LAVAL, QUEBEC -- (Marketwire) -- 03/28/13 -- Savaria Corporation (TSX: SIS), North America's leader in the accessibility industry, today disclosed its results for the fourth quarter ended December 31, 2012 and for fiscal 2012.
-- Revenue for the 4th quarter up 9% from $16.4 million in 2011 to $17.9 million in 2012. This is the highest quarterly revenue in the Corporation's history;-- Operating income for the 4th quarter up 22% or $232,000 and down 14% or $465,000 for the year; excluding moving costs for the relocation to a new building, annual operating income would have increased by $551,000;-- Earnings before interest, taxes, depreciation and amortization ("EBITDA") are $1.8 million for the 4th quarter of 2012 compared to $1.1 million in 2011, an increase of 57%; annual EBITDA is $4.5 million, or 19 cents per share(1), compared to $5.1 million, or 22 cents per share(1) in 2011.(1) basic and diluted
A Word from the President
"2012 was a challenging year, given the relocation of our Brampton operations in a newly-acquired building, and at the same time a very successful year financially, especially our fourth quarter. We recorded the highest quarterly revenue in our history in this quarter. In addition, our EBITDA is $ 1.8 million, representing 10% of revenue, and meets corporate objectives," declared Marcel Bourassa, President and Chief Executive Officer of Savaria.
"During the last year, several events have contributed to the Corporation's financial success, which enables us to look to 2013 with excitement. It started with the first sales on the North American market of the Omega inclined platform lift, for curved staircases, and the Delta, for straight staircases; the relocation of Brampton's operations in July, which will result in annual savings of close to $1 million; the first major order won by our Chinese subsidiary, for the delivery of 27 Omega platform lifts to equip the train stations on Hainan Island; and finally, our main North American competitor ceased operations last November, which will potentially enable us to increase our market share. These events will have a positive impact for years to come.
"During the third quarter of 2013, we plan to introduce a new product: a stairlift for curved staircases. This product has currently reached its final design phase and will grow our accessibility products offering.
"Our Adapted Vehicles segment reported a record-high net income in 2012, and we expect 2013 will reflect the past year.
"Ultimately, our strong balance sheet will allow us to further product development and enable us to develop new markets," concluded Mr. Bourassa.
Operating Results (Comparative Analysis with Fourth Quarter and Fiscal 2011)
-- For fourth quarter of 2012, revenue is up $1.5 million or 9.2% for a total of $17.9 million, the highest quarterly revenue in the history of Savaria, compared with $16.4 million for same quarter previous year. For fiscal 2012, revenue is up $1.4 million or 2.2% for a total of $66.7 million, compared with $65.3 million for previous fiscal year.-- Gross margin for the fourth quarter of 2012 is up $143,000, at 26.5% of revenue compared to 28% in 2011. For fiscal 2012, gross margin is down $178,000, at 27.1% of revenue compared to 27.9% in 2011. The main cause of the decrease in gross margin percentage is the unfavourable variation in the foreign exchange rate which had a negative impact of $620,000 for the fourth quarter and $936,000 for the year.-- Operating income for the fourth quarter of 2012 is up $232,000 or 22.4%, from $1 million in 2011 to $1.3 million in 2012. For fiscal 2012, operating income is down $465,000 or 13.7% from $3.4 million in 2011 to $2.9 million in 2012. Were it not for moving expenses of $1 million for the relocation of the Brampton, Ontario operations in a building acquired in the second quarter, operating income for fiscal 2012 would have been $3.9 million.-- Net income for the fourth quarter is up 139% from $398,000 in 2011 to $1 million in 2012, an increase of $554,000. For fiscal 2012, net income is down 21.1% or $423,000, from $2 million to $1.6 million.-- EBITDA for the fourth quarter is up $659,000, from $1.1 million in 2011 to $1.8 million in 2012, an increase of 57.5%. For fiscal 2012, EBITDA is down $588,000 or 11.6%, from $5.1 million in 2011 to $4.5 million in 2012.