Ossur First Quarter Report for 2006
Correction: The percentage change between operating results in the first quarter of 2006 and the first quarter of 2005 (table page 2 of the press release) has been corrected as it was previously incorrectly presented. Attached is a corrected press release.
First quarter highlights " Sales USD 60.0 million, up by 93% measured in USD " Organic sales growth 12% " Pro forma sales growth 11% " One-time unusual expenses due to the acquisition of Innovation Sports, Inc. USD 3 million " Amortization of intangible assets relating to recent acquisitions USD 2.9 million " EBITDA USD 11.6 million, excluding one-time unusual expenses, up by 110% " EBITDA ratio 19.3%, excluding one-time unusual expenses, up from 17.8% from the first quarter of 2005 " Net profit USD 4.1 million, excluding one-time unusual expenses and amortization of intangible assets, up by 30%. Net profit USD 571 thousand without adjustments for unusual expenses and amortization of intangible assets. " Earnings per share 1.07 US cents, excluding one-time unusual expenses and amortization of intangible assets, up by 6%. Earnings per share 0.15 US cents without adjustments for unusual expenses and amortization of intangible assets. Jon Sigurdsson, President & CEO, comments: "I am satisfied with these results. They are in the upper range of management's guidance although impacted by unusual expenses relating to the major acquisitions we have completed since July last year. Integration and restructuring is proceeding according to plans and we are beginning to experience projected synergies, although they will first have a significant impact in 2007. We are moving steadily towards our vision of becoming a leader in the orthopaedic industry. We realized ambitious organic growth in the prosthetic sector while at the same time acquiring a significant market position in the bracing and support sector, which now accounts for well over 50% of our sales. Our technological leadership was clearly demonstrated by the launch of the breakthrough bionic Power Knee and Proprio Foot products. Our vision and strategy are clear. We will continue improving our existing operations as well as exploring external opportunities to reach our goals."