Prism Medical Ltd.

(PM:TSX-VEN) Reports 2009 Annual Financial Results

Prism Medical Ltd. is a provider of durable medical equipment and related servic
es to the mobility disadvantaged in Canada, the USA and the United Kingdom
Toronto, ON, March 11, 2010 -- Prism Medical Ltd. (“Prism” or “the Company”) (PM
:TSX-VEN) today announced its results for the fiscal year ended November 30, 200
9.
In 2009, revenues were $65.7 million compared to $51.9 million in 2008. Sales in
North America increased $9,374 or 43% to $31.1 million driven by increased sale
s in both the United States and Canada. The increase in U.S. sales was caused by
market share gains on traditional products and channel and driven by direct sal
es efforts. The increase in Canada was driven by strong institutional demand for
our products partially supported by government funding. In addition, the UK exp
erienced a sales increase of 27% in British Pound Sterling (GBP) as they continu
ed to expand into new geographies, however due to the decline of the GBP relativ
e to the Canadian dollar sales actually increased by 15%.
In 2009, gross profit increased $6.0 million (26%) over 2008 driven by the sales
increase made by the Company owned network of dealers and direct sales staff. S
elling, general and administration expenses increased $4.9 million (35%) primari
ly as a result of incorporating the operating costs of new acquisitions and infr
astructure costs within the U.S.
Andrew McIntyre, Chairman and CEO of Prism stated “2009 was a year of growth wit
h significant gains in the United States and continued growth in the UK. Net inc
ome was $4,584 or $0.66 per share on a fully diluted basis as compared to $4,527
or $0.67 per share in fiscal 2008.
Prism Medical Ltd. is a provider of durable medical equipment and related servic
es to the mobility disadvantaged in Canada, the USA and the United Kingdom. Whil
e Prism’s history dates back to 1996, Prism’s subsidiaries and divisions have be
en servicing the mobility disadvantaged since the mid 1980s in their homes, long
-term care facilities and acute care facilities. Prism includes Waverley Glen Sy
stems, North America’s premier lifting, handling and repositioning aid manufactu
rer with distribution across Canada and the US; Patient Lifts of New England and
Access Solutions with distribution across the northeastern USA; Westholme, Care
Free Lifting & Handling, Test Valley Mobility, Saluss, Liftech and Assured Pati
ent Lifts, leading distributors of moving and handling products in the UK; and F
reeway 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. Su
ch forward-looking statements involve risks, uncertainties and other factors, wh
ich may cause actual results, performance or achievements of the Company to be m
aterially different from future results, performance or achievements expressed o
r implied by such forward-looking statements.
Contact:
William G. Edwards
Chief Financial Officer
Prism Medical Ltd
Toronto, Ontario
T: 416-260-2145
F: 416-260-9195
wgedwards@prismmedicalltd.com
http://www.prismmedicalltd.com