Prism Medical Ltd. (PM:TSX-VEN) Reports Second Quarter Financial Results

From: Prism Medical Ltd
Published: Thu Jul 30 2009


Prism Medical Ltd. ("Prism" or "the Company") (PM:TSX-VEN) today announced its results for the second quarter ended May 31, 2009.

Net income for the second quarter of 2009 increased to $1.271 million ($0.18 per share on a diluted basis) versus $1.010 million ($0.15 per share on a diluted basis) for the same period in 2008.

During the second quarter of 2009, revenues were $17.3 million compared to $12.6 million in 2008, an increase of 37%, driven by an increase in sales within the United States. The Company continues to focus its efforts on the US marketplace by increasing the number of sales representatives. In the UK, sales increased 12% after incorporating the impact of a decline in the British Pound Sterling (GBP) relative to the Canadian dollar.

In the second quarter of 2009, gross profit increased $1,963 (35%) over the same period in 2008 driven by the sales increase and higher percentage of sales made by the Company owned network of dealers and direct sales staff.

Earnings per share on a diluted basis for the three months ended May 31, 2009 of $0.18 per share represents an increase of 20% over the same period last year.

Andrew McIntyre, Chairman and CEO of Prism stated "the second quarter of 2009 was positive for the Company as we saw continued institutional demand for our products, improved manufacturing efficiencies and greater geographic coverage in the current economic climate. Further improvements in US sales representation and dealer market share should result in future profitable growth."

Prism Medical Ltd. is a provider of durable medical equipment and related services to the mobility disadvantaged in Canada, the USA and the United Kingdom. While Prismís history dates back to 1996, Prismís subsidiaries and divisions have been servicing the mobility disadvantaged since the mid 1980s in their homes, long-term care facilities and acute care facilities. Prism includes Waverley Glen Systems, North Americaís premier lifting, handling and repositioning aid manufacturer with distribution across Canada and the US; Patient Lifts of New England with distribution across the northeastern USA; Westholme and Care Free Lifting & Handling, leading distributors of moving and handling products in the UK; and Freeway 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. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

Contact:
William G. Edwards
Chief Financial Officer
Prism Medical Ltd
Vaughan, ON, Canada
Tel: 905-850-0093
Fax: 905-850 0061
wgedwards@prismmedicalltd.com
http://www.prismmedicalltd.com
Company: Prism Medical Ltd
Contact Name: William G. Edwards
Contact Email: wgedwards@prismmedicalltd.com
Contact Phone: 905-850-0093

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