581 0 Kommentare Agility Health Reports First Quarter 2016 Financial Results

GRAND RAPIDS, MICHIGAN--(Marketwired - May 30, 2016) - Agility Health, Inc. (TSX VENTURE:AHI) ("Agility Health or "the Company"), today reports its financial results for the three-month period ended March 31, 2016. All amounts are expressed in U.S. dollars unless indicated otherwise.

Financial and Operating Highlights for the First Quarter and Year-to-Date

(All comparative figures are for the corresponding period of the prior year)

Earnings before interest, taxes, depreciation and amortization ("EBITDA") from continuing operations remained consistent at $1.1 million or 7% of revenues.
Gross margin from operations declined to 21% from 23%, due in part to the volume of greenfield opportunities that were initiated in 2015 (and for which initial operating losses have been incurred, as expected, thereby contributing to dilution of gross margin)
Net and total loss declined to $(0.4) million or $(0.01) per share compared with a loss of $(0.6) million or $(0.01) per share in the prior year.

"We continue to be encouraged by positive trends within operations, including the number of greenfield development opportunities that have been executed over the last twelve months, which we believe will begin to contribute positively to EBITDA, gross margin and revenue growth as these opportunities begin to mature," stated Steve Davidson, Agility Health's Chairman and CEO. "We continue to focus on revenue enhancement opportunities, including contract revenue business development and outpatient greenfield clinic development, as we advance toward our goal of achieving profitability in the near term."

Subsequent to the end of the first quarter, the Company announced the following developments:

Agility announced that its subsidiary, Work-Fit, is expanding its injury prevention services within the Fabrication Division of Boeing. This expansion will result in an increase in Work-Fit services of more than 70% at three current Boeing locations, as well as the addition of new Boeing locations in Portland, Oregon and Salt Lake City, Utah.
Agility announced that its subsidiary, Border Therapy Services, LLC, has opened a new, 2400 square foot clinic in Horizon City, Texas, a suburb of El Paso., the first of several "greenfield" expansions targeted for 2016.

Selected Financial Information

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
March 31, 2016 and December 31, 2015
(Expressed in US Dollars)

					(Unaudited)			(Audited)
					March 31,			December 31,
					2016			2015
ASSETS
Current assets
	Cash			$	2,815,385		$	1,306,593
	Accounts and other receivables				7,034,469			7,206,485
	Income taxes receivable				19,241			115,808
	Prepaid expenses and other current assets				987,654			1,004,376
		Total current assets			10,856,749			9,663,262

Investments					86,025			86,025
Property and equipment					1,269,393			1,187,773
Intangible assets					12,043,946			12,160,263
Goodwill					2,531,390			2,531,390

	Total assets			$	26,787,503		$	25,598,713

LIABILITIES AND EQUITY (DEFICIT)
Current liabilities
	Accounts payable and accrued liabilities			$	9,651,481		$	8,267,626
	Line of credit				5,372,216			4,582,875
	Current portion of long-term debt				138,889			222,222
	Current portion of other long-term liabilities				323,908			630,794
		Total current liabilities			15,486,494			13,703,517

Convertible debentures payable					1,037,868			1,004,628
Other long-term liabilities					21,917,858			21,832,854
	Total liabilities				38,442,220			36,540,999

Equity (deficit)
	Share capital				9,033,473			9,020,480
	Contributed surplus				355,267			355,267
	Retained deficit				(23,093,237	)		(22,430,873	)
					(13,704,497	)		(13,055,126	)
	Non-controlling interest				2,049,780			2,112,840
		Total equity (deficit)			(11,654,717	)		(10,942,286	)

			Total liabilities and equity (deficit)	$	26,787,503		$	25,598,713

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS
Three months ended March 31, 2016 and 2015
(Expressed in US Dollars)

				(Unaudited)			(Unaudited)
				2016			2015

Revenue			$	15,521,949		$	15,767,504

Cost of revenues
	Salaries and benefits			9,984,495			10,102,328
	Contract labor			304,232			218,501
	Facility			1,019,446			972,693
	Supplies			205,778			175,894
	Depreciation and amortization			166,492			184,643
	Provision for bad debts			255,201			98,929
	Other			318,486			280,949
		Total cost of revenues		12,254,130			12,033,937

Gross margin				3,267,819			3,733,567

Selling, general and administrative				2,612,036			2,899,772

Other income (expense)
	Interest expense			(1,094,690	)		(1,238,741	)
	Interest income			12,612			-
	Foreign currency translation gain (loss)			120			-
	Fair value adjustment on warrants and obligations			(1,090	)		(135,709	)
				(1,083,048	)		(1,374,450	)

Loss from continuing operations before income taxes				(427,265	)		(540,655	)

Provision for income taxes
	Current			7,210			8,422
	Deferred			-			-
				7,210			8,422
Net and total comprehensive loss from continuing operations				(434,475	)		(549,077	)

Discontinued Operations
Net and total comprehensive loss from discontinued operations				(20,949	)		(56,416	)

Net and total comprehensive loss			$	(455,424	)	$	(605,493	)

Net and total comprehensive income (loss) attributable to:
	Shareholders		$	(662,364	)	$	(906,037	)
	Non-controlling interest			206,940			300,544
			$	(455,424	)	$	(605,493	)
Earnings per share
	Basic, loss per share			(0.01	)		(0.01	)
	Diluted, loss per share			(0.01	)		(0.01	)

About Agility Health

Through its subsidiary and principal operating entity, Agility Health, LLC, Agility Health operates a multi- state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility Health provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. As of March 31, 2016, Agility Health operates 87 outpatient or onsite rehabilitation locations in 14 states. Agility Health's contract therapy services business provides rehabilitative services to 33 hospitals and inpatient rehabilitation units, 27 nursing homes, long-term care facilities and other service locations in 8 states. For more information, please visit investors.agilityhealth.com.

Non-IFRS Financial Measures

Agility Health's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Company also uses certain non-IFRS measures, such as EBITDA to measure its financial performance. EBITDA is defined by the Company as the addition of net loss, depreciation and amortization and financial expenses. The Company uses EBITDA for the purpose of evaluating its historical and prospective financial and operational performance. Management believes that EBITDA is a useful measure for evaluating the performance of the Company. EBITDA is not a performance measure recognized under IFRS, therefore it does not have any standardized meaning prescribed by IFRS and may not be comparable to similarly titled financial metrics reported by other companies.

Forward-Looking Information

This press release contains forward-looking statements regarding Agility Health and its business. Such statements are based on the current expectations and views of future events of Agility Health's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including the anticipated future growth of Agility Health, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumption and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Agility Health undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.