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Savaria Announces Results for the Third Quarter of 2012

LAVAL, QUEBEC -- (Marketwire) -- 11/13/12 -- Savaria Corporation (TSX:SIS), North America's leader in the accessibility industry, today disclosed its results for the third quarter ended September 30, 2012.

Third-Quarter Highlights

--  Relocation of Brampton's manufacturing operations to a newly acquired
    facility with a one-time moving cost of $857,000; 
--  Revenue of $16.2 million compared to $17.4 million in 2011, down 7.1% in
    spite of losing almost 15% of production time from moving manufacturing
--  Operating loss of $135,000 in 2012, compared to operating income of $1.3
    million in 2011; 
--  Signing of a landmark project in China valued at $850,000 for 27
    accessibility lifts in nine high-speed train stations to be completed by
    the end of the year. 

A Word from the President

"Third quarter results were adversely affected by the relocation of our manufacturing operations at our Brampton, Ontario plant. In addition to decreasing revenue due to the temporary shutdown of operations, it resulted in moving expenses to the amount of $857,000 during the third quarter. On the other hand, this investment will result in yearly savings of some $1 million," declared Marcel Bourassa, President and Chief Executive Officer of Savaria.

"However, two events that occurred during the third quarter will contribute positively to the future results of the company. Firstly, our main North American competitor, TK Access, ceased operations on August 22, which will potentially enable our Corporation to increase our market share and revenue; secondly, our Chinese subsidiary has won its first major contract, for the delivery of 27 platform lifts, to equip the high-speed train stations on the island of Hainan in China.

"We have a strong balance sheet, which enables us to further our development," concluded Mr. Bourassa.

Operating Results (Comparative Analysis with Third Quarter and First Three Quarters of 2011)

--  In third quarter 2012, the Corporation reported revenue of $16.2 M,
    compared to $17.4 M in 2011, a decrease of $1.2 M or 7.1%. This decrease
    is mainly due to a temporary shutdown of the Brampton, Ontario plant's
    operations to relocate said operations to a building acquired last
    April, and to a negative impact of $265,000 from variations in foreign
    exchange rates. For the first three quarters of 2012, revenue is stable
    at $48.9 M. 
--  Gross margin for third quarter 2012 is down by $1.7 M, representing
    21.4% of revenue compared to 29.5% in 2011. For the first three quarters
    of 2012, gross margin is down by $1.2 M, representing 25.4% of revenue
    compared to 27.9% in 2011. In addition to the decrease in revenue,
    moving costs of $770,000 for the third quarter and $921,000 for the
    nine-month period also have had an adverse effect on gross margins. 
--  Operating income for third quarter 2012 is down by $1.4 M or 110% from a
    gain of $1.3 M in 2011 to a loss of $135,000 in 2012. For the first
    three quarters of 2012, the decrease was $697,000 or 30%, from $2.4 M to
    $1.7 M. 
--  Net income for third quarter is down by 133%, from a gain of $1.3 M in
    2011 to a loss of $425,000 in 2012, a decrease of $1.7 M. For the first
    three quarters, net income is down 61%, from $1.6 M to $626,000, a
    decrease of $977,000. 
--  EBITDA for third quarter was down $2.2 M from $2.3 M in 2011 to $62,000
    in 2012. For the first three quarters, EBITDA decreased by $1.2 M, from
    $3.9 M in 2011 to $2.7 M in 2012, a decrease of 32%. 

Savaria Corporation ( is North America's leader in the accessibility industry focused on meeting the needs of people with mobility challenges. Savaria designs, manufactures and distributes primarily elevators for home and commercial use, as well as stairlifts and vertical and inclined platform lifts. In addition, it converts and adapts wheelchair accessible automotive vehicles and offers scooters and motorized wheelchairs. The diversity of its product line, one of the world's most comprehensive, enables the Corporation to stand out by proposing an integrated and customized solution for its customers' mobility needs. Its operations in China have substantially grown since 2006 and the collaboration with Savaria's other Canadian facilities increases its competitive edge in the market place. The Corporation records slightly over 50% of its sales outside Canada, primarily in the United States. It has a sales network of some 600 retailers in North America and employs close to 400 people at its head office in Laval and at its plants in Montreal (Quebec), Brampton and London (Ontario), Calgary (Alberta) and Huizhou (China).

Compliance with International Financial Reporting Standards ("IFRS")

The information appearing in this press release has been prepared in accordance with IFRS. However, the Corporation uses EBITDA for analysis purposes to measure its financial performance. This measure has no standardized definition in accordance with IFRS and is therefore regarded as a non-IFRS measure. This measure may therefore not be comparable to similar measures reported by other companies. Reconciliation between net income for the period and EBITDA is provided in the Financial Highlights section below.

Cautionary Notice Regarding Forward-Looking Statements

Certain information in this press release may constitute "forward-looking statements" regarding Savaria, including, without being limited thereto, understanding of the elements that might affect the Corporation's future, relating to its financial or operating performance, the costs and schedule of future acquisitions, supplementary capital expenditure requirements and legislative matters. Most frequently, but not invariably, forward-looking statements are identified by the use of such terms as "plan", "expect", "should", "could", "budget", "expected", "estimated" "forecast", "intend", "anticipate", "believe", variants thereof (including negative variants) or statements that certain events, results or shares "could", "should" or "will" occur or be achieved. Such statements involve known and unknown risks, uncertainties and other factors liable to cause Savaria's actual results, performance or achievements to differ materially from those set forth in or underlying the forward-looking statements. Such factors notably include general, economic, competitive, political and social uncertainties. Although Savaria has attempted to identify the key elements liable to cause actual measures, events or results to differ from those described in the forward-looking statements, other factors could have an impact on the reality and produce unexpected results. The forward-looking statements contained herein are valid at the date of this press release. As there can be no assurance that these forward-looking statements will prove accurate, actual future results and events could differ materially from those anticipated therein. Accordingly, readers are strongly advised not to unduly rely on these forward-looking statements.

Complete financial statements and the management's report for quarter ended September 30, 2012 will be available shortly on Savaria's website and on SEDAR (

Financial Highlights

(in thousands,                                                              
 except per-                                                                
 share amounts                                                              
 percentages -             Quarters Ended        Nine-Month Periods Ended   
 unaudited)                  September 30,                   September 30,  
                  2012     2011  Variation       2012      2011  Variation  
Revenue        $16,166  $17,395       (7.1)%  $48,869   $48,916       (0.1)%
Gross margin                                                                
 as a % of                                                                  
 revenue          21.4%    29.5%       n/a       25.4%     27.9%       n/a  
 costs          $3,588   $3,825       (6.2)%  $10,775   $11,289       (4.6)%
As a % of                                                                   
 revenue          22.2%      22%       n/a         22%     23.1%       n/a  
 income (loss)   $(135)  $1,307       (110)%   $1,661    $2,358      (29.6)%
As a % of                                                                   
 revenue          (0.8)%    7.5%       n/a        3.4%      4.8%       n/a  
Gain (loss) on                                                              
 exchange        $(151)    $513       (129)%    $(117)     $315       (137)%
Net (loss)                                                                  
 income          $(425)  $1,286       (133)%     $626    $1,603      (60.9)%
Earnings per                                                                
 share -                                                                    
 diluted        $(0.02)   $0.06       (133)%    $0.03     $0.07      (57.1)%
EBITDA(1)          $62   $2,332      (97.3)%   $2,682    $3,929      (31.7)%
EBITDA per                                                                  
 share -                                                                    
 diluted        $0.003    $0.10        (97)%    $0.11     $0.17      (35.3)%
 declared per                                                               
 share               -        -        n/a     $0.094    $0.102        n/a  
 number of                                                                  
 common shares                                                              
 outstanding -                                                              
 diluted        23,145   23,279       (0.6)%   23,141    23,261       (0.5)%
               As at Sep. 30, As at Dec. 31,
                         2012           2011
Total assets          $50,182        $42,413
 liabilities          $31,899        $22,268
 equity               $18,283        $20,145
(1)  Reconciliation of EBITDA with net income provided in the following     

Although EBITDA is not recognized according to IFRS, it is used by management, investors and analysts to assess the Corporation's financial and operating performance.

Reconciliation of EBITDA with Net Income

                                                          Nine-Month Periods
(in thousands of dollars -             Quarters Ended                 Ended 
 unaudited)                              September 30,         September 30,
                                     2012         2011       2012       2011
Net income (loss)                   $(425)      $1,286       $626     $1,603
Plus :                                                                      
Interest on long-term debt            204          149        522        430
Interest expense and banking                                                
 fees                                  23           26         68        155
(Recovery of) income tax                                                    
 expense                             (141)         487        349        640
Depreciation of fixed assets          235          185        588        538
Amortization of intangible                                                  
 assets                               176          201        556        588
Interest income                        10            2         27         25
EBITDA                                $62       $2,332     $2,682     $3,929

Helene Bernier, CPA, CA
Vice-President, Finance
1-800-931-5655, ext. 248

Marcel Bourassa
President and Chief Executive Officer

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

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