Laval, Québec, Canada – October 21 2020 – 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 third quarter financial results.
Revenue is expected to be approximately $90 million, down 6% from the same period in 2019, while adjusted EBITDA is expected to increase by 8% to reach approximately $17 million, compared with $15.7 million in the third quarter of 2019.
For the nine-month period ended September 30, 2020, revenue is expected to be approximately $263 million, representing a 5% decrease over the same period of 2019. Adjusted EBITDA should be approximately $44 million, an 8% increase over the same period in 2019, and on track to exceed the $55.6 million in adjusted EBITDA realized during fiscal year 2019.
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 its quarterly consolidated financial statements. Financial results for the third quarter ended September 30, 2020 will be released after market hours on November 11, 2020. Savaria will not provide any additional comments or details until after the full report has been published.
A word from the President
“I am very satisfied with our results during this challenging time. We continue to promote Stay at Home with Savaria™, a strong mantra for many people looking to remain in the comfort of their homes by adding mobility products. We have worked hard to keep our employees and customers safe, and I thank our over 1,400 employees for their dedication this year,” 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, mobility and 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 1,430 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).