Ergoresearch, Laval, Quebec, Canada, has released the financial results of its fiscal year (FY) 2014 first quarter (1Q), which ended September 30. All figures quoted are in Canadian dollars. The company reported that revenues increased 95 percent to $4,227,942 from $2,167,916 for the same quarter in FY 2013 (ended September 30, 2012). Net income after taxes for the quarter was $336,113, a 62.2 percent increase over 1Q FY 2013. Nonrecurring expenses from business acquisitions were $62,583 (fiscal and consolidation of subsidiaries), and total assets amounted to $30,824,432.
The analysis of the financial results takes into consideration the acquisitions of Victhom Human Bionics, Montreal, Quebec (April 2013); Laboratoire M.P. Langelier, LL Customs, 2947-9052 Quebec, and Laboratoire M.P. Langelier/Lanoue (January 2013), now called Laboratoire Langelier, headquartered in Beloeil, Quebec; and of Laboratoire Podotech, now called Podotech, Prévost, Quebec (October 2012).
According to a company press release, increased sales were due to the following factors:
- An influx of revenues from recent business acquisitions, specifically Victhom Human Bionics, Laboratoire Langelier, and Laboratoire Podotech, of $1,775,901.
- Organic growth (other than by acquisitions) of 13.6 percent.
- A $456,843 revenue increase from products derived from the company’s technologies offset a slight decrease in revenues from generic products.
The company’s net profits after taxes were $336,113 in 1Q FY 2014 compared to $207,164 in 1Q FY 2013. Higher profitability is mainly attributable to increasing revenues from custom-made foot orthotics and specialty orthotic products, the company said. Ergoresearch’s cash position exceeds $6,000,000.
“We will take advantage of the next few months to properly integrate our recent acquisitions [and] accelerate product promotion…while seeking new business acquisition opportunities,” said Sylvain Boucher, Ergoresearch president and CEO.
