Toronto, ON, March 11, 2010 -- Prism Medical Ltd. (“Prism” or “the Company”) (PM:TSX-VEN) today announced its results for the fiscal year ended November 30, 2009.
In 2009, revenues were $65.7 million compared to $51.9 million in 2008. Sales in North America increased $9,374 or 43% to $31.1 million driven by increased sales in both the United States and Canada. The increase in U.S. sales was caused by market share gains on traditional products and channel and driven by direct sales efforts. The increase in Canada was driven by strong institutional demand for our products partially supported by government funding. In addition, the UK experienced a sales increase of 27% in British Pound Sterling (GBP) as they continued to expand into new geographies, however due to the decline of the GBP relative to the Canadian dollar sales actually increased by 15%.
In 2009, gross profit increased $6.0 million (26%) over 2008 driven by the sales increase made by the Company owned network of dealers and direct sales staff. Selling, general and administration expenses increased $4.9 million (35%) primarily as a result of incorporating the operating costs of new acquisitions and infrastructure costs within the U.S.
Andrew McIntyre, Chairman and CEO of Prism stated “2009 was a year of growth with significant gains in the United States and continued growth in the UK. Net income was $4,584 or $0.66 per share on a fully diluted basis as compared to $4,527 or $0.67 per share in fiscal 2008.
Prism Medical Ltd. 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 lifting, handling and repositioning aid manufacturer with distribution across Canada and the US; Patient Lifts of New England and Access Solutions with distribution across the northeastern USA; Westholme, Care Free Lifting & Handling, Test Valley Mobility, Saluss, Liftech and Assured Patient Lifts, leading distributors of moving and handling products in the UK; and Freeway Health Care, a UK-based manufacturer of ceiling hoists and shower chairs.
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.
William G. Edwards
Chief Financial Officer
Prism Medical Ltd