Savaria Presents a Preview of Third Quarter Results
October 21 2020 - 5:16PM
Savaria Corporation (“Savaria”) (TSX: SIS) one of the global
leaders in the accessibility industry, believes that it is
important, due to the ongoing COVID-19 pandemic and unprecedented
financial disturbance in the market, to provide an update to its
shareholders and stakeholders with respect to its 2020 third
quarter financial results.
Revenue is expected to be approximately $90 million, down 6%
from the same period in 2019, while adjusted EBITDA is expected to
increase by 8% to reach approximately $17 million, compared with
$15.7 million in the third quarter of 2019.
For the nine-month period ended September 30, 2020, revenue is
expected to be approximately $263 million, representing a 5%
decrease over the same period of 2019. Adjusted EBITDA should be
approximately $44 million, an 8% increase over the same period
in 2019, and on track to exceed the $55.6 million in adjusted
EBITDA realized during fiscal year 2019.
These preliminary results are based on
information available to Savaria as of the date of this release and
are subject to revision upon the finalization of its quarterly
consolidated financial statements. Financial results for the third
quarter ended September 30, 2020 will be released after market
hours on November 11, 2020. Savaria will not provide any additional
comments or details until after the full report has been
published.
A word from the President
“I am very satisfied with our results during this challenging
time. We continue to promote Stay at Home with Savaria™, a strong
mantra for many people looking to remain in the comfort of their
homes by adding mobility products. We have worked hard to keep our
employees and customers safe, and I thank our over 1,400 employees
for their dedication this year,” declared Marcel Bourassa,
President and Chief Executive Officer of Savaria.
About Savaria Corporation
Savaria Corporation (savaria.com) is one of the global leaders
in the accessibility industry. It provides accessibility solutions
for the physically challenged to increase their comfort, mobility
and independence. Its product line is one of the most comprehensive
on the market. Savaria designs, manufactures, distributes and
installs accessibility equipment, such as stairlifts for straight
and curved stairs, vertical and inclined wheelchair lifts and
elevators for home and commercial use. It also manufactures and
markets a comprehensive selection of pressure management products
for the medical market, medical beds for the long-term care market,
as well as an extensive line of medical equipment and solutions for
the safe handling of patients. In addition, Savaria converts and
adapts vehicles to be wheelchair accessible. The Corporation
operates a sales network of dealers worldwide and direct sales
offices in North America, Europe (Switzerland, Germany, Italy,
Czech Republic, Poland and United Kingdom), Australia and China.
Savaria employs approximately 1,430 people globally and its plants
are located across Canada in Laval and Magog (Québec), Brampton,
Beamsville and Toronto (Ontario) and Surrey (British Columbia), in
the United States at Greenville (South Carolina), in Huizhou
(China), in Milan (Italy) and in Newton Abbot (United Kingdom).
For further information: |
|
|
Marcel BourassaPresident and Chief Executive
Officer1.800.661.5112mbourassa@savaria.com |
Steve Reitknecht, CPA, CAChief Financial
Officer1.800.661.5112sreitknecht@savaria.com |
www.savaria.com www.facebook.com/savariabettermobility
www.twitter.com/Mobilityforlife |
Forward-Looking Statements
This press release includes certain statements that are
“forward-looking statements” within the meaning of the securities
laws of Canada. Any statement in this press release that is not a
statement of historical fact may be deemed to be a forward-looking
statement. When used in this press release, the words “believe”,
“could”, “should”, “intend”, “expect”, “estimate”, “assume” and
other similar expressions are generally intended to identify
forward-looking statements. It is important to know that the
forward-looking statements in this document describe the
Corporation’s expectations as at the date hereof, which are not
guarantees of future performance of Savaria or its industry, and
involve known and unknown risks and uncertainties that may cause
Savaria’s or the industry’s outlook, actual results or performance
to be materially different from any future results or performance
expressed or implied by such statements. The Corporation’s actual
results could be materially different from its expectations if
known or unknown risks affect its business, or if its estimates or
assumptions turn out to be inaccurate. A change affecting an
assumption can also have an impact on other interrelated
assumptions, which could increase or diminish the effect of the
change. As a result, the Corporation cannot guarantee that any
forward-looking statement will materialize and, accordingly, the
reader is cautioned not to place undue reliance on these
forward-looking statements. Forward-looking statements do not take
into account the effect that transactions or special items
announced or occurring after the statements are made may have on
the Corporation’s business. For example, they do not include the
effect of sales of assets, monetizations, mergers, acquisitions,
other business combinations or transactions, asset write-downs or
other charges announced or occurring after forward-looking
statements are made.
Unless otherwise required by applicable securities laws, Savaria
disclaims any intention or obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise. The foregoing risks and uncertainties
include the risks set forth under “Risks and Uncertainties” in
Savaria’s latest Annual MD&A as well as other risks detailed
from time to time in reports filed by Savaria with securities
regulators in Canada.
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