Strong results for Ergoreseach Ltd in the first quarter of fiscal 2013
18.7% increase in earnings from operations (EFOs);
22% increase in operating income;
EBITDA1 increased by 16.9% to reach $426,625 or 19.7% of sales;
Cash flows generated from operating activities rose by 81.7% to
Cash on hand and temporary investments amounted to $2,597,321 as of
September 30 2012.
LAVAL, QC, Nov. 29, 2012 /CNW Telbec/ - Ergoresearch Ltd (TSXV: ERG), while actively pursuing a growth strategy based on
innovation and corporate acquisitions, is pleased to announce an
increase in sales and profitability for the first quarter of the 2013
fiscal year. Sales have increased by 18.7% to $2,167,916, compared to
$1,826,393 for the same quarter last year. Earnings before income taxes
increased by 21.1% to $312,224 compared to $257,734 last year.
"The present financial results reflect the efficacy of our business plan
and the strong abilities of our executive team," states Ergoresearch
President and CEO, Sylvain Boucher. "Beyond solid growth in revenues
and profits for this quarter, the launch of the OdrA Distraction−Rotation Orthotic Device on September 25 2012 remains the chief highlight in the first quarter.
This new generation of orthotic device has the potential to
revolutionize knee osteoarthritis treatment by relieving pain like no
other treatment method other than knee replacement surgery. This
innovation is patented and exclusively distributed across Canada by the
Clinique du pied Équilibre and Orthoconcept laboratory networks, two subsidiaries of the Ergoresearch Ltd group,"
added Mr Boucher. "The healthcare sector is in full expansion and joint
problems associated with an aging population present countless business
opportunities. Ergoresearch is positioned to take advantage of just
such opportunities," he concluded.
Ergoresearch has developed Quebec's leading network of orthotics clinics, with over
60 corporate and satellite centres under the Clinique du pied Équilibre and Orthoconcept banners. The leading manufacturer of "intelligent" foot orthotics and
specialty orthotics, it is a trend-setter in creating durable medical
equipment and software for the orthopedics market. Ergoresearch has
developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software
program, launched the first Living Lab in Canada and more recently, a new generation of world-patented
orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee
osteoarthritis. Ergoresearch Ltd is listed on the Toronto Stock
Exchange (TSX-V) under the TSX-V Symbol: ERG.
Certain statements in this Press Release contain forward-looking
statements and information that may entail certain risks related to
uncertainties. Such statements are based on management's expectations
and no assurance can be given that potential future results or
circumstances described in the forward looking statements will be
achieved or will occur. Such risks factors include, but are not limited
to, those related to the Corporation's ability to finance its
activities, competition, ability to negotiate and maintain
partnerships, the market acceptance of the said product, fluctuations
in operating results, the impact of general economics, industry and
market conditions, the ability to recruit and retain qualified
employees, the success of research and development programs,
fluctuations in cash flow, expectations regarding market demand for
particular products, the strength of intellectual property, market
dependence on new product development, the trust invested in
sub-contractors or their core personnel, as well as other documents
containing risks and uncertainties which are put forth every now and
then by the firm to various Canadian securities and exchange
commissions and made available at www.sedar.com.
The reader should not give great importance to forward-looking
statements as (i) the results may differ from conclusions, predictions
or projections contained in such forward-looking statements; and (ii)
certain important factors or hypothesis taken into account in reaching
conclusions or the preparation of a projection or prediction may prove
to be incorrect in fact.
Management disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
We refer the reader to the notes in the section entitled "Selected
Consolidated Financial Information" of the Management Report for
quarter ended September 30 2012 for the definition of EBITDA.
SOURCE: Ergoresearch Ltd
Isabelle Vallée, Director of Communications and Public Relations - Ergoresearch Ltd
Tel.: 450-973-6700, ext. 233 / 514-377-0485 / email@example.com