Cash flows used in operating activities represented outflows of $1,271 for the three months ended February 28, 2013 compared to inflows of $688 in the same period last year. The main reason for this was the increase in non-cash working capital balances resulted in cash used in operating activities of $2,217 for the three months ended February 28, 2013 compared a use of cash of $591 for the same period last year. In excess of $1,500 of the increase in working capital related to MedCare.
The Company intends to grow sales and profitability and provide a reasonable return on shareholders' equity. The Company believes that performance will be positively affected by a continued North American institutional demand for our products, improved manufacturing efficiencies, greater geographic coverage, and revenues and profits new products will bring. Through its growth strategies, the Company hopes to achieve continued profitable growth in the UK and North America.
Government funding for our products, particularly in Canada and the UK is a key driver of sales. Budget pressure on health care spending is causing government agencies to search out the most cost effective solution for health care provision. This, the Company believes, puts us in an excellent position to win more business. On this basis, we believe that our business will continue to grow and that the long term trend continues to be favourable.
The Board of Directors has approved a dividend of $0.08 per common share payable on June 3, 2013 to shareholders of record on May 16, 2013. This will be the second dividend payment of this fiscal year.
While the Company has no formal policy on dividend payments and the Board of Directors determines the suitability of such payments on quarterly basis the Company views dividend payments an important part of its investor strategy and expects to continue its historical pattern of four dividend payments per fiscal year.
Notice of Conference Call
Prism Medical will host a conference call on April 30, 2013 at 9:00 a.m. EST to discuss its financial results. Stuart Meldrum, CEO, will Chair and George Chiarucci, CFO, will co-chair the call. All interested parties can join the call by referring to the information below:
Conference call detailsDial-In Number: (647) 427-7450 or (888) 231-8191Taped Replay: (416) 849-0833 or (855) 859-2056Reference Number: 55461192
Please dial in 15 minutes prior to the call to secure a line. A live audio webcast of the conference call will also be available at www.prismmedicalltd.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.
About Prism Medical Ltd.
Prism Medical Ltd. is one of the largest providers and manufacturers of durable medical equipment and related services to the mobility challenged in Canada, the US and the UK, with more than 100,000 installations and 200,000 product solutions sold. The Prism Medical brands include Waverley Glen and ErgoSafe, North America's leading supplier of lifting, handling and repositioning aid products and services across Canada and the US Freeway and Prism Service & Repair are leading suppliers of moving and handling products and services in the UK. For further information visit Prism Medical's website at www.prismmedicalltd.com or www.sedar.com.