Mar 8 2010
Prism Medical Ltd. ("Prism" or "the Company") (PM:TSX-VEN) today announced its results for the fiscal year ended November 30, 2009.
In 2009, revenues were $65.7 million compared to $51.9 million in 2008.
Sales in North America increased $9,374 or 43% to $31.1 million driven by increased sales in both the United States and Canada. The increase in U.S. sales was caused by market share gains on traditional products and channel and driven by direct sales efforts. The increase in Canada was driven by strong institutional demand for our products partially supported by government funding. In addition, the UK experienced a sales increase of 27% in British Pound Sterling (GBP) as they continued to expand into new geographies, however due to the decline of the GBP relative to the Canadian dollar sales actually increased by 15%.
In 2009, gross profit increased $6.0 million (26%) over 2008 driven by the sales increase made by the Company owned network of dealers and direct sales staff. Selling, general and administration expenses increased $4.9 million (35%) primarily as a result of incorporating the operating costs of new acquisitions and infrastructure costs within the U.S.
Andrew McIntyre, Chairman and CEO of Prism stated "2009 was a year of growth with significant gains in the United States and continued growth in the UK. Net income was $4,584 or $0.66 per share on a fully diluted basis as compared to $4,527 or $0.67 per share in fiscal 2008.