Prism Medical Ltd. (“Prism” or “the Company”) (PM:TSX-VEN) today announced its annual results for the first quarter ended February 28, 2009.
Net income for the first quarter of 2009 increased to $1.169 million ($0.17 per share on a diluted basis) versus $0.896 million ($0.14 per share on a diluted basis) for the same period in 2008.
During the first quarter of 2009, revenues were $14.7 million compared to $10.8 million in 2008, an increase of 36%.
Sales in North America increased to $7.8 million or 97% from $4.0 million in 2008 for the same period driven by the increase in sales to the United States and Western Canada. The Company focused its efforts in the US market place by significantly increasing the number of sales representatives. In addition, UK sales increased marginally hampered by a 10% decline in the British Pound Sterling (GBP) relative to the Canadian dollar.
In the first quarter 2009 gross profit increased $1,758 (42%) over 2008 driven by the sales increase and higher percentage of sales made by the Company owned network of dealers and direct sales staff.
Earnings per share on a diluted basis for the three months ended February 28, 2009 were $0.17 per share, an increase of 21% over the same period in the previous year.
Andrew McIntyre, Chairman and CEO of Prism stated “the first quarter of 2009 was positive for the Company as we saw continued institutional demand for our products, improved manufacturing efficiencies and greater geographic coverage in the current economic climate. Further improvements in US sales representation and dealer market share should result in future profitable growth.”
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
About Prism Medical
Prism Medical Ltd. (prismmedicalltd.com) is a provider of durable medical equipment and related services to the mobility disadvantaged in Canada, the USA and the United Kingdom. While Prism’s history dates back to 1996, Prism’s subsidiaries and divisions have been servicing the mobility disadvantaged since the mid 1980s in their homes, long-term care facilities and acute care facilities. Prism includes Waverley Glen Systems, North America’s premier ceiling lift manufacturer with distribution across Canada and the US; Patient Lifts of New England with distribution across the northeastern USA; Westholme and Care Free Lifting & Handling, leading distributors of moving and handling products in the UK; and Freeway Health Care, a UK-based manufacturer of ceiling hoists and shower chairs.