Savaria Corporation (TSX:SIS), North America's leader in the
accessibility industry, today disclosed its results for the second
quarter ended June 30, 2012.
Second-Quarter Highlights
-- Revenue of $17.5 million compared to $16 million in 2011, an increase of
9.1%;
-- Operating income up by 245%, from $316,000 in 2011 to $1.1 M in 2012;
-- Earnings before interest, income tax, depreciation and amortization
("EBITDA") of 7 cents per share(1) compared to 3 cents per share(1) in
2011;
-- Acquisition of a 125,000-square-foot plant located in Brampton, Ontario.
(1) basic and diluted
A Word from the President
"We had a very good second quarter of 2012. Our revenue is up by
9.1%, thanks mainly to our Accessibility division, while we kept
our operating costs at the same level as second quarter 2011. Our
operating income went from $316,000 in 2011 to $1.1 M in 2012, an
increase of 245%, while our EBITDA rose from 3 cents per share to 7
cents per share" declared Marcel Bourassa, President and Chief
Executive Officer of Savaria.
"To better control our costs and take advantage of the current
low interest rates, we acquired a 125,000-square-foot plant last
April 13. It is located about 5 km from our previous facility in
Brampton, Ontario; our operations were transferred there during the
first week of July. We seized the opportunity of this move to
streamline our operations and thus, improve our productivity while
increasing quality control. We forecast that this investment will
result in savings of approximately $1 M on an annualized
basis."
"We're very positive about our position in an industry bound to
grow given the aging population," concluded Mr. Bourassa.
Operating Results (Comparative Analysis with the Second Quarter
and First Semester of 2011)
-- In the second quarter of 2012, the Corporation reported revenue of $17.5
M compared to $16 M in 2011, an increase of $1.5 M or 9.1%. For the
first semester of 2012, revenue is up $1.2 M or 3.7%, from $31.5 M to
$32.7 M.
-- Gross margin for the second quarter of 2012 is up by $719,000 and
represents 27% of revenue compared to 25% in 2011. For the first
semester of 2012, gross margin is up by $440,000 and accounts for 27.4%
of revenue versus 27% in 2011.
-- Operating income for the second quarter of 2012 is up by $774,000 or
245%, from $316,000 in 2011 to $1.1 M in 2012. For the first semester of
2012, the increase amounts to $745,000 or 71%, from $1.1 M to $1.8 M.
-- Net income for the second quarter is up by 394% from $140,000 in 2011 to
$691,000 in 2012, an increase of $551,000. For the first semester, net
income is up 232% from $317,000 to $1.1 M, an increase of $734,000.
-- EBITDA for the second quarter is up $813,000, from $788,000 in 2011 to
$1.6 M in 2012, an increase of 103%. For the first semester, EBITDA is
up $1 M, from $1.6 M in 2011 to $2.6 M in 2012, an increase of 64.1%.
Savaria Corporation (www.savariaconcord.com) is North America's
leader in the accessibility industry focused on meeting the needs
of people with mobility challenges. Savaria designs, manufactures
and distributes primarily elevators for home and commercial use, as
well as stairlifts and vertical and inclined platform lifts. In
addition, it converts and adapts wheelchair accessible automotive
vehicles and 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 in the market place. 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 close to 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 International Financial Reporting Standards
("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. 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 statements" 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
quarter ended June 30, 2012 will be available shortly on Savaria's
website and on SEDAR (www.sedar.com).
Financial Highlights
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(in thousands,
except per-
share amounts
and percentages Quarters Ended Six-Month Periods Ended
- unaudited) June 30, June 30,
------------------------------------------------------------
2012 2011 Change 2012 2011 Change
----------------------------------------------------------------------------
Revenue $17,472 $16,008 9.1% $32,703 $31,521 3.7%
----------------------------------------------------------------------------
Gross margin as
a % of revenue 27% 25% n/a 27.4% 27% n/a
----------------------------------------------------------------------------
Operating costs $3,673 $3,689 (0.4)% $7,187 $7,464 (3.7)%
As a % of
revenue 21% 23% n/a 22% 23.7% n/a
----------------------------------------------------------------------------
Operating income $1,090 $316 245% $1,796 $1,051 71%
As a % of
revenue 6.2% 2% n/a 5.5% 3.3% n/a
----------------------------------------------------------------------------
Gain (loss) on
foreign change $65 $51 27.5% $35 $(198) 118%
----------------------------------------------------------------------------
Net income $691 $140 394% $1,051 $317 232%
----------------------------------------------------------------------------
Earnings per
share - diluted $0.03 $0.006 400% $0.045 $0.014 221%
----------------------------------------------------------------------------
EBITDA (1) $1,601 $788 103% $2,620 $1,597 64.1%
----------------------------------------------------------------------------
EBITDA per share
- diluted $0.07 $0.03 133% $0.11 $0.07 83.3%
----------------------------------------------------------------------------
Dividends
declared per
share - - n/a $0.094 $0.102 n/a
----------------------------------------------------------------------------
Weighted average
number of
common shares
outstanding -
diluted 23,126 23,451 (1.4)% 23,137 23,351 (0.9)%
----------------------------------------------------------------------------
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----------------------------------------------------
As at June 30, As at Dec. 31,
2012 2011
----------------------------------------------------
Total assets $49,189 $42,413
----------------------------------------------------
Total liabilities $30,910 $22,268
----------------------------------------------------
Shareholders' equity $18,279 $20,145
----------------------------------------------------
----------------------------------------------------
(1) 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(in thousands of dollars - Quarters Ended Six-Month Periods Ended
unaudited) June 30, June 30,
------------------------------------------------
2012 2011 2012 2011
----------------------------------------------------------------------------
Net income $691 $140 $1,051 $317
----------------------------------------------------------------------------
Plus:
Interest on long-term debt 194 138 318 281
----------------------------------------------------------------------------
Interest expense and banking
fees 20 87 45 130
----------------------------------------------------------------------------
Income tax expense 340 40 490 152
----------------------------------------------------------------------------
Depreciation of fixed assets 176 183 353 353
----------------------------------------------------------------------------
Amortization of intangible
assets 188 205 380 387
----------------------------------------------------------------------------
Less:
Interest income 8 5 17 23
----------------------------------------------------------------------------
EBITDA $1,601 $788 $2,620 $1,597
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Contacts: Helene Bernier, CPA, 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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