Significant increase in revenues and net earnings from continued
operations of 165% and 157% respectively
All amounts are in US dollars.
QUEBEC CITY, Aug. 7 /PRNewswire-FirstCall/ - Atrium Innovations Inc.
(TSX: ATB), a recognized leading developer, manufacturer and marketer of
science-based and professionally endorsed products for the health and
nutrition industries, disclosed today its financial results for the second
quarter of 2008.
- Sale of AI&SC Division completed, allowing to focus activities in the
promising health and nutrition sector;
- Strong organic growth in sales and earnings;
- Strong growth also contributed by the two recent acquisitions, Mucos
and MCO. Integrations are proceeding smoothly;
- Strong financial position and well positioned to pursue the acquisition
- Favorable short-term outlook.
During the quarter ended June 30, 2008, Atrium recorded revenues from continuing operations of $74.5 million, which represents an increase of 165% compared to revenues of $28.2 million for the corresponding quarter in 2007. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations for the second quarter of 2008 increased by 128% to $18.2 million compared to $8.0 million for the same period in 2007. For the quarter ended June 30, 2008, net earnings from continuing operations were $10.7 million compared to $4.2 million for the same period in 2007, an increase of 157%.
The Company's total net earnings were $43.9 million compared to net earnings of $6.6 million for the corresponding period in 2007. For the second quarter of 2008, net earnings per share on a diluted basis rose to $1.33 per share, compared to $0.20 per share for the same period in 2007. Net earnings and net earnings per share in 2008 include a net gain of $30.9 million on the sale of the AI&SC Division.
|SOURCE Atrium Innovations Inc.|
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