Savaria Corporation (TSX:SIS), North America's leader in the
accessibility industry, today disclosed its results for the fourth
quarter ended December 31, 2012 and for fiscal 2012.
Highlights
-- Revenue for the 4th quarter up 9% from $16.4 million in 2011 to $17.9
million in 2012. This is the highest quarterly revenue in the
Corporation's history;
-- Operating income for the 4th quarter up 22% or $232,000 and down 14% or
$465,000 for the year; excluding moving costs for the relocation to a
new building, annual operating income would have increased by $551,000;
-- Earnings before interest, taxes, depreciation and amortization
("EBITDA") are $1.8 million for the 4th quarter of 2012 compared to $1.1
million in 2011, an increase of 57%; annual EBITDA is $4.5 million, or
19 cents per share(1), compared to $5.1 million, or 22 cents per
share(1) in 2011.
(1) basic and diluted
A Word from the President
"2012 was a challenging year, given the relocation of our
Brampton operations in a newly-acquired building, and at the same
time a very successful year financially, especially our fourth
quarter. We recorded the highest quarterly revenue in our history
in this quarter. In addition, our EBITDA is $ 1.8 million,
representing 10% of revenue, and meets corporate objectives,"
declared Marcel Bourassa, President and Chief Executive Officer of
Savaria.
"During the last year, several events have contributed to the
Corporation's financial success, which enables us to look to 2013
with excitement. It started with the first sales on the North
American market of the Omega inclined platform lift, for curved
staircases, and the Delta, for straight staircases; the relocation
of Brampton's operations in July, which will result in annual
savings of close to $1 million; the first major order won by our
Chinese subsidiary, for the delivery of 27 Omega platform lifts to
equip the train stations on Hainan Island; and finally, our main
North American competitor ceased operations last November, which
will potentially enable us to increase our market share. These
events will have a positive impact for years to come.
"During the third quarter of 2013, we plan to introduce a new
product: a stairlift for curved staircases. This product has
currently reached its final design phase and will grow our
accessibility products offering.
"Our Adapted Vehicles segment reported a record-high net income
in 2012, and we expect 2013 will reflect the past year.
"Ultimately, our strong balance sheet will allow us to further
product development and enable us to develop new markets,"
concluded Mr. Bourassa.
Operating Results (Comparative Analysis with Fourth Quarter and
Fiscal 2011)
-- For fourth quarter of 2012, revenue is up $1.5 million or 9.2% for a
total of $17.9 million, the highest quarterly revenue in the history of
Savaria, compared with $16.4 million for same quarter previous year. For
fiscal 2012, revenue is up $1.4 million or 2.2% for a total of $66.7
million, compared with $65.3 million for previous fiscal year.
-- Gross margin for the fourth quarter of 2012 is up $143,000, at 26.5% of
revenue compared to 28% in 2011. For fiscal 2012, gross margin is down
$178,000, at 27.1% of revenue compared to 27.9% in 2011. The main cause
of the decrease in gross margin percentage is the unfavourable variation
in the foreign exchange rate which had a negative impact of $620,000 for
the fourth quarter and $936,000 for the year.
-- Operating income for the fourth quarter of 2012 is up $232,000 or 22.4%,
from $1 million in 2011 to $1.3 million in 2012. For fiscal 2012,
operating income is down $465,000 or 13.7% from $3.4 million in 2011 to
$2.9 million in 2012. Were it not for moving expenses of $1 million for
the relocation of the Brampton, Ontario operations in a building
acquired in the second quarter, operating income for fiscal 2012 would
have been $3.9 million.
-- Net income for the fourth quarter is up 139% from $398,000 in 2011 to $1
million in 2012, an increase of $554,000. For fiscal 2012, net income is
down 21.1% or $423,000, from $2 million to $1.6 million.
-- EBITDA for the fourth quarter is up $659,000, from $1.1 million in 2011
to $1.8 million in 2012, an increase of 57.5%. For fiscal 2012, EBITDA
is down $588,000 or 11.6%, from $5.1 million in 2011 to $4.5 million in
2012.
Dividend
The Corporation's Board of Directors has declared a dividend of
8 cents ($0.08) per common share, payable on April 24, 2013 to
shareholders of record of the Corporation at the close of business
on April 9, 2013. This is an eligible dividend within the meaning
of the Income Tax Act.
Savaria Corporation (savaria.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 revenue outside Canada, primarily
in the United States. It has a sales network of some 600 retailers
in North America and employs some 360 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.
Financial highlights appear on the next page.
Complete financial statements and the management's report for
quarter ended December 31, 2012 and fiscal 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 Quarters Ended
amounts and December 31, Years Ended
percentages) (Unaudited) December 31,
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2012 2011 Change 2012 2011 Change
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Revenue $17,865 $16,358 9.2% $66,734 $65,274 2.2%
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Gross margin as a %
of revenue 26.5% 28% n/a 27.1% 27.9% n/a
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Operating costs $3,457 $3,549 (2.6)% $14,135 $14,838 (4.7)%
As a % of revenue 19.4% 21.7% n/a 21.2% 22.7% n/a
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Operating income $1,269 $1,037 22.4% $2,930 $3,395 (13.7)%
As a % of revenue 7.1% 6.3% n/a 4.4% 5.2% n/a
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Gain (loss) on
foreign exchange $48 $(178) 127% $(69) $137 (150)%
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Net income $952 $398 139% $1,578 2,001 (21.1)%
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Earnings per share -
basic and diluted $0.04 $0.02 100% $0.07 $0.09 (22.2)%
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EBITDA (1) $1,806 $1,147 57.5% $4,488 $5,076 (11.6)%
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EBITDA per share -
basic and diluted $0.08 $0.05 60% $0.19 $0.22 (13.6)%
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Dividends declared
per share - - n/a $0.094 $0.102 n/a
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Weighted average
number of common
shares outstanding
- diluted 23,132 23,230 (0.4)% 23,116 23,246 (0.6)%
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As at
As at Dec. 31,
Dec. 31, 2012 2011
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Total assets $49,380 $42,413
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Total liabilities $30,156 $22,268
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Shareholders' equity $19,224 $20,145
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(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
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(in thousands of dollars - Quarters ended Years ended
unaudited) December 31, December 31,
--------------------------------------------
2012 2011 2012 2011
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Net income $952 $398 $1,578 $2,001
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Plus :
Interest on long-term debt 210 139 732 569
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Interest expense and banking
fees 28 25 96 181
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Income tax expense 222 237 571 877
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Depreciation of fixed assets 201 150 789 688
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Amortization of intangible
assets 196 204 752 792
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Less:
Interest income 3 6 30 32
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EBITDA $1,806 $1,147 $4,488 $5,076
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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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