AIM Health Group's net income increased to $1.3M from a loss of $2.9M in 2008

Apr 13 2010

First year post acquisition of Med-Emerg International a success

AIM Health Group Inc. ("AIM" or the "Company") (TSXV - AHG), a fully integrated health care company, announced today that its net income for the year ended December 31, 2009 ("Fiscal 2009") increased to $1.3 million from a loss of $2.9 million in 2008. At the same time EBITDA increased to $3.0 million from negative $0.3 million on a year-over-year basis. The Company also announced that revenues increased 84% to $54.1 million for Fiscal 2009 from $29.4 million for the same period in 2008. Revenue and income include the operating results of Med-Emerg International since its acquisition on January 20, 2009.

For the three months ended December 31, 2009, net income increased to $8,205 from a loss of $2.8 million for the same period in 2008. Similarly, EBITDA increased to $0.6 million for the three months ended December 31, 2009, compared to a negative $1.0 million in the same period in 2008 and revenues increased from $7.5 million to $13.7 million, on a quarter-over-quarter basis.

Dr. Lu Barbuto, President and Chief Executive Officer of AIM commented, "2009 was a year of substantial change for our Company. We have had our most successful year ever, financially, and we enter 2010 with new opportunities to continue on this path."

The Company's financial results are summarized as follows:

($000's except share Three Months Ended Year ended information) December 31 December 31 ------------------------- ------------------------- 2009 2008 2009 2008 Revenue 13,686 7,469 54,105 29,419 EBITDA(1) 590 (975) 2,980 (327) Net income (loss) for the year 8 (2,792) 1,279 (2,931) Net income (loss) per common share (basic and diluted) $ 0.00 $ (0.06) $ 0.01 $ (0.07) Weighted average shares outstanding, basic 105,836,391 60,326,759 103,467,396 43,246,820 (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 December 31, 2009 financial results with the securities regulatory authorities.