Savaria’s Revenue Up 79% and Adjusted EBITDA Up 52% for First Quarter of 2018


Laval, Quebec, May 10, 2018 Savaria Corporation (TSX: SIS), one of North America’s leaders in the accessibility industry, discloses results for its first quarter ended March 31, 2018.


First quarter 2018 results, including Revenue, Operating income and Adjusted EBITDA reached unprecedented levels for a first quarter.

  • Revenue of $56.6 million, up $24.9 million or 78.7%;
  • Gross margin of $18.7 million, up $7.9 million or 72.7%;
  • Operating income of $5.5 million, up $853,000 or 18.4%;
  • Net earnings of $3.8 million, up $435,000 or 13%;
  • Adjusted EBITDA(1) of $7.9 million, up $2.7 million or 51.5%.

(1) Earnings before interest, taxes, depreciation, amortization, realized and unrealized business acquisition costs, the value adjustment on acquired inventories and stock-based compensation (see section Compliance with International Financial Reporting Standards)

A Word from the President

Overall, I am very pleased with the results of our first quarter – which is always our weakest quarter and represents approximately 21% of our annual revenue budget. Our revenue was 79% over Q1 2017 and  almost reached the level of our strongest quarter which was Q3 2017. The adjusted EBITDA was 52% over the same quarter last year. Total revenue hit $56.6 million meeting our budget and on track for our $268 million forecast for fiscal 2018. Our adjusted EBITDA was 14% of revenue, lower than our annual target due to lower Q1 volume. The Accessibility segment showed adjusted EBITDA of 19% of revenue and we forecast to hit an overall adjusted EBITDA of 15.5% in Q2, followed by 16.5% in Q3 and Q4 of this year,” declared Marcel Bourassa, President and Chief Executive Officer of Savaria.

“Our recent financing through a bought deal of $57 million combined with a new term loan of $50 million provides Savaria a total of $180 million of accessible cash for acquisitions and funding of organic growth.

“Our new Vuelift luxury home elevator sales and Savaria ceiling lift product line are on an accelerating growth path and expected to contribute increasingly to our revenue growth this year,” concluded Mr. Bourassa.

Outlook 2018

Factoring in the benefits of the acquisition of Master Lifts that was completed in December 2017, the Corporation forecasts an increase of 48% of revenue to some $268 million and an adjusted EBITDA in the range of $42.5-$44.5 million for fiscal 2018, excluding any new acquisitions.


Savaria Corporation ( is one of North America’s 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, elevators for home and commercial use, as well as ceiling lifts. It also manufactures and markets a comprehensive selection of pressure management products for the medical market, medical beds for the long-term care market, mattress overlays and foam pillows for the retail market and certain products for the industrial market. In addition, Savaria converts and adapts vehicles to be wheelchair accessible. Savaria records around 66% of its revenue outside Canada, primarily in the United States. It operates a sales network of some 400 retailers in North America and employs some 800 people. Its plants are located in Laval and Magog (Quebec), Brampton, Beamsville and Toronto (Ontario), Greenville (South Carolina), Huizhou (China) and Brisbane (Australia).

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, adjusted EBITDA and adjusted EBITDA per share for analysis purposes to measure its financial performance. These measures have no standardized definitions in accordance with IFRS and are therefore regarded as non-IFRS measures. These measures may therefore not be comparable to similar measures reported by other companies. Reconciliation between net income for the period and EBITDA, adjusted EBITDA and adjusted EBITDA per share is provided in the Reconciliation of EBITDA, adjusted EBITDA and adjusted EBITDA per share 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 further information:

Hélène Bernier, CPA, CA
Vice President, Finance
1-800-931-5655, ext. 248

Marcel Bourassa
President and Chief Executive Officer

Reconciliation of EBITDA, adjusted EBITDA and adjusted EBITDA per share with net income is provided below. Complete financial statements and the Management’s Report for the quarter ended March 31, 2018 will be available shortly on Savaria’s website and on SEDAR (

Reconciliation of EBITDA, adjusted EBITDA and adjusted EBITDA per share with Net Income