Laval, Quebec, March 30, 2011 – Savaria Corporation (TSX: SIS), Canada’s leader in the accessibility industry, today disclosed its results for the fourth quarter and fiscal year ended December 31, 2010.
Fiscal 2010 Highlights
- Sales up by 18% to $65.2 million, representing the best annual sales since the start of operations;
- EBITDA up by 29% to $5.3 million or 23 cents per share, representing the best EBITDA since the start of operations;
- Earnings per share of 10.8 cents, up from 8.9 cents for 2009, an increase of 21%;
- Four acquisitions, including two in the Accessibility segment and two in the Adapted vehiclessegment, bringing sales on a annualized basis to a potential of $70 million;
- ISO 9001 certification obtained by the Chinese subsidiary Savaria Huizhou, thereby confirming the application of high level manufacturing standards.
A Word from the President
“Savaria achieved its best results ever in 2010. Sales reached a record high of $65 million, a growth of more than 18% over 2009, whereas EBITDA rose to a record high of $5.3 million, an increase of more than 29% over 2009. The Corporation also closed four acquisitions in Canada, thereby confirming our leadership in the accessibility industry. These companies will benefit from our manufacturing expertise and the strength of our sales network and marketing,” indicated Marcel Bourassa, President and Chief Executive Officer of Savaria.
“I therefore believe a very bright future lies ahead for Savaria, over both the short and long term. We are led to infer that these results attest simultaneously to the Corporation’s financial health and its great potential,” concluded Mr. Bourassa.