TSX-V: ERG
LAVAL, QC, Feb. 28, 2017
/CNW Telbec/ - Ergoresearch Ltd ("Ergoresearch" or
"the Company") based in Laval and
known under the «Équilibre, orthèses et biomécanique» banner –
announces its results for the second quarter ended December 31, 2016. All dollar amounts in the
present release are in Canadian currency.
Revenues reached $3,882,760 for
the second quarter of Fiscal 2017 compared to $3,968,890 for the same quarter of Fiscal 2016.
Excluding sales of the "home care" product line and discontinued
since then, the Company would have posted sales growth on its
flagship products. The recovery in recent quarters is continuing
and the Company is positioning itself favorably with the evolution
of the market.
The net profit for the quarter ending December 31, 2016
amounted to $7,328 compared to a net
profit of $376 for the same quarter
last year. This improvement in the result is related to efficiency
gains that helped to reduce our selling and administrative
expenses. Cash flow from operating activities amounted to
$397,071 for the second quarter of
Fiscal year 2017 compared to $902,368
for the same period last year.
Concerning the balance sheet, the Company paid its long-term
debt and still has a cash equivalent of more than
$8 million.
Lastly, the Company also took the opportunity during this
quarter to expand its service offering in the province of
Quebec. Therefore, effective this
quarter, Ergoresearch will offer the sleep apnea service and the
dynamic knee analysis service in some of its Equilibre laboratories
in the province of Quebec. These
additions will make it possible to optimize the available rental
spaces and advantageously position Equilibre in the context of the
reorganization of health care services in Québec.
Development and perspectives
Our current priorities and development plan include the
following objectives:
- Strengthened by our cash position, pursue the exploration of
potential acquisitions or partnerships in Quebec and across Canada.
- Deploy the "Equilibre" brand in a multidisciplinary and
interdisciplinary concept through the opening or designation of the
super-clinics in Quebec.
- Continue to develop the marketing of our technology platform
and derivative orthotic related specialty products.
- Continuing our investments in Research and Development
(R&D)
About Ergoresearch
Ergoresearch is a Canadian company that designs and
manufactures cutting edge technologies for the orthopedic industry.
The Company is a trend-setter in creating custom orthotics
and speciality orthotics for the orthopedics market and holds a
portfolio of patents in the orthopedics field and in human bionics.
The mission of our banner "Équilibre orthèses et biomécanique" is
to keep people active and moving. "ÉQUILIBRE", driven by its
proprietary technologies and the expertise of its professionals,
offers a range of products, treatments and services in order to
relieve pain, restore motor function and optimize performance.
This document is not intended to encourage the purchase of
securities listed on the TSX Venture Exchange. TMX Group and its
affiliates do not endorse or recommend any of the securities
referenced here. Please seek professional advice to evaluate
specific securities.
Forward-looking statements
Certain statements in this Press Release contain forward-looking
statements and information that may entail certain risks related to
uncertainties. Such statements are not historical facts and are
based on current management's expectations. We ask the reader to
note that these statements are subject to a multitude of risks and
uncertainties that could affect the potential future results,
circumstances or events and may differ materially from those
contained in the forward-looking statements. Such risk factors
include, but are not limited to, those related to the Company's
ability to finance its activities, competition, ability to
negotiate and maintain partnerships, the market acceptance of the
Company's product, the strength of intellectual property, the
success of research and development programs, the trust invested in
sub-contractors or their core personnel as well as other risks and
uncertainties that are put forth every now and then by the Company
in the documents filed with various Canadian securities and
exchange commissions and made available at
www.sedar.com.
The reader should not give great importance to forward-looking
statements as (i) the results may differ from conclusions,
predictions or projections contained in such forward-looking
statements; and (ii) certain important factors or hypotheses taken
into account in reaching conclusions or the preparation of a
projection or prediction may prove to be incorrect in fact.
These statements are correct only on the date on which they were
written, and Management disclaims any obligation to revise these
statements after any event, circumstance or other situation, except
as required by law. All figures are in Canadian dollars, unless
otherwise specified.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Ergoresearch Ltd