Savaria Corporation (TSX:SIS), Canada's leader in the accessibility
industry, today disclosed its results for the first quarter ended
March 31, 2012.
First-Quarter Highlights
-- Revenue of $15.2 million, compared with $15.5 million in 2011;
-- Earnings before interest, income taxes, depreciation and amortization
("EBITDA") of $1 million, compared with $809,000 in 2011, an increase of
26 %;
-- Net income of 1.6 cents per share(1) compared with 0.8 cent per share(1)
in 2011;
-- Declaration of a dividend of 9.4 cents ($0.094) per common share.
(1) basic and diluted
A Word from the President
"Revenue for first quarter 2012 is similar to first quarter
2011, in spite of a drop of $616,000 in revenue from the Adapted
Vehicles segment. This drop has been partially offset by an
increase of $334,000 or 3%, in revenue from the Accessibility
segment. Our EBITDA increased by 26% for first quarter 2012
compared with 2011, which is a very promising start for 2012",
declared Marcel Bourassa, President and Chief Executive Officer of
Savaria.
"To benefit from the current low interest rates and in order to
streamline our operations, Savaria has acquired, in April, a
125,000-square-foot building in Brampton, Ontario. This transaction
will allow substantial annual savings.
We are confident that our presence in North America and China
will benefit our shareholders, given the nature of our industry,
which is to bring solutions to people with mobility challenges",
concluded Mr. Bourassa.
Operating Results (Comparative Analysis with First Quarter
2011)
-- For first quarter 2012, the corporation achieved revenue of $15.2 M,
compared with $15.5 M in 2011, down by 1.8% or $282,000.
-- Gross margin is down by $279,000 for the first quarter and represents
27.8% of revenue, compared with 29.1% in 2011.
-- Operating income is slightly down, by 3.9% or $29,000, from $735,000 in
2011 to $706,000 in 2012.
-- Net income for first quarter is up by 103%, from $177,000 in 2011 to
$360,000 in 2012, an increase of $183,000.
Savaria Corporation (www.savaria.com) is Canada's leader and the
second largest North American company in the accessibility industry
focused on meeting the needs of people with mobility challenges.
Savaria designs, manufactures and distributes primarily elevators
for residential and commercial use, as well as stairlifts and
vertical and inclined platform lifts. In addition, it converts and
adapts wheelchair accessible automotive vehicles and also 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 since 2006 and the collaboration with
Savaria's other Canadian facilities increases its competitive edge
on the market. The Corporation records slightly over 50% of its
sales outside Canada, primarily in the United States. It has a
sales network of some 600 retailers in North America and employs
400 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 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. A 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 statement" 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
the quarter ended March 31, 2012 will be available shortly on
Savaria's website and on SEDAR (www.sedar.com).
Financial Highlights
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(in thousands, except per-share
amounts, percentages and exchange Quarters Ended
rates - unaudited) March 31
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2012 2011 Change
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Revenue $15,231 $15,513 (1.8)%
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Gross margin as a % of revenue 27.8% 29.1% n/a
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Operating expenses $3,514 $3,775 (6.9)%
As a % of revenue 23.1% 24.3% n/a
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Results from operating activities $706 $735 (3.9)%
As a % of revenue 4.6% 4.7% n/a
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Loss on foreign exchange $(30) $(249) 88%
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Net income $360 $177 103%
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Earnings per share - basic and
diluted $0.016 $0.008 100%
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EBITDA(2) $1,019 $809 26%
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EBITDA per share - diluted $0.04 $0.03 33.3%
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Dividends declared per share $0.094 $0.102 n/a
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Average number of common shares
outstanding - diluted 23,197 22,671 2.3%
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As at Dec.
As at March 31, 2012 31, 2011
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Total assets $42,008 $42,413
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Total liabilities $23,742 $22,268
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Equity $18,266 $20,145
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(1) Calculated considering foreign exchange contracts applied to the
periods in question.
(2) Reconciliation of EBITDA with net income provided in the following
table.
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
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(in thousands of dollars - Quarters Ended
unaudited) March 31
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2012 2011
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Net income $360 $177
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Plus:
Interest on long-term debt 124 143
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Interest expense and banking fees 25 43
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Income tax 150 112
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Depreciation of fixed assets 177 170
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Amortization of intangible assets 192 182
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Less:
Interest 9 18
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EBITDA $1,019 $809
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Contacts: Helene Bernier, CA Vice-President, Finance
1-800-931-5655, ext. 248helene.bernier@savaria.com Marcel Bourassa
President and Chief Executive Officer
1-800-661-5112marcel.bourassa@savaria.com www.savaria.com
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