I was on a Panama Canal cruise when these results were distributed. Sorry for the late publishing of the data. I will do a little analysis on Q4 in a later post.
Regards,
Ed
Healthcare Ltd. today announced record results for 1999.
Year End Results (year ended December 31, 1999 compared with year ended December 31, 1998)
Revenues were $19.36 million compared with $13.80 million.
Net earnings were $468,000 compared with $272,500.
Net earnings per share* were $0.041 compared with $0.037.
EBITDA** was $1.45 million compared with $1.03 million.
*Earnings per share were calculated using weighted average shares of
7,400,089 for 1998 and 11,523,659 for 1999.
**Earnings Before Interest, Taxes, Depreciation and Amortization.
Robert Thornton, President and CEO, said that the 40% increase in annual revenues and 72% increase in net earnings was attributable to the strong internal rental and sales growth from existing operations as well as revenues from newly acquired entities. Continental?s performance, particularly in bottom line results, excelled in all areas and was significantly higher than the previous year.
Mr. Thornton added that since the arrival of a new management team in 1997, Continental has grown from $2 million in revenues, with substantial losses, to a Company with over $19 million in sales and a healthy profit. With eight consecutive quarters of increased sales, and a solid foundation on which to build, management is currently looking to fuel the Company?s rapid growth with acquisitions, and thereby increase shareholder value.
The home healthcare equipment and supplies industry is currently expanding at a healthy rate of 12% annually and this growth trend is expected to increase in the coming years as the North American population rapidly ages and the baby boomer generation approaches their senior years. Continental is well positioned for continued robust growth through the balance of the current fiscal year and beyond.
Continental Home Healthcare Ltd. acquires, consolidates, and manages healthcare equipment retailers that provide equipment such as hospital beds, custom power and manual wheelchairs, scooters, bathroom safety products, ambulatory aids, and aids for daily living sold to individuals and healthcare institutions. Branches are located in Glendale and Indian Wells, California; Las Vegas, Nevada; Penticton and Vancouver, British Columbia.
The Company?s shares trade on the Toronto Stock Exchange and the Canadian Venture Exchange under the symbol ?CHT?.
Current Company updates can be found at the web site: www.continentalhomehealth.com
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For Further Information Please Contact:
Cathy Hume or
Natasha Blackburn, Investor Relations
Hume, Kieran Inc.
(416) 868-1079
Robert Thornton
President & CEO
Continental Home Healthcare Ltd.
(818) 242-4171
Toll free Continental investor information 1-800-286-4566
If you wish to receive company press releases via email, please advise Natasha Blackburn at natasha@humekieran.on.ca
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