Ergoresearch Inc. Reports Record Sales and Earnings for Third Quarter of 2010-Sales up 20% to $1,583,835 and Net Earnings Before Taxes and Minority Interest Grew Almost Tenfold to $148,305

MONTREAL, QUEBEC--(Marketwire - May 27, 2010) - Ergoresearch ltd (TSX VENTURE: ERG)

 -- Annual sales increased by more than 20% to $1 583 835 compared to $1 319 702 for the same period last year. -- Net profits before income tax and minority interest of $148 305 were multiplied almost tenfold over $15 261 for the same period last year. -- Cash flow from operating activities significantly increased from $17 071 for the same period last year to $152 430 for the third quarter of 2010. -- Revenues for the past twelve months totalled $6 568 248 and net earnings for the same period totalled $777 397. -- Ergoresearch also strengthens his current management team by the appointment of Mrs.Isabelle Sauvageau, C.A. as VP finance for the group. 

All amounts in Canadian dollars unless otherwise stated.

Ergoresearch ltd (“Ergoresearch” or the “Company”)(TSX VENTURE: ERG) announced today its results for the third quarter of 2010 ended March 31, 2010. During the year, Ergoresearch recorded unprecedented sales and a strong growth in net earnings and cash generated from operating activities.

During the third quarter ended March 31, 2010, the Company’s sales reached $1 583 835, representing a 20% increase compared to the 2009 results then at $1 319 702. Net earnings before income taxes and minority interest were multiplied almost tenfold from $15 261 for the same period last year to $148 305 this quarter.

Cash flow from operating activities significantly increased to $152 430 for the third quarter of 2010 compared to $17 071 for the same period last year.

“We are extremely satisfied with the results of this third 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 third 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, paving the way for its continuous growth in coming years. Several projects, some of which will be announced in the following weeks, will strongly position the Company in the future.

“Such noteworthy performances 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 results.” stated Mr. 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

MORE ON THIS TOPIC