Alegro announces fiscal 2009 second-quarter results

Aug 27 2009

Alegro Health Corp. (TSX-V: AGO), a healthcare services provider, today announced its financial results for the second quarter ended June 30, 2009.

"While the base business of the Rehabilitation and Disability Management division grew dramatically, the acquisition of Active Health Management was the obvious highlight in what was a truly transformational quarter for Alegro," said Brenda Rasmussen, President and Chief Executive Officer of Alegro Health Corp. "Beyond the significant organic growth in the second quarter, the addition of Active Health Management helped increase revenues by over eighty percent compared to the same period last year, and that only includes one month of Active Health Management in our second quarter results of operations. The Management and Board of Alegro are enthusiastic about the rapid, and to date, seamless integration of Active Health Management and look forward to continued organic and acquisition-based growth for the Company."

Second Quarter 2009 Financial and Operating Highlights

- Completed the acquisition of Active Health Management on May 29,
2009.
- Revenue increased by 83% or $3,191,000 in the current quarter over
the quarter ended June 2008, driven largely by the acquisition of
the Active Health Management business.
- EBITDA has increased to $860,000 compared with $470,000 for the
comparable quarter in 2008.
- Earnings per share increased by 57% for the three months ended
June 30, 2009 from $0.007 to $0.011 and by 75% for the six months
ended June 30, 2009 from $0.012 to $0.021.
- Net income of $518,000 for the quarter was double that of the prior
year.
- At June 30, 2009 the Company had cash on hand of $900,000 and an
unused line of credit of $4,000,000.