Audiotech Healthcare Corp. has achieved record revenues of $1,010,608 for the first quarter of fiscal 2005 (three months ended Dec. 31, 2004). This represents an increase of 30.1 per cent over the revenues achieved during the first quarter of the previous fiscal year. It also marks the second highest quarterly revenue total in the company's history, and its strongest first quarter ever. It should be noted that the first quarter of each fiscal year is typically the corporation's weakest from a revenue perspective due to the significant interruption that the holiday season has on the hearing aid sales and fitting cycle.
Revenues in Canada surged 46.5 per cent to $648,545 for the three months ended Dec. 31, 2004. This growth is attributed to the recent hiring of additional audiologists, the opening of the Vernon, B.C., clinic in fiscal 2004, and the continued success of the company's new marketing programs.
Revenues at the company's United States clinics also increased, rising 8.3 per cent to $362,063, despite further weakness in the United States dollar during the quarter. The recent expansion of audiology services offered by the United States clinics contributed to this growth. The upcoming opening of the new hearing and balance centre in Idaho Falls, Idaho, this spring is expected to contribute significant additional growth. The construction of this state-of-the-art facility remains significantly ahead of schedule and on budget.