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Friday, November 28, 2014

Agility Health, Inc.


Agility Health Reports Third Quarter 2014 Financial Results



GRAND RAPIDS, MICHIGAN--(Marketwired - Nov. 28, 2014) - Agility Health, Inc. ("Agility Health or "the Company") (TSX VENTURE:AHI), today reports its financial results for the three-month and nine-month periods ended September 30, 2014. All amounts are expressed in U.S. dollars unless indicated otherwise.

During the first three quarters of 2014, the Company focused its efforts on improving its operational performance, strengthening its management team, realigning its administrative cost, continuing internal software development as well as discontinuing certain operations.
Financial and Operating Highlights for the Third Quarter ended September 30, 2014 and Year-to-Date
(All comparative figures are for the corresponding period of the prior year)
  • Revenue from continuing operations for the third quarter grew 14% to $15.5 million compared to $13.5 million for the same period last year;
  • Adjusted EBITDA from continuing operations for the third quarter grew to $0.5 million compared to $0.2 million for the same period last year;
  • Gross margin from operations for the third quarter grew to 22% compared to 19% for the same period last year;
  • Revenue from continuing operations for the year-to-date grew 2% to $47 million compared to $45 million for the same period last year;
  • Adjusted EBITDA from continuing operations for the year-to-date were $2 million compared to $2.5 million for the same period last year, this reduction being partly due to significant operational challenges during the first quarter of 2014, including unusually severe weather-related impacts;
  • Gross margin from operations for the year-to-date grew to 22% compared to 18% for the same period last year.
"We are encouraged by the positive trends in both revenue growth and gross margin expansion experienced by Agility during the third quarter," stated Steve Davidson, Agility Health's Chairman and CEO. "With our continued focus on operational improvements, we believe the foundation has been laid during the quarter to maintain those positive trends in the future. Our team has been making tough decisions to focus on operations that will support those trends and has reviewed all opportunities for growth both organically or through acquisition to ensure they meet this higher standard of performance."
Administrative Cost Realignment
During the third quarter of 2014, the Company completed a restructuring of certain administrative functions across each of the operating segments of the Company, as well as corporate administration. The restructuring resulted in the reassignment of certain administrative responsibilities, intended to increase leverage of existing administrative personnel. The Company expects that the administrative restructuring will result, beginning in the fourth quarter of 2014, in the reduction of approximately $1 million in annual salaries and benefits within selling, general and administrative expenses. At September 30, 2014, the Company had accrued and expensed $250,000 of severance expenses related to the administrative cost realignment.
Discontinued Operations
The third quarter of 2014, included a decision by the Company to discontinue operations at its subsidiary located in the greater Boston, Massachusetts area. The discontinued operations contributed a net loss of $2.8 million or $0.04 per share, for the year ended December 31, 2013 and has contributed a net loss of $1.1 million, or $0.01 per share, for the nine month period ended September 30, 2014.
The Company has initiated measures during the third quarter to ensure that overall selling, general and administrative (SG&A) costs return to historical levels on a percentage of revenue basis. The third quarter included several non-recurring expenses related to administrative restructuring and previous acquisitions.
Selected Financial Information
(amounts expressed are in US dollars)

(in $000's, except for per share amounts and as otherwise indicated)
Three months ended September 30 Nine months ended September 30
2014 2013 2014 2013
Revenues $15,541 $13,582 $46,692 $45,414
Gross Margin $3,444 $2,534 $10,375 $8,027
(as % of revenues) 22.1% 18.6% 22.2% 17.6%
Selling, general and administrative $3,786 $2,455 $10,163 $7,417
(as % of revenues) 24.3% 18.0% 21.7% 16.3%
Loss from continuing operations $(1,363) $(904) $(3,071) $(2,217)
(as % of revenues) (8.7%) (6.6%) (6.5%) (4.8%)
Net loss $(2,303) $(1,226) $(4,214) $(3,960)
Adjusted EBITDA
Continuing operations $515 $182 $2,029 $2,494
(as % of revenues) 3.3% 1.3% 4.3% 5.4%
Basic and Diluted earnings per share
From continuing operations $(0.02) $(0.01) $(0.05) $(0.03)
From discontinued operations $(0.01) $(0.01) $(0.01) $(0.03)
From net loss $(0.03) $(0.02) $(0.06) $(0.06)
Non-IFRS Financial Measures
Agility Health's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Company also uses certain non-IFRS measures, such as EBITDA and Adjusted EBITDA to measure its financial performance. EBITDA is defined by the Company as the addition of net loss, depreciation and amortization and financial expenses. Adjusted EBITDA is defined as EBITDA before acquisition expenses, certain legal expenses and provision adjustments, public listing expense, public transaction expenses, contingent consideration expenses, fair value adjustments on warrants and obligations, share-based compensation expense, gain on extinguishment of liability, contract termination fees (non-recurring revenue) and any restructuring expenses. The Company uses Adjusted EBITDA for the purpose of evaluating the quality of historical and prospective financial and operational performance. Management believes that Adjusted EBITDA is a useful measure for evaluating the performance of the Company. Adjusted EBITDA as well as EBITDA, are not recognized measures under IFRS and do not have standardized meaning prescribed by IFRS and may not be comparable to similarly titled financial metrics reported by other companies.
About Agility Health
Through its subsidiary and principal operating entity, Agility Health, LLC, Agility Health operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility Health provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. As of November 28, 2014, Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility Health's contract therapy services business provides rehabilitative services to 42 hospitals and inpatient rehabilitation units, 35 nursing homes, long-term care facilities and other service locations in 9 states. For more information, please visit investors.agilityhealth.com.
Forward-Looking Information
This press release contains forward-looking statements regarding Agility Health and its business. Such statements are based on the current expectations and views of future events of Agility Health's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including the anticipated future growth of Agility Health, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumption and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Agility Health undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 

Contact Information


Steven N. Davidson
Chairman and Chief Executive Officer
(616) 356-5000
steve.davidson@agilityhealth.com

Wednesday, November 26, 2014

MEZZI Unveils Consumer Website

MEZZI Unveils Consumer Website and Names New CFO


Nov 26, 2014 (ACCESSWIRE via COMTEX) -- Vancouver, BC / ACCESSWIRE / November 26, 2014 / Mezzi Holdings Inc. ("Mezzi" or the "Company") (MZI) ) is pleased to announce that it has launched today, a significant website upgrade and unveiled a new consumer focused website at MEZZI.com providing larger and more detailed product images as well as the unveiling of four new products in the women's collection. These new products include the Ariana Foldover Clutch, Vedova Nera Drawstring Handbag, Ventura Tote and the Felisa Handbag. Each is manufactured in the USA where luxury design is coupled with expert craftsmanship using fine Italian leathers, each incorporating the Mezzi crowd-sourced GPS TrackR technology.

Mezzi has also appointed Cyrus Driver as chief financial officer, effective immediately.
Mr. Driver brings extensive financial experience to the Company as a chartered accountant. He was a founding partner in the firm of Driver Anderson since its inception in 1981, and he is currently a partner with Davidson and Company LLP after merging with them in 2002. While providing general public accounting services to a wide range of clients, Mr. Driver specializes in servicing TSX Venture Exchange listed companies, including both preparing and auditing financial statements. Mr. Driver currently serves as a director and/or Chief Financial Officer of several TSX Venture Exchange companies, and he has an understanding of accounting principles, including the context of estimates, accruals and reserves, and has regularly reviewed internal controls and procedures for financial reporting. The board of directors of Mezzi would like to express its appreciation to outgoing chief financial officer Alnesh Mohan for his assistance to the Company as it completed its change of business and acquisition of Mezzi Canada last month (See news release dated October 27th, 2014).

About Mezzi
Mezzi is disrupting the status quo in the luxury accessories market as it unveils a beautiful new product line featuring cutting edge technology, making Mezzi the true smart luxury brand. Each piece, including handbags, duffel bags and essential leather goods, will allow wireless connectivity between your Mezzi bag and smartphone, providing a completely new user experience. With fine leather sourced directly from Italy, all pieces in the Mezzi Smart Luxury collection are manufactured in the USA.

For further information please contact:
Mr. Raif Adelberg,
President - Mezzi Holdings Inc
Tel: (604) 306-8875
Email: raif@mezzi.com
OR
Mr. Keir Reynolds
CEO
Tel: (778) 998-9242
Email: keir@mezzi.com
ON BEHALF OF THE BOARD
Keir Reynolds
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
SOURCE: Mezzi Holdings Inc.