company") (TSX VENTURE: PM), a leading provider of durable medical equipment and related services to the mobility challenged, today reported financial results for the third quarter (Q3) ended August 31, 2014.
(i)Restated to reflect continuing operations
Third Quarter Highlights
Chairman''s Comments
"The third quarter results begin to show the real growth expectations we have for our North American business. The entire employee group has focussed on this opportunity, which is greatly appreciated as considerable resources were devoted to expediting the Substantial Issuer Bid which was successfully completed subsequent to the quarter end."
Outlook
The Company intends to grow sales and profitability and provide a reasonable return on shareholders'' equity with a focus on the North American market. The Company believes that performance will be positively affected by a continued North American institutional and homecare demand for our products, improved manufacturing efficiencies, greater geographic coverage, and revenues and profits from new product introductions. During the past year the Company''s North American operations have materially improved. Management believes that there are significant growth opportunities within the expanding North American health care industry both through organic growth and acquisitions that offer the potential to significantly increase shareholder value, while remaining consistent with Prism Medical''s key growth strategies of vertical integration, product diversification and the application of relevant knowledge by its service oriented personnel.
The demand for our core products and services, in management''s estimation, continues to experience growth at different rates in the geographic markets in which we participate. Government funding for our products in Canada is a key driver of sales. Although government policies related to healthcare in the markets we operate continues to change, we believe that the long term trend continues to be favorable.
Management believes that the US market holds the greatest long-term potential to provide above-average revenue growth both in the institutional and homecare markets. While budget constraints and the cyclicality of the institutional order pipeline can cause variability in US revenue, our efforts to build a larger footprint in this market have already translated into strong revenue growth.
Dividend
On October 28, 2014, the Board of Directors approved the payment of $0.125 per common share to shareholders of record on December 1, 2014 to be paid on December 5, 2014.
About Prism Medical Ltd.
Prism Medical is a vertically integrated manufacturer and leading provider of equipment and services used to move and handle mobility challenged individuals in a safe and dignified manner. Prism Medical''s products are marketed under the brand names of Prism Medical, ErgoSafe, Waverly Glen and Nightingale in the homecare, acute care and long-term care markets throughout North America. The Company offers solutions that encourage improved care, quality of life and mobility, while seeking to lower the overall cost of the caregiving function in a number of ways, including reducing the incidence of handling-related injuries among caregivers. In addition, the Company through its network of Nightingale dealers provides an integrated suite of products and services that make home care a viable option for many people. For further information visit Prism Medical''s website at or .
Non-IFRS Financial Measures
Prism Medical''s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Company also uses non-IFRS measures such as Adjusted EBITDA to measure its financial performance. Adjusted EBITDA from continuing operations consists of earnings before interest, income taxes, depreciation, amortization, stock-based compensation. Adjusted EBITDA from continuing operations is a financial metric used by many investors to compare companies on the basis of operating results, asset value and the ability to incur and service debt. Management believes that Adjusted EBITDA from continuing operations is a useful measure for evaluating the performance of the Company. Adjusted EBITDA from continuing operations is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS and may not be comparable to similarly titled financial metrics reported by other companies.
Forward-Looking Information
This document contains forward-looking statements relating to our operations and to the environment in which we operate and our strategy, action plans and investments, which may involve estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond our control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in this report and our other public filings. Consequently, readers should not place any undue reliance on such forward-looking statements. These forward-looking statements are made as of the date of this report. Prism Medical is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. All forward-looking statements attributable to Prism Medical are expressly qualified by these cautionary statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Prism Medical Ltd.
Andy McIntyre
Chairman and Chief Executive Officer
416-260-2145 ext. 235
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Datum: 29.10.2014 - 15:30 Uhr
Sprache: Deutsch
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Medical Devices
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