Savaria Announces the Best First Quarter in Its History


Laval, Quebec, May 13, 2015 Savaria Corporation (TSX: SIS), North America’s leader in the accessibility industry, discloses its results for its first quarter ended March 31, 2015.

First-Quarter Highlights

Three months ended March 31, 2015

  • Revenue of $20.2 million, up $2.5 million or 14.4%. This is the highest revenue for a first quarter in the history of the Corporation;
  • Operating income of $1.8 million, up $316,000 or 21.4%;
  • EBITDA of $2.9 million, up $638,000 or 28.7%. This is the highest EBITDA for a first quarter in the history of the Corporation;
  • Net cash flows generated from operating activities of $3 million (2014-$1.7 million);
  • Completion of a bought deal private placement on May 13, 2015, resulting in the issuance of 2,875,000 common shares, for gross proceeds of $14.4 million.

A Word from the President

"The first quarter of 2015 demonstrates the continued strong demand for products that improve the mobility of our aging population. Our revenue increased 14.4% over the first quarter of 2014, while our EBITDA is up 28.7%," declared Marcel Bourassa, President and Chief Executive Officer of Savaria.

"After the end of the quarter, Savaria completed a bought deal private placement to a gross amount of $14.4 million. This injection of new cash will allow Savaria to take a more aggressive approach in seizing revenue growth opportunities and developing its strategic plan.

"With the upcoming introduction to market of two new products, a new stairlift for straight staircases, the K-2, and a new vehicle conversion based on the Ram ProMaster able to carry up to seven passengers including three in wheelchair, we are poised to increase our revenue and market share," concluded Mr. Bourassa.

Outlook 2015

For the twelve-month period ending December 31, 2015, we forecast revenue to reach about $92 million, and EBITDA to be in the $13.5-$14.5 million bracket.


As per the Corporation’s dividend policy, the Board of Directors has declared a dividend of 4 cents ($0.04) per common share, payable on June 8, 2015 to shareholders of record of the Corporation at the close of business on May 25, 2015. This is an eligible dividend within the meaning of the Income Tax Act.

Savaria Corporation ( is North America's leader in the accessibility industry focused on meeting the needs of people with mobility challenges. Savaria designs, manufactures, distributes and installs primarily elevators for home and commercial use, as well as stairlifts and vertical and inclined platform lifts. With the acquisition of Silver Cross, the Corporation now operates a lead generation program to capture and distribute leads on potential customers to over 100 affiliates in North America; also, it is a franchisor of stores through which new and recycled accessibility equipment is sold. In addition, Savaria converts and adapts minivans to be wheelchair accessible. The diversity of its product line, one of the world’s most comprehensive, enables the Corporation to stand out by proposing an integrated and customized solution for its customers’ mobility needs. Its operations in China have substantially grown and the collaboration with Savaria’s other Canadian facilities increases its competitive edge in the market place. The Corporation records more than 60% of its revenue outside Canada, primarily in the United States. It operates a sales network of some 700 retailers and affiliates in North America and employs some 430 people at its head office in Laval and at its plants and sales offices in Montreal (Quebec), Brampton and London (Ontario), Calgary (Alberta) and Huizhou (China).

Compliance with International Financial Reporting Standards (“IFRS”)

The information appearing in this press release has been prepared in accordance with IFRS. However, the Corporation uses EBITDA for analysis purposes to measure its financial performance. This measure has no standardized definition in accordance with IFRS and is therefore regarded as a non-IFRS measure. This measure may therefore not be comparable to similar measures reported by other companies. Reconciliation between net income for the period and EBITDA is provided in the Reconciliation of EBITDA with Net Income section below.

Cautionary Notice Regarding Forward-Looking Statements

Certain information in this press release may constitute “forward-looking statements” regarding Savaria, including, without being limited thereto, understanding of the elements that might affect the Corporation’s future, relating to its financial or operating performance, the costs and schedule of future acquisitions, supplementary capital expenditure requirements and legislative matters. Most frequently, but not invariably, forward-looking statements are identified by the use of such terms as “plan”, “expect”, “should”, “could”, “budget”, “expected”, “estimated” “forecast”, “intend”, “anticipate”, “believe”, variants thereof (including negative variants) or statements that certain events, results or shares “could”, “should” or “will” occur or be achieved. Such statements involve known and unknown risks, uncertainties and other factors liable to cause Savaria’s actual results, performance or achievements to differ materially from those set forth in or underlying the forward-looking statements. Such factors notably include general, economic, competitive, political and social uncertainties. Although Savaria has attempted to identify the key elements liable to cause actual measures, events or results to differ from those described in the forward-looking statements, other factors could have an impact on the reality and produce unexpected results. The forward-looking statements contained herein are valid at the date of this press release. As there can be no assurance that these forward-looking statements will prove accurate, actual future results and events could differ materially from those anticipated therein. Accordingly, readers are strongly advised not to unduly rely on these forward-looking statements.


For more information, please contact:

Hélène Bernier, CPA, CA

Vice-President, Finance

1-800-931-5655, ext. 248

Marcel Bourassa

President and Chief Executive Officer