Click here to close now.




















Welcome!

Microservices Expo Authors: Elizabeth White, Joe Pruitt, Ian Khan, Lori MacVittie, Tim Hinds

News Feed Item

Prism Medical Reports Second Quarter Results

TORONTO, ONTARIO -- (Marketwired) -- 07/28/14 -- Prism Medical Ltd., ("Prism Medical" or "the Company") (TSX VENTURE:PM), a leading provider of durable medical equipment and related services to the mobility challenged, today reported financial results for the second quarter (Q2) ended May 31, 2014.


                                                                            
                                            Three months          Six months
                                            ended May 31        ended May 31
----------------------------------------------------------------------------
(Expressed in thousands of Canadian                                         
 dollars except for earnings per                                            
 share and where otherwise noted)         2014   2013(1)      2014      2013
                                             $         $         $         $
----------------------------------------------------------------------------
Revenues                                10,376    10,518    20,266    18,623
Gross margin                             4,268     4,665     8,534     8,021
(as % of revenues)                       41.1%     44.4%     42.1%    43 .1%
Restructuring charges                    1,218         -     1,218         -
Net income from continuing                                                  
 operations                             22,571       513    22,613       2 3
(as % of revenues)                         N m      4.9%       N m     0 .1%
Net income (loss) from discontinued                                         
 operations                            (1,182)       861     (556)     1,410
Net income                              21,389     1,374    22,057     1,433
                                                                            
Adjusted EBITDA                                                             
Continuing operations                   25,857     1,283    26,603     1,442
(as % of revenues)                         N m     12.2%       N m     7 .7%
                                                                            
Basic earnings per share                                                    
 From continuing operations             2 . 64      0.06     2 .67    0 . 00
 From discontinued operations           (0.14)      0.10    (0.07)    0 . 17
 From net income (loss)                  2 .51      0.16     2 .61    0 . 17
Diluted earnings per share                                                  
 From continuing operations              2 .59      0.06    2 . 64    0 . 00
 From discontinued operations           (0.14)      0.10    (0.06)    0 . 17
 From net income (loss)                  2 .46      0.16     2 .58    0 . 17
                                    ----------------------------------------
                                                                            
                                                                 
                                             As at          As at
                                            May 31    November 30
                                              2014           2013
                                                 $              $
-----------------------------------------------------------------
Total assets                                77,483         74,024
Total liabilities                           16,751         35,282
Cash and cash equivalents                   40,456          2,069
Bank indebtedness                                -          8,789
Current portion of long-term debt            1,597          1,684
Long-term debt                               6,538          9,265
Shareholders' equity                        60,732         38,742
Common shares (in thousands)                 8,862          8,421
-----------------------------------------------------------------

Second Quarter Highlights


--  Sale of UK business for net proceeds of $53.8 million resulting in a net
    gain of $24.0 million included in net income of $21.4 million for the
    second quarter compared to net income of $1.4 million in the same
    quarter last year. 
--  Revenue from continuing operations of $10.4 million in the second
    quarter and $20.3 million for the six months ended May 31, 2014 compared
    to $10.5 million and $18.6 million respectively last year. Revenues for
    the quarter were somewhat less than expected as a result of delayed
    spending in the US acute care market segment and delayed order
    fulfillment as a result of the US plant relocation. 
--  During the quarter the US operations moved to a new location with
    greatly expanded capacity which will allow for more efficient receiving,
    shipping and production layout at an occupancy cost that is marginally
    higher than the previous location. 
--  In the quarter we incurred restructuring and other non-recurring costs
    totalling $2.3 million which will significantly reduce future corporate
    overheads. 
--  For a comprehensive discussion of the quarter please refer to the
    Company's Management Discussion and Analysis and Financial Statements
    for the six month period ended May 31, 2014. Both these documents can be
    found on SEDAR or the Company's website.

"We were very pleased to have unlocked a significant shareholder value through the sale of the UK operations. Equally important it will allow management to focus all its attention and resources on the high growth North American market. It continues to be our intention to return to our shareholders in the near future the majority of the proceeds from the UK sale in the form of a Substantial Issuer Bid," said Andy McIntyre, Executive Chairman and CEO of Prism Medical.

Outlook

The Company intends to grow sales and profitability and provide a reasonable return on shareholders' equity with a focus on the North American market. The Company believes that performance will be positively affected by a continued North American institutional and homecare demand for our products, improved manufacturing efficiencies, greater geographic coverage, and revenues and profits from new product introductions. During the past year the Company's North American operations have materially improved. Management believes that there are significant growth opportunities within the expanding North American health care industry both through organic growth and acquisitions that offer the potential to significantly increase shareholder value, while remaining consistent with Prism Medical's key growth strategies of vertical integration, product diversification and the application of relevant knowledge by its service oriented personnel.

The demand for our core products and services, in management's estimation, continues to experience growth at different rates in the geographic markets in which we participate. Government funding for our products in Canada is a key driver of sales. Although government policies related to healthcare in the markets we operate continues to change, we believe that the long term trend continues to be favorable.

Management believes that the US market holds the greatest long-term potential to provide above-average revenue growth both in the institutional and homecare markets. While budget constraints and the cyclicality of the institutional order pipeline can cause variability in US revenue, our efforts to build a larger footprint in this market have already translated into strong revenue growth.

Dividend Policy

While the Company has no formal policy on dividend payments and the Board of Directors determines the suitability of such payments on a 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.

Dividend Declaration

On July 28, 2014, the Board of Directors approved the payment of $0.08 per common share to shareholders of record on August 16, 2014 to be paid on September 5, 2014.

About Prism Medical Ltd.

Prism Medical is a vertically integrated manufacturer and leading provider of equipment and services used to move and handle mobility challenged individuals in a safe and dignified manner. Prism Medical's products are marketed under the brand names of Prism Medical, ErgoSafe, Waverly Glen and Nightingale in the homecare, acute care and long-term care markets throughout North America. The Company offers solutions that encourage improved care, quality of life and mobility, while seeking to lower the overall cost of the caregiving function in a number of ways, including reducing the incidence of handling-related injuries among caregivers. In addition, the Company through its network of Nightingale dealers provides an integrated suite of products and services that make home care a viable option for many people. For further information visit Prism Medical's website at www.prismmedicalltd.com or www.sedar.com.

Non-IFRS Financial Measures

Prism Medical's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Company also uses non-IFRS measures such as Adjusted EBITDA to measure its financial performance. Adjusted EBITDA from continuing operations consists of earnings before interest, income taxes, depreciation, amortization, stock-based compensation. Adjusted EBITDA from continuing operations is a financial metric used by many investors to compare companies on the basis of operating results, asset value and the ability to incur and service debt. Management believes that Adjusted EBITDA from continuing operations is a useful measure for evaluating the performance of the Company. Adjusted EBITDA from continuing operations is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS and may not be comparable to similarly titled financial metrics reported by other companies.

Forward-Looking Information

This document contains forward-looking statements relating to our operations and to the environment in which we operate and our strategy, action plans and investments, which may involve estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond our control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in this report and our other public filings. Consequently, readers should not place any undue reliance on such forward-looking statements. These forward-looking statements are made as of the date of this report. Prism Medical is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. All forward-looking statements attributable to Prism Medical are expressly qualified by these cautionary statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@MicroservicesExpo Stories
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
JavaScript is primarily a client-based dynamic scripting language most commonly used within web browsers as client-side scripts to interact with the user, browser, and communicate asynchronously to servers. If you have been part of any web-based development, odds are you have worked with JavaScript in one form or another. In this article, I'll focus on the aspects of JavaScript that are relevant within the Node.js environment.
Alibaba, the world’s largest ecommerce provider, has pumped over a $1 billion into its subsidiary, Aliya, a cloud services provider. This is perhaps one of the biggest moments in the global Cloud Wars that signals the entry of China into the main arena. Here is why this matters. The cloud industry worldwide is being propelled into fast growth by tremendous demand for cloud computing services. Cloud, which is highly scalable and offers low investment and high computational capabilities to end us...
One of the ways to increase scalability of services – and applications – is to go “stateless.” The reasons for this are many, but in general by eliminating the mapping between a single client and a single app or service instance you eliminate the need for resources to manage state in the app (overhead) and improve the distributability (I can make up words if I want) of requests across a pool of instances. The latter occurs because sessions don’t need to hang out and consume resources that could ...
Approved this February by the Internet Engineering Task Force (IETF), HTTP/2 is the first major update to HTTP since 1999, when HTTP/1.1 was standardized. Designed with performance in mind, one of the biggest goals of HTTP/2 implementation is to decrease latency while maintaining a high-level compatibility with HTTP/1.1. Though not all testing activities will be impacted by the new protocol, it's important for testers to be aware of any changes moving forward.
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
This week, I joined SOASTA as Senior Vice President of Performance Analytics. Given my background in cloud computing and distributed systems operations — you may have read my blogs on CNET or GigaOm — this may surprise you, but I want to explain why this is the perfect time to take on this opportunity with this team. In fact, that’s probably the best way to break this down. To explain why I’d leave the world of infrastructure and code for the world of data and analytics, let’s explore the timing...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
You often hear the two titles of "DevOps" and "Immutable Infrastructure" used independently. In his session at DevOps Summit, John Willis, Technical Evangelist for Docker, covered the union between the two topics and why this is important. He provided an overview of Immutable Infrastructure then showed how an Immutable Continuous Delivery pipeline can be applied as a best practice for "DevOps." He ended the session with some interesting case study examples.
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Auto-scaling environments, micro-service architectures and globally-distributed teams are just three common examples of why organizations today need automation and interoperability more than ever. But is interoperability something we simply start doing, or does it require a reexamination of our processes? And can we really improve our processes without first making interoperability a requirement for how we choose our tools?
Cloud Migration Management (CMM) refers to the best practices for planning and managing migration of IT systems from a legacy platform to a Cloud Provider through a combination professional services consulting and software tools. A Cloud migration project can be a relatively simple exercise, where applications are migrated ‘as is’, to gain benefits such as elastic capacity and utility pricing, but without making any changes to the application architecture, software development methods or busine...
The Internet of Things. Cloud. Big Data. Real-Time Analytics. To those who do not quite understand what these phrases mean (and let’s be honest, that’s likely to be a large portion of the world), words like “IoT” and “Big Data” are just buzzwords. The truth is, the Internet of Things encompasses much more than jargon and predictions of connected devices. According to Parker Trewin, Senior Director of Content and Communications of Aria Systems, “IoT is big news because it ups the ante: Reach out ...
At DevOps Summit NY there’s been a whole lot of talk about not just DevOps, but containers, IoT, and microservices. Sessions focused not just on the cultural shift needed to grow at scale with a DevOps approach, but also made sure to include the network ”plumbing” needed to ensure success as applications decompose into the microservice architectures enabling rapid growth and support for the Internet of (Every)Things.
Our guest on the podcast this week is Adrian Cockcroft, Technology Fellow at Battery Ventures. We discuss what makes Docker and Netflix highly successful, especially through their use of well-designed IT architecture and DevOps.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with ...
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. The DevOps approach is a way to increase business agility through collaboration, communication, and integration across different teams in the IT organization. In his session at DevOps Summit, Chris Van Tuin, Chief Technologist for the Western US at Red Hat, will discuss: The acceleration of application delivery for the business with DevOps