Savaria Presents a Preview of Second Quarter Results

LAVAL, Québec, July 15, 2020 (GLOBE NEWSWIRE) -- Savaria Corporation (“Savaria”) (TSX: SIS) one of the global leaders in the accessibility industry, believes that it is important, due to the ongoing COVID-19 pandemic and unprecedented financial disturbance in the market, to provide an update to its shareholders and stakeholders with respect to its 2020 second quarter financial results.

Revenue is estimated at $84.5 million, representing a decrease of 10.2% from the same quarter in 2019.  Adjusted EBITDA is estimated at $14.5 million, an increase of 2.0% when compared to the same period in 2019. 

For the first six months of 2020, revenue will be approximately $173 million, for a decrease of 4.7% compared to 2019. Adjusted EBITDA is expected to be approximately $26.9 million for the first six months of 2020, representing an 8.5% increase year-over-year.

These preliminary results are based on information available to Savaria as of the date of this release and are subject to revision upon the finalization of Savaria’s quarterly consolidated financial statements.

A word from the President

“Our extensive accessibility product portfolio, along with our efforts to build out a global distribution network, as well as significant cost-containment efforts, all contributed to our strong results, despite the challenging climate presented by the COVID-19 pandemic. We are embracing our new tagline Stay at Home with Savaria that we believe will resonate with our customers for years to come. Our complete financial results will be released August 12 after market close,” declared Marcel Bourassa, President and Chief Executive Officer of Savaria.

About Savaria Corporation

Savaria Corporation (savaria.com) is one of the global leaders in the accessibility industry. It provides accessibility solutions for the physically challenged to increase their comfort, their mobility and their independence. Its product line is one of the most comprehensive on the market. Savaria designs, manufactures, distributes and installs accessibility equipment, such as stairlifts for straight and curved stairs, vertical and inclined wheelchair lifts and elevators for home and commercial use. It also manufactures and markets a comprehensive selection of pressure management products for the medical market, medical beds for the long-term care market, as well as an extensive line of medical equipment and solutions for the safe handling of patients. In addition, Savaria converts and adapts vehicles to be wheelchair accessible. The Corporation operates a sales network of dealers worldwide and direct sales offices in North America, Europe (Switzerland, Germany, Italy, Czech Republic, Poland and United Kingdom), Australia and China. Savaria employs approximately 1,450 people globally and its plants are located across Canada in Laval and Magog (Québec), Brampton, Beamsville and Toronto (Ontario) and Surrey (British Columbia), in the United States at Greenville (South Carolina), in Huizhou (China), in Milan (Italy) and in Newton Abbot (United Kingdom).