Audiotech Healthcare Corp. has released its operating results for the nine-month period ended June 30, 2004, and its third consecutive quarterly profit.
Audiotech achieved record revenues of $965,954 for the third quarter of fiscal 2004 (three months ended June 30, 2004), an increased of 18 per cent of the revenues posted during the corresponding quarter in fiscal 2003 and 22 per cent over the revenues generated during the second quarter ended March 31, 2004.
The increase in revenues can be attributed to strong growth at the company's Canadian clinic operations as a result of recent marketing efforts, the hiring of additional audiology staff and the opening of the new clinic in Vernon, B.C. Revenues at Audiotech's Canadian operations surged more than 44 per cent to $629,278 during the third quarter, up from $436,184 posted during the same quarter a year earlier. Canadian revenues also compare favourably with the second quarter of the current fiscal year, showing an increase of more than 24 per cent.
Revenues from the company's United States operations remained strong, but as has been the case for all of fiscal 2004, were negatively impacted by the severe depreciation of the United States dollar over the past 12 to 15 months. As measured in United States dollars, the United States clinic operations continued to post significant organic growth, however, after conversion to Canadian dollars for consolidated financial reporting, revenues showed a small decrease of 12 per cent over the same quarter a year earlier. On a more positive note, revenues from the United States clinics for the third quarter of fiscal 2004 of $336,676 increased 17 per cent over the quarter ended March 31, 2004. The recently opened Blackfoot, Idaho, clinic is expected to begin contributing more significantly to United States clinic sales in upcoming quarters.