VAUGHAN, ON, July 24 /CNW/ - Prism Medical Ltd. ("Prism" or "the
Company") (PM:TSX-VEN) today announced its results for the second quarter
ended May 31, 2009.
Net income for the second quarter of 2009 increased to $1.271 million
($0.18 per share on a diluted basis) versus $1.010 million ($0.15 per share on
a diluted basis) for the same period in 2008.
During the second quarter of 2009, revenues were $17.3 million compared
to $12.6 million in 2008, an increase of 37%, driven by an increase in sales
within the United States. The Company continues to focus its efforts on the US
marketplace by increasing the number of sales representatives. In the UK,
sales increased 12% after incorporating the impact of a decline in the British
Pound Sterling (GBP) relative to the Canadian dollar.
In the second quarter of 2009, gross profit increased $1,963 (35%) over
the same period in 2008 driven by the sales increase and higher percentage of
sales made by the Company owned network of dealers and direct sales staff.
Earnings per share on a diluted basis for the three months ended May 31,
2009 of $0.18 per share represents an increase of 20% over the same period
last year.
Andrew McIntyre, Chairman and CEO of Prism stated "the second quarter of
2009 was positive for the Company as we saw continued institutional demand for
our products, improved manufacturing efficiencies and greater geographic
coverage in the current economic climate. Further improvements in US sales
representation and dealer market share should result in future profitable
growth."
Prism Medical Ltd. is a provider of durable medical equipment and related
services to the mobility disadvantaged in Canada, the USA and the United
Kingdom. While Prism's history dates back to 1996, Prism's subsidiaries and
divisions have been servicing the mobility disadvantaged since the mid 1980s
in their homes, long-term care facilities and acute care facilities. Prism
includes Waverley Glen Systems, North America's premier lifting, handling and
repositioning aid manufacturer with distribution across Canada and the US;
Patient Lifts of New England with distribution across the northeastern USA;
Westholme and Care Free Lifting & Handling, leading distributors of moving and
handling products in the UK; and Freeway Health Care, a UK-based manufacturer
of ceiling hoists and shower chairs.
Forward-looking Information
Certain statements in this release may constitute forward-looking
statements. Such forward-looking statements involve risks, uncertainties and
other factors, which may cause actual results, performance or achievements of
the Company to be materially different from future results, performance or
achievements expressed or implied by such forward-looking statements.
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