Ergoresearch Ltd

Ergoresearch Ltd

March 01, 2010 15:21 ET

Ergoresearch Ltd Reports an Increase in Its Sales for the Second Quarter of 2010-Sales Rose Despite a Difficult Economical and Social Environment

MONTREAL, QUEBEC--(Marketwire - March 1, 2010) - Ergoresearch ltd (TSX VENTURE:ERG)

  • Annual sales for the quarter have risen by 0.7% compared to the same period last year. The Company also recorded an increase of its sales for the first six months of the 2010 fiscal year, climbing to $3 225 149 from $2 229 742 they were at the same period last year, representing a 44.6% increase.

  • Net profits before income tax of $76 081 from $191 265 for the same period last year due to the possible impact of Quebec's swine flu vaccination campaign.

  • Revenues for the last twelve months totalled $6 304 115 and net earnings for the same period totalled $692 541

All amounts in Canadian dollars unless otherwise stated.

Ergoresearch ltd ("Ergoresearch" or the "Company")(TSX VENTURE:ERG) announced today its results for the second quarter of 2010 ended December 31, 2009. During the year, Ergoresearch recorded an increase of its sales and generated net earnings from its operating activities.

During the second quarter ended December 31, 2009, sales reached $1 629 042 compared to $1 617 615 for the same period last year. Net earnings before taxes and portion allocated to its minority shareholder went from $191 265 (Q2-2009) to $77 851 (Q2-2010). The Company also recorded an increase of its sales for the first six months of the 2010 fiscal year, climbing to $3 225 149 from $2 229 742 they were at the same period last year, representing a 44.6% increase.

"We are satisfied with the results of this second quarter of 2010. Notwithstanding challenging economic times and the climate of uncertainty and disorganization that characterized the early stages of the swine flu vaccination campaign in Quebec which probably resulted in a decrease in the number of patients in the clinics, the Company very successfully integrated its most recent acquisition."

"Such noteworthy improvements stand witness to the hard work of our employees, management team and Directors. All have rallied around a common strategy and provided their best efforts to allow the Company to reach summiting performances" stated Sylvain Boucher, President and CEO of Ergoresearch Ltd.

Forward-looking statements

Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are based on management's expectations and no assurance can be given that potential future results or circumstances described in the forward looking statements will be achieved or will occur. Such risks factors include, but are not limited to, those related to the Company's ability to finance its activities, competition, fluctuations in operating results, the impact of general economics, industry and market conditions, the ability to recruit and retain qualified employees, fluctuations in cash flow, expectations regarding market demand for particular products and the dependence on new product development.

The reader should not give great importance to forward-looking statements as (i) the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and (ii) certain important factors or hypothesis taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.

Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Ergoresearch Ltd ( through its subsidiaries ( ) and ( ) is a leading general and foot orthotics manufacturer as well as being on the leading edge of durable medical equipment development in the orthopaedic industry. The Company pursues its goal to become an international leader in technologies and solutions aimed at improving health and well-being.

The TSX Venture exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information