TORONTO, May 22 /PRNewswire-FirstCall/ - AIM Health Group Inc. ("AIM" or the "Company") (TSXV - AHG), a fully integrated health care company, announced today that its income for the three months ended March 31, 2009 (the "Quarter") increased to $271,835 from a loss of $32,194 in the same period in 2008. At the same time EBITDA(1) increased 170% to $672,303 from $248,810, on a quarter-over-quarter basis. This is the first reporting period since AIM acquired Med-Emerg International ("MedEmerg"), on January 20, 2009. The Company also announced that revenues increased 66% to $13.1 million in the Quarter from $7.9 million for the same period in 2008. Revenue and earnings include MedEmerg results from the date of the acquisition.
Lu Barbuto, President and Chief Executive Officer of AIM commented, "The results for the Quarter are encouraging. As expected, the transaction with MedEmerg is showing a positive impact. I expect to see more benefits as the integration process continues. We continue to see 2009 as a growth year for our Company and where our focus will be on the continued development of our Health and Wellness Centres and our service lines, including those acquired from MedEmerg."
The Company's financial results are summarized below:
($000's except share information) Three Months Ended March 31 ---------------- 2009 2008 Revenue 13,092 7,933 EBITDA(1) 672 249 Net income (loss) for the period 272 (32) (1) EBITDA is defined as earnings before interest, taxes and non-cash items including stock compensation and accretion expenses.
The Company went on to advise that the integration of the MedEmerg service lines continues. Two of MedEmerg's chronic pain management sites have been relocated into AIM's Health and Wellness Centres in London and Hamilton, Ontario. Two more sites will be relocated in the next few weeks in Ottawa and Mississauga. The Company continues to indentify synergies of integration and growth related opportunities from the acquisition.
The Company also announced today that it has filed its March 31, 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, most of which are in Ontario.
AIM's healthcare services are comprised of (i) our network of Health and Wellness Centres where we provide medical and complementary alternative medical care, (ii) Infusion Services where we provide intravenous infusions and subcutaneous injections to patients suffering from rheumatoid arthritis, Crohn's disease, ITP and other inflammatory diseases, (iii) Pharmaceutical Research services where we provide clinical research services in community and hospital based sites (iv) Chronic pain management services where we provide medically-based care for more than 60,000 treatments annually, (v) Hospital and Institutional healthcare staffing, where we provide physician staffing to Canadian hospitals, prisons and other institutions, and (vi) Workplace Health Solutions where we are a one-stop solution for more than 80 employers in Canada addressing various occupational health issues.
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 PASSED UPON THE MERITS OF THE PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
|SOURCE AIM Health Group Inc.|
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