Savaria Provides COVID-19 Operations Update and 2020 Q1 Preliminary Results
LAVAL, Québec, April 20, 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 COVID-19 pandemic and unprecedented financial disturbance in the market, to provide an update to its shareholders and stakeholders regarding the effects of COVID-19 on its worldwide operations.
“Firstly, and of great importance, I can say that our approximately 1,450 employees around the world are healthy and are working in facilities with added health and safety measures. Savaria has continued to operate as an essential services business, as we manufacture, sell and service mobility and medical equipment for people with disabilities and aging seniors,” declared Mr. Marcel Bourassa, President and Chief Executive Officer of Savaria.“Secondly, I am pleased to provide a brief update ahead of the release of our 2020 first quarter results, by indicating that we expect our revenue to be approximately $87 million, the same as last year’s first quarter results. We expect our adjusted EBITDA to be approximately $12 million representing a 15% increase over last year’s first quarter results,” Mr. Bourassa stated. 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. Financial results for the first quarter ended March 31, 2020 will be released after market hours on May 12, 2020.“Finally, our mission at Savaria is to provide equipment for mobility – including products that allow aging people to stay in their homes as long as possible. During these challenging times, we remain focused on operational synergies and the integration processes of our past acquisitions while operating in these unique times. Our balance sheet is healthier than ever, which places us in a solid position to take advantage of opportunities that we may encounter,” concluded Mr. Bourassa.About Savaria CorporationSavaria 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).