LAVAL, Québec, May 08, 2024 (GLOBE NEWSWIRE) -- Savaria Corporation ("Savaria") (TSX: SIS), one of the global leaders in the accessibility industry, is pleased to announce its results for the first quarter of 2024. Highlights – Q1 2024 compared to Q1 2023 Revenue was $209.4M, compared to $211.6M in 2023, a decrease of 1.0% due to the divestitures of Van-Action, Freedom Motors and the Norway operations, partially offset by organic growth of 2.6% and a positive foreign exchange impact of 0.7%. Accessibility organic growth stood at 3.3%, including growth of 11.0% coming from North America. Patient Care organic growth stood at 0.5%. Gross profit was $75.4M, up $3.4M or 4.7%, representing 36.0% of revenue, an increase of 200 bps compared to 34.0% in Q1 2023. Operating income was $17.7M, up $2.3M or 14.6%, representing 8.5% of revenue compared to 7.3% in Q1 2023. Adjusted EBITDA* was $34.7M, up $3.5M or 11.1%, compared to Q1 2023. Adjusted EBITDA margin* stood at 16.6%, up 190 bps compared to 14.7% in Q1 2023. Net earnings were $11.0M, or $0.16 per share on a diluted basis, compared to $6.0M or $0.09 per share in Q1 2023. Ratio of net debt to adjusted EBITDA* stands at 2.03, stable in comparison to 2.07 as at December 31, 2023. Available funds* of $230.6M, as of March 31, 2024, to support working capital, investments and growth opportunities. On February 1st, 2024, Savaria finalized the transaction to sell its Van-Action and Freedom Motors subsidiaries. These divestments represented approximately $15M of annualized revenue. On April 8, 2024, the Corporation acquired the dumbwaiter and material lift assets of D.A. Matot, Inc. ("Matot"). Matot is a leading North American supplier of lifts used for the movement of goods in commercial and industrial applications. Dumbwaiters and material lifts are used in a wide range of activities, including within hospital and healthcare facilities, the hospitality sector, and a variety of retail and industrial settings.     Q1 in thousands of dollars, except per-share amounts and percentages   2024 2023 Change Revenue   $ 209,444   $ 211,625   (1.0) % Gross profit   $ 75,394   $ 72,033   4.7 % % of revenue     36.0 %   34.0 % 200 bps Operating income   $ 17,721   $ 15,459   14.6 % Net earnings   $ 11,047   $ 6,039   82.9 % Diluted net earnings per share   $ 0.16   $ 0.09   77.8 % Adjusted net earnings*   $ 13,751   $ 8,387   64.0 % Adjusted net earnings per share*   $ 0.19   $ 0.13