Savaria Reports Best Q1 Results in its History
15 Maggio 2013 - 3:00PM
Marketwired Canada
Savaria Corporation (TSX:SIS), North America's leader in the accessibility
industry, today disclosed its results for first quarter ended March 31, 2013.
Highlights
-- Revenue for 1st quarter is up 13% from $15.2 million in 2012 to $17.2
million in 2013. This is the highest quarterly revenue in the
Corporation's history for a 1st quarter;
-- Net income for 1st quarter is up 242% or $872,000, from $360,000 in 2012
to $1.2 million in 2013;
-- Earnings before interest, taxes, depreciation and amortization
("EBITDA") is up 124% or $1.3 million, from $1 million in 2012 to $2.3
million in 2013.
A Word from the President
"Our first quarter of 2013 is a great follow-up to our strong fourth quarter of
2012. We report the best first quarter of our history, both in terms of revenue
and net income. In addition, our EBITDA is reaching 10 cents per share, an
increase of 127% compared to first quarter 2012, representing 13% of revenue,"
declared Marcel Bourassa, President and Chief Executive Officer of Savaria.
"This first quarter, historically the weakest of the year, is very encouraging
and confirms the relevance of our business plan. To meet increased demand going
along with this revenue increase, our factory in Huizhou, China will move to a
new location around mid-May 2013. The new 75,000-square-foot plant, double the
current size, is eight kilometers from the existing plant.
"The addition of our stairlift for curved stairs to our product line is still
scheduled for third quarter 2013 and we are very confident of its success on the
market.
"The performance of the last two quarters allows us to be optimistic for the
rest of 2013", concluded Mr. Bourassa.
Operating Results (Comparative Analysis with First Quarter 2012)
-- For first quarter 2013, revenue is $ 17.2 million compared to $ 15.2
million in 2012, an increase of $ 2 million or 12.9%.
-- Gross margin for first quarter of 2013 is up by $ 703,000, representing
28.7% of revenue compared to 27.8% in first quarter 2012. These savings
are the result of the relocation of the Brampton plant in the building
acquired in 2012.
-- Operating income for first quarter 2013 is up by $ 1.1 million or 152%,
from $ 706,000 in 2012 to $ 1.8 million in 2013.
-- Net income for first quarter is up by 242%, from $ 360 000 in 2012 to $
1.2 million in 2013, an increase of $ 872,000.
-- EBITDA for first quarter is up $ 1.3 million, from $ 1 million in 2012
to $ 2.3 million in 2013, an increase of 124%.
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, installs 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.
Complete financial statements and the management's report for quarter ended
March 31, 2013 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 Quarters Ended
and percentages - Unaudited) March 31,
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2013 2012 Change
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Revenue $17,203 $15,231 12.9%
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Gross margin as a % of revenue 28.7% 27.8% n/a
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Operating costs $3,506 $3,514 (0.2)%
As a % of revenue 20.4% 23.1% n/a
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Operating income $1,778 $706 152%
As a % of revenue 10.3% 4.6% n/a
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Gain (loss) on foreign exchange $96 $(31) 410%
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Net income $1,232 $360 242%
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Earnings per share - basic and diluted $0.05 $0.02 150%
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EBITDA (1) $2,278 $1,019 124%
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EBITDA per share - basic and diluted $0.10 $0.044 127%
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Dividends declared per share $0.08 $0.094 n/a
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Weighted average number of common shares
outstanding - diluted 23,109 23,197 n/a
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As at Dec.
As at March 31, 2013 31, 2012
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Total assets $50,901 $49,380
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Total liabilities $32,500 $30,156
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Shareholders' equity $18,401 $19,224
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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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Quarters ended
(in thousands of dollars - unaudited) March 31,
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2013 2012
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Net income $1,232 $360
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Plus :
Interest on long-term debt 174 124
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Interest expense and banking fees 22 25
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Income tax expense 478 150
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Depreciation of fixed assets 173 177
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Amortization of intangible assets 201 192
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Less:
Interest income 2 9
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EBITDA $2,278 $1,019
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FOR FURTHER INFORMATION PLEASE CONTACT:
Helene Bernier, CPA, CA
Vice-President, Finance
1-800-931-5655, ext. 248
helene.bernier@savaria.com
Marcel Bourassa
President and Chief Executive Officer
1-800-661-5112
marcel.bourassa@savaria.com
www.savaria.com
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