Prism Medical Reports Third Quarter Results and Declares Dividend
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/27/15 -- 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, 2015.
Third Quarter Highlights
John C. Charles, Interim CEO and Vice Chairman stated, "We are pleased with the sales growth in our recent dealer acquisition in B.C., Angel Accessibility Inc. and continuing increase in sales in our US business as the US market gradually accepts safe patient handling as best practice. Angel''s sales were offset by lower Canadian institutional sales in Q3 2015 versus last year as large projects ongoing in the prior year did not repeat in the current year. While revenues are subject to fluctuations as demand from institutions is lumpy, the North American business prospects are strong. For the nine months ended August 31, 2015, US revenue increased 20% on a US dollar basis over the prior year.
"Overall, we expect a positive trend for the balance of the year. The Company is committed to growing both the Canadian and US businesses organically and from acquisitions. We are pleased to report that your Board of Directors has declared a dividend of $0.125 per common share to shareholders of record on December 1, 2015, to be paid on December 8, 2015."
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 for our product solutions 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 Policy
While the Company has no formal policy on dividend payments and the Board of Directors determines the suitability of such payments on a quarterly basis, the Company views dividend payments an important part of its investor strategy and expects to continue its historical pattern of four dividend payments per fiscal year.
Dividend Declaration
On October 27, 2015, the Board of Directors approved the payment of $0.125 per common share to shareholders of record on December 1, 2015 to be paid on December 8, 2015. This is an eligible dividend within the Income Tax Act.
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 uses certain financial measures to assess its financial performance which do not have any standardized meaning prescribed by IFRS, and are not necessarily comparable to similar measures presented by other companies using IFRS. Our Non-IFRS measures include Adjusted EBITDA from operations, which consists of earnings before interest, income taxes, depreciation, amortization and stock-based compensation expense. Our Non-IFRS measures also include Pro-forma Adjusted EBITDA which excludes the impact of non-recurring costs such as restructuring costs, strategic initiatives, transaction costs, integration costs and post divestiture or acquisition adjustments, and gain on sale of the UK business. Adjusted EBITDA from 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 operations and Pro-forma Adjusted EBITDA are useful measures in evaluating the performance of the Company to generate operating cash flow to fund future working capital needs and service debt. Adjusted EBITDA from operations and Pro-forma Adjusted EBITDA do 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.
John C. Charles
Interim CEO and Vice Chairman
416-260-8145
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Datum: 27.10.2015 - 16:36 Uhr
Sprache: Deutsch
News-ID 1394861
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