Savaria Provides COVID-19 Operations Update and 2020 Q1 Preliminary Results
21 April 2020 - 7:05AM
Savaria Corporation (“Savaria”) (TSX: SIS) one of the global
leaders in the accessibility industry, believes that it is
important, due to the COVID-19 pandemic and unprecedented financial
disturbance in the market, to provide an update to its shareholders
and stakeholders regarding the effects of COVID-19 on its worldwide
operations.
“Firstly, and of great importance, I can say that our
approximately 1,450 employees around the world are healthy and are
working in facilities with added health and safety measures.
Savaria has continued to operate as an essential services business,
as we manufacture, sell and service mobility and medical equipment
for people with disabilities and aging seniors,” declared
Mr. Marcel Bourassa, President and Chief Executive
Officer of Savaria.
“Secondly, I am pleased to provide a brief update ahead of the
release of our 2020 first quarter results, by indicating that we
expect our revenue to be approximately $87 million, the same
as last year’s first quarter results. We expect our adjusted EBITDA
to be approximately $12 million representing a 15% increase
over last year’s first quarter results,” Mr. Bourassa stated.
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 Savaria’s quarterly consolidated financial
statements. Financial results for the first quarter ended
March 31, 2020 will be released after market hours on
May 12, 2020.
“Finally, our mission at Savaria is to provide equipment for
mobility – including products that allow aging people to stay in
their homes as long as possible. During these challenging times, we
remain focused on operational synergies and the integration
processes of our past acquisitions while operating in these unique
times. Our balance sheet is healthier than ever, which places us in
a solid position to take advantage of opportunities that we may
encounter,” concluded Mr. Bourassa.
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, their
mobility and their 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 1,450
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 Officer1.800.661.5112 |
Mauro Ferrara, CPA, CAChief
Financial Officer1.800.931.5655 x227mferrara@savaria.com |
www.savaria.comfacebook.com/savariabettermobilitytwitter.com/Mobilityforlife |
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