Savaria Reports "Best" Q1 Results; Shares Up 7.5% in Early Trade
Savaria Corporation (SIS.TO), today disclosed its results for first quarter ended March 31, 2013.
Revenue for Q1 is up 13% from $15.2 million in 2012 to $17.2 million in 2013. This is the highest quarterly revenue in the Corporation's history for a first quarter, Savaria said;
Net income for 1st quarter is up 242% or $872,000, from $360,000 in 2012 to $1.2 million in 2013;
EBITDA is up 124% or $1.3 million, from $1 million in 2012 to $2.3 million in 2013.
"This first quarter, historically the weakest of the year, is very encouraging and confirms the relevance of our business plan. To meet increased demand going along with this revenue increase, our factory in Huizhou, China will move to a new location around mid-May 2013. The new 75,000-square-foot plant, double the current size, is eight kilometers from the existing plant.
"The addition of our stairlift for curved stairs to our product line is still scheduled for third quarter 2013 and we are very confident of its success on the market," Savaria president and CEO Marcel Bourassa said.
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