Ergoresearch LTD

Ergoresearch LTD

February 29, 2012 10:38 ET

Ergoresearch LTD Reports Record Sales and Claims its Twentieth Consecutive Profitable Quarter

MONTREAL, QUEBEC--(Marketwire - Feb. 29, 2012) - (TSX VENTURE:ERG) -

  • Ergoresearch claims it 20th consecutive profitable quarter. Net profits before taxes rose by 68,2 % and reached $156 659 (7,7 % of revenues) for this quarter compared to $93 110 (5,2 % of revenues) for the same period last year.

  • The Corporation also recorded for the first time in its history sales in excess of $2 million dollars for one quarter. Sales in this second quarter of 2012 increased to be 13,2 % more than those of the same quarter in 2011, from $1 797 761 to $2 034 904.

  • Revenues generated by operations have increased by 244 % to reach $255 387 compared to $74,333 for the same period last year.

  • The Corporation had, as of December 31 2011, cash on hand and short term investments of close to two million dollars.

All amounts are in Canadian dollars unless otherwise indicated.

Ergoresearch LTD (« Ergoresearch » or the « Corporation ») announces today its results for the second quarter ended on December 31, 2011. During this quarter, the Corporation recorded unprecedented sales, a strong profit and an increase in the benefits generated by its operations.

In the quarter ended December 31, 2011, revenues of the Corporation reached $2,034,904, representing an 13.2% increase compared to revenues of $1,797,761 $ for the same period last year. Net profits before taxes have almost doubled to $ 156,659 from $93,110 for the same period last year.

Revenues generated by operations saw a strong increase from $74,333 in the same period last year to $255,387 in this second quarter of 2012.

« We are satisfied with the results of this second quarter of 2012. The Corporation has successfully integrated its operations in its new head office, has diligently continued its research activities on the locomotive system and enthusiastically prepares its future growth. »

These exceptional performances are a tribute to the efforts deployed by our employees, officers and directors. Their efforts orchestrated around common objectives allow the Corporation to aim for the highest summits.»

About Ergoresearch

For the past 5 years, Ergoresearch has been developing the largest network of orthotic clinics in Quebec with more than 60 offices and satellite clinics under the «La Clinique du Pied Équilibre» and «Orthoconcept» banners. Its team of 74 people makes it a leader in the manufacturing of foot and general orthotic devices. It is at the cutting edge of durable medical equipment development in the orthopaedic industry. The corporation is involved in eight (8) important research and development projects with institutions such as the Université Laval de Québec and the Centre de Solutions Technologiques en Orthèses-Prothèses (CSTOP) du Collège Mérici de Québec. Ergoresearch was the first to develop and commercialize intelligent and self-correcting podobarometric sensors, and to use distinct software in order to guarantee the quality and the performance of the orthotic devices it produces. Ergoresearch Ltd is listed on the Toronto - TSX Venture exchange under the symbol ERG.

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

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