Savaria Announces 2020 Q1 Results

Revenue stood at $88.4M and Adjusted EBITDA at $12.4M, up 17.3%

LAVAL, Québec, May 12, 2020 (GLOBE NEWSWIRE) -- Savaria Corporation (“Savaria”) (TSX: SIS), one of the global leaders in the accessibility industry, is pleased to announce today its results for the first quarter of fiscal 2020.

Highlights

• Revenue was $88.4M, up $0.9M, or 1.1%;
• Gross profit was $30.1M, up $3.1M, or 11.4%;
• Adjusted net earnings were $7.2M, or $0.14 per share on a diluted basis, up 96.1% and 75.0%, respectively;
• Adjusted EBITDA was $12.4M, up $1.8M or 17.3%.

in thousands of dollars, except per-share amounts and percentages	Q1
	2020	2019	Change
Revenue	$88,419	$87,477	1.1%
Gross profit	$30,142	$27,054	11.4%
% of revenue	34.1%	30.9%	n/a
Adjusted net earnings (1)	$7,180	$3,661	96.1%
% of revenue	8.1%	4.2%	n/a
Adjusted net earnings per share	$0.14	$0.08	75.0%
Adjusted EBITDA(1)	$12,357	$10,531	17.3%
% of revenue	14.0%	12.0%	n/a
Adjusted EBITDA per share	$0.24	$0.23	4.3%
(1) Non-IFRS measures are described in the 'Glossary' section of the MD&A

A word from the President

“I am happy with our first quarter results, despite the inherent challenges of COVID‑19. Total revenue reached $88.4 million, a slight increase of 1.1% over last year. Meanwhile, our adjusted EBITDA grew by 17.3% to $12.4 million, representing an adjusted EBITDA margin of 14% compared to 12% in Q1-2019.

“With a working capital ratio of 2.4 and a net interest-bearing debt to adjusted EBITDA ratio sitting at 0.2x, our strong balance sheet provides us the financial flexibility to explore acquisition opportunities, while ensuring the security of our dividend,” stated Mr. Marcel Bourassa, President and Chief Executive Officer of Savaria.