Savaria Presents a Preview of Second Quarter Results
16 July 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 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 second
quarter financial results.
Revenue is estimated at $84.5 million, representing a decrease
of 10.2% from the same quarter in 2019. Adjusted EBITDA is
estimated at $14.5 million, an increase of 2.0% when compared to
the same period in 2019.
For the first six months of 2020, revenue will be approximately
$173 million, for a decrease of 4.7% compared to 2019. Adjusted
EBITDA is expected to be approximately $26.9 million for the first
six months of 2020, representing an 8.5% increase
year-over-year.
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.
A word from the President
“Our extensive accessibility product portfolio, along with our
efforts to build out a global distribution network, as well as
significant cost-containment efforts, all contributed to our strong
results, despite the challenging climate presented by the COVID-19
pandemic. We are embracing our new tagline Stay at Home with
Savaria™ that we believe will resonate with our customers for years
to come. Our complete financial results will be released
August 12 after market close,” 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, 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 Officer1.800.661.5112mbourassa@savaria.com |
Mauro Ferrara, CPA, CAChief
Financial Officer1.800.931.5655 x227mferrara@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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