VAUGHAN, ON, CANADA, November 01, 2008
/24-7PressRelease/ -- Prism Medical Ltd. ("Prism" or "the Company") (PM:TSX-VEN) today announced its results for the third quarter ended August 31, 2008.
Net income for the third quarter of 2008 increased to $1.065 million ($0.16 per share on a diluted basis) versus $0.908 million ($0.12 per share on a diluted basis) for the same period in 2007.
During the third quarter of 2008, revenues were $12.5 million compared to $10.7 million in 2007, an increase of 17%.
North American revenues increased 43% in 2008 over 2007 driven by strong institutional demand for our products serviced by additional sales personnel and the positive effect of the acquisition of Patient Lifts of New England. UK sales volume increased 5%, offset by an exchange rate decline of 6%.
Gross profit increased $976 (21%) in 2008 over 2007 driven by the sales increase and cost efficiencies resulting from increased UK production.
Earnings per share on a diluted basis for the nine months ended August 31, 2008 were $0.45, an increase of 73% over the same period in the previous year.
Andrew McIntyre, Chairman and CEO of Prism stated, "The third quarter of 2008 was very positive for the Company as we saw continued institutional demand for our products, improved manufacturing efficiencies and greater geographic coverage. Further improvements in US sales representation and dealer market share should result in future profitable growth."
The board of directors of Prism has approved payment on November 25, 2008 of a dividend of 4 cents per common share to the shareholders of record on November 11, 2008. A dividend policy has been established to pay a quarterly dividend of 4 cents per common share, although this dividend policy may change based on future circumstances.
For more information about the patient lifts and repositioning/transferring products, visit http://www.prismmedicalltd.com.
About Prism Medical
A provider of durable medical equipment including patient lifts, bed repositioning products and bathing equipment in Canada, the USA and the United Kingdom (UK).
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