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Prism Medical Ltd.: Prism Medical Ltd. (PM:TSX-VEN) Reports Third
Quarter 2008 Financial Results
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:29102008
Vaughn, Ontario CANADA/FSC/ - Prism Medical Ltd. (PM - TSX Venture),
("Prism" or "the Company")today announced its results for the third
quarter ended August 31, 2008.
Net income for the third quarter of 2008 increased to $1.065 million
($0.16 per share on a diluted basis) versus $0.908 million ($0.12 per
share on a diluted basis) for the same period in 2007.
During the third quarter of 2008, revenues were $12.5 million compared
to $10.7 million in 2007, an increase of 17%.
North American revenues increased 43% in 2008 over 2007 driven by
strong institutional demand for our products serviced by additional
sales personnel and the positive effect of the acquisition of Patient
Lifts of New England. UK sales volume increased 5%, offset by an
exchange rate decline of 6%.
Gross profit increased $976 (21%) in 2008 over 2007 driven by the sales
increase and cost efficiencies resulting from increased UK production.
Earnings per share on a diluted basis for the nine months ended August
31, 2008 were $0.45, an increase of 73% over the same period in the
previous year.
Andrew McIntyre, Chairman and CEO of Prism stated, "The third quarter
of 2008 was very positive for the Company as we saw continued
institutional demand for our products, improved manufacturing
efficiencies and greater geographic coverage. Further improvements in
US sales representation and dealer market share should result in future
profitable growth."
The board of directors of Prism has approved payment on November 25,
2008 of a dividend of 4 cents per common share to the shareholders of
record on November 11, 2008. A dividend policy has been established to
pay a quarterly dividend of 4 cents per common share, although this
dividend policy may change based on future circumstances.
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 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.
Forward-looking Information 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.
Source: Prism Medical Ltd. (TSX-V: PM) http://www.prismmedicalltd.com
CONTACT: David Minas, Chief Financial Officer, Prism Medical Ltd.
Tel: +1 905 850 0093 ext: 242
Fax: +1 905 850 061
e-mail: dminas@prismmedicalltd.com
WWW: http://www.prismmedicalltd.com
Filing Services Canada Inc.
Tel: +1 403 717 3898
Fax: +1 403 717 3896
WWW: http://www.usetdas.com
((M2 Communications Ltd disclaims all liability for information
provided within M2 PressWIRE. Data supplied by named party/parties.
Further information on M2 PressWIRE can be obtained at
http://www.presswire.net on the world wide web. Inquiries to
info@m2.com)).
Copyright ? 2008 M2 Communications Ltd.
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