MONTREAL, QUEBEC--(Marketwire - November 27, 2009) - Ergoresearch Ltd (TSX VENTURE: ERG) -
- Annual sales increased by 160% to $1 596 107 compared to $612 127 for the same period last year.
- Net profits before income tax of $187 169 representing an increase of 199% from $62 590 for the same period last year.
- Cash flow from operating activities significantly increased from $8 491 for the same period last year to $292 404 for the first quarter of 2010.
- Revenues for the past twelve months totalled $6 292 688 and net earnings for the same period totalled $835 289
All amounts in Canadian dollars unless otherwise stated.
Ergoresearch ltd (“Ergoresearch” or the “Company”) announced today its results for the first quarter of 2010 ended September 30, 2009. During the year, Ergoresearch recorded unprecedented sales and a strong growth in net earnings and cash generated from operating activities.
During the first quarter ended September 30, 2009, the Company’s sales reached $1 569 107, representing a 160% increase compared to the 2008 results then at $612 127. Net earnings before income taxes almost tripled from $62 590 for the same period last year to $187 169 this quarter.
Before the change in operating working capital, cash flow from operating activities significantly increased to $292 404 for the first quarter of 2010 compared to a $8 491 for the same period last year.
“We are satisfied with the results of this first quarter of 2010. Notwithstanding challenging economic times, the Company very successfully integrated its most recent acquisition while reaping the benefits of a strong internal growth in its other divisions. The first quarter will also mark history as the Company recorded yet another increase of its net profits not to mention generating positive cash flow from its operations and a strong growth in revenues.
“Such noteworthy improvements stand witness to the hard work of our employees, management team and Directors. All have rallied around a common strategy and provided their best efforts to allow the Company to reach summiting performances” stated Sylvain Boucher, President and CEO of Ergoresearch Ltd.
Forward-looking statements
Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are based on management’s expectations and no assurance can be given that potential future results or circumstances described in the forward looking statements will be achieved or will occur. Such risks factors include, but are not limited to, those related to the Company’s ability to finance its activities, competition, fluctuations in operating results, the impact of general economics, industry and market conditions, the ability to recruit and retain qualified employees, fluctuations in cash flow, expectations regarding market demand for particular products and the dependence on new product development.
The reader should not give great importance to forward-looking statements as (i) the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and (ii) certain important factors or hypothesis taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.
Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Ergoresearch Ltd (www.ergorecherche.com) through its subsidiaries (www.cliniquedupiedequilibre.com) and (www.orthoconcept.com) is a leading general and foot orthotics manufacturer as well as being on the leading edge of durable medical equipment development in the orthopaedic industry. The Company pursues its goal to become an international leader in technologies and solutions aimed at improving health and well-being.
The TSX Venture exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Contacts:
Ergoresearch Ltd.
Sylvain Boucher
450-973-6700 ext 213
sboucher@ergoresearch.com
