TORONTO, Aug. 25 /PRNewswire-FirstCall/ - AIM Health Group Inc. ("AIM" or the "Company") (TSXV - AHG), a fully integrated health care company, announced today that its net income for the three month period ended June 30, 2009 (the "Quarter") increased to $365,645 from a loss of $118,223 in the same period in 2008. At the same time EBITDA(1) increased 380% to $806,838 from $167,150, on a quarter-over-quarter basis. The Company also announced that revenues increased 102% to $14.2 million in the Quarter from $7.0 million for the same period in 2008. Revenue and income include the operating results of Med-Emerg International (MedEmerg) since its acquisition on January 20, 2009.
For the six months ended June 30, 2009, net income increased to $637,480 from a loss of $150,417 for the same period in 2008. Similarly, EBITDA increased to $1,479,141 for the six months ended June 30, 2009, compared to $415,960 in the same period in 2008 and revenues increased from $14.9 million to $27.3 million, on a year-over-year basis.
Lu Barbuto, President and Chief Executive Officer of AIM commented, "We expect that our results will continue to improve as we harmonize the combined management experience. The clinical and business expertise of our expanded management team will allow us to dedicate more resources to the growth of our service lines and provide leadership in community-based health delivery.
With the integration of three of our pain management centres into our Health and Wellness Centres, we are starting to demonstrate positive financial results in our pain business. In this second quarter, we opened our two largest Health and Wellness Centres located in Ottawa and in Mississauga, both of which include our new pharmacy services. Our Health and Wellness Centres are the cornerstone of our community-based health services delivery model, and consistent with the needs of the consumer, we expect that these centres will continue to create more opportunities for growth."
Dr. Barbuto added, "Our business is heavily dependent on the quality, experience and skills of our people. One of our priorities in the integration with MedEmerg was to identify management roles and to define areas of responsibility. In this regard we are pleased to announce the following appointments:
- Dr. James Ducharme - Senior Vice President and Chief Medical Officer; - William Danis - Senior Vice President, Operations and Financial Management; and - Ross Glover - Vice President, Medical Services." The Company's financial results are summarized as follows: ($000's except share Three Months Ended Six months ended information) June 30 June 30 ------------------------- ------------------------- 2009 2008 2009 2008 Revenue 14,184 6,986 27,276 14,919 EBITDA(1) 807 167 1,479 416 Net income (loss) for the period 366 (118) 637 (150) Net income (loss) per common share (basic and diluted) $ 0.003 $ (0.003) $ 0.006 $ (0.006) Weighted average shares outstanding, basic 105,836,391 45,898,900 100,585,280 25,008,920 (1) EBITDA is defined as earnings before interest, taxes and non-cash items including stock compensation and accretion expenses.
The Company also announced that it has filed its June 30, 2009 financial results with the securities regulatory authorities. Such financial results may be found on SEDAR at www.sedar.com.
About AIM Health Group Inc.
AIM is a Canadian healthcare company, providing patient care and health related consulting services for Employers, Unions, Hospitals, Pharmaceutical Companies, Insurers and the General Public. Our focus is to increase shareholder value through the leveraging of our healthcare infrastructure in more than 70 community-based sites.
AIM's healthcare services include (i) medical and complementary alternative medical care, (ii) Infusion Services where we provide intravenous infusions and subcutaneous injections to patients suffering from various complex diseases, (iii) Pharmaceutical Research services where we provide clinical research services in community and hospital-based sites (iv) Chronic pain management services, (v) Hospital and Institutional healthcare staffing, where we provide physician staffing to Canadian hospitals, prisons and other institutions, and (vi) Workplace Health and Cost Solutions where we are a one-stop occupational health solution for more than 80 employers across Canada.
Caution Concerning Forward-Looking Statements
Certain statements in this press release are forward-looking statements. These statements are based upon certain material factors, assumptions and analyses that were applied in drawing a conclusion or making a forecast or projection, including AIM's experience and perceptions of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of AIM for the current fiscal year and subsequent periods. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusion will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of material factors, many of which are beyond AIM's control, affect operations, performance, achievements and results of AIM that may be expressed or implied by such forward-looking statements and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: general economic, industry and market segment conditions; equipment and labour shortages and inflationary costs; changes in applicable environmental, taxation and other laws and regulations, as well as how such laws and regulations are interpreted and enforced; changes in technology; operating risks, including risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; stock market volatility; ability to maintain current and obtain additional financing; and management's success in anticipating and managing the foregoing factors.
The reader is cautioned that the foregoing list of factors is not exhaustive of the factors that may affect AIM's forward-looking statements. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management of AIM currently believes to be reasonable assumptions, actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits will be derived therefrom. These forward-looking statements are made as of the date of this release and, other than as specifically required by law, AIM does not assume any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
THE TSX VENTURE EXCHANGE INC. HAS IN NO WAY APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
|SOURCE AIM Health Group Inc.|
Copyright©2009 PR Newswire.
All rights reserved