Ergoresearch, Laval, Quebec, Canada, released its financial results for the second quarter (2Q) of fiscal-year 2014, for the period ended December 31, 2013. All figures quoted are in Canadian dollars (on March 6, US $1 = CAD $1.10).
Fiscal 2014 second quarter revenues totaled $4,489,330 a 74.9 percent increase compared to $2,566,840 for the period ended December 31, 2012. Increased sales were primarily due to the following factors: an influx of $1,770,902 in revenues from the acquisitions of Victhom Human Bionics, Montreal, Quebec, in April 2013, and Laboratoire Langelier, headquartered in Beloeil, Quebec, in January 2013; and organic growth (other than by acquisitions) of 5.9 percent. The revenue increase from products derived from the company’s own technologies was slightly offset by a decrease in revenues from generic products.
Ergoresearch said its operating income for 2Q fiscal-year 2014 was $491,682, compared to $357,246 for the period ended December 31, 2012. The adjusted operating income taking into account the extraordinary and nonrecurring items of $115,137, was $606,819 a 69.9 percent increase over last year. The depreciation charge for 2Q fiscal-year 2014 was $250,471, compared to $75,844 for the same period last year.
For 2Q fiscal year 2014, the net income after tax expenses was $226,963, compared to $188,134 for the same period in fiscal year 2013. This increase is mainly attributed to an increase in specialty orthotic products, including the OdrA knee brace, a product launched in fiscal year 2013.