/EINPresswire.com/ -- GRAND RAPIDS, MICHIGAN -- (Marketwired) -- 08/29/16 -- Agility Health, Inc. (TSX VENTURE: AHI) ("Agility Health" or the "Company"), today reports its financial results for the three and six-month period ended June 30, 2016. All amounts are expressed in U.S. dollars unless indicated otherwise.

Financial and Operating Highlights for the Second Quarter and Year-to-Date

(All comparative figures are for the corresponding period of the prior year)

--  Revenue from continuing operations for the second quarter was $16.3    million;--  Revenue for the first and second quarters of 2016 grew to $31.8 million    from $31.5 million for the comparable period in 2015;--  Earnings before interest, taxes, depreciation and amortization    ("EBITDA") from continuing operations for the second quarter remains    consistent with the comparable period in 2015 at $1.4 million or 9%;--  EBIDTA from continuing operations for the first and second quarters of    2016 remains consistent with the comparable period in 2015 at $2.5    million or 8%;--  Gross margin from operations for the first and second quarters of 2016    declined to 21% from 23%, due in part to the volume of greenfield    opportunities that were initiated in 2015 (and for which initial    operating losses have been incurred, as expected, thereby contributing    to dilution of gross margin);--  Net and total loss for the first and second quarters of 2016 declined to    $0.8 million or $(0.01) per share compared with a loss of $0.9 million    or $(0.02) per share for the same period in 2015.

"We continue to be encouraged by positive trends within operations, including the number of greenfield development opportunities that have been executed over the last twelve months, which we believe will begin to contribute positively to EBITDA, gross margin and revenue growth as these opportunities begin to mature," stated Steve Davidson, Agility Health's Chairman and CEO. "We continue to focus on revenue enhancement opportunities, including contract revenue business development and outpatient greenfield clinic development, as we advance toward our goal of achieving profitability in the near term."

During the second quarter, the Company announced the following developments:

--  Agility Health announced that its subsidiary, Work-Fit, is expanding its    injury prevention services within the Fabrication Division of Boeing.    This expansion will result in an increase in Work-Fit services of more    than 70% at three current Boeing locations, as well as the addition of    new Boeing locations in Portland, Oregon and Salt Lake City, Utah.--  Agility Health announced that its subsidiary, Border Therapy Services,    LLC, has opened a new, 2400 square foot clinic in Horizon City, Texas, a    suburb of El Paso.

Selected Financial Information

      CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION                    June 30, 2016 and December 31, 2015                         (Expressed in US Dollars)---------------------------------------------------------------------------                                              (Unaudited)         (Audited)                                                 June 30,      December 31,                                                     2016              2016ASSETSCurrent assets  Cash                                     $    1,502,221    $    1,306,593  Accounts and other receivables                7,519,266         7,206,485  Income taxes receivable                               -           115,808  Prepaid expenses and other current   assets                                       1,003,760         1,004,376                                            -------------     -------------    Total current assets                       10,025,247         9,663,262Investments                                        86,025            86,025Property and equipment                          1,069,150         1,187,773Intangible assets                              11,854,833        12,160,263Goodwill                                        2,354,422         2,531,390                                            -------------     -------------  Total assets                             $   25,389,677    $   25,598,713                                            -------------     -------------                                            -------------     -------------LIABILITIES AND EQUITY (DEFICIT)Current liabilities  Accounts payable and accrued   liabilities                             $    9,343,106    $    8,267,626  Line of credit                                5,068,016         4,582,875  Current portion of long-term debt                55,555           222,222  Current portion of other long-term   liabilities                                    314,794           630,794                                            -------------     -------------    Total current liabilities                  14,781,471        13,703,517Convertible debentures payable                  1,151,045         1,004,628Other long-term liabilities                    21,373,210        21,832,854                                            -------------     -------------  Total liabilities                            37,305,726        36,540,999Equity (deficit)  Share capital                                 9,387,386         9,020,480  Contributed surplus                             363,764           355,267  Retained deficit                            (23,828,642)      (22,430,873)                                            -------------                                              (14,077,492)      (13,055,126)  Non-controlling interest                      2,161,443         2,112,840                                            -------------     -------------    Total equity (deficit)                    (11,916,049)      (10,942,286)                                            -------------      Total liabilities and equity       (deficit)                           $   25,389,677    $   25,598,713                                            -------------     -------------                                            -------------     -------------   CONDENSED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER                             COMPREHENSIVE LOSS                 Three months ended June 30, 2016 and 2015                         (Expressed in US Dollars)---------------------------------------------------------------------------                                               (Unaudited)      (Unaudited)                                                      2016             2015Revenue                                      $  16,278,928    $  15,784,847Cost of revenues  Salaries and benefits                         10,589,096       10,062,680  Contract labor                                   200,546          332,157  Facility                                       1,046,943          973,150  Supplies                                         210,595          207,854  Depreciation and amortization                    166,494          167,626  Provision for bad debts                          143,321          153,742  Other                                            377,029          343,098                                              ------------     ------------    Total cost of revenues                      12,734,024       12,240,307                                              ------------     ------------Gross margin                                     3,544,904        3,544,540Selling, general and administrative              3,177,638        2,781,127Other income (expense)  Interest expense                              (1,050,376)      (1,200,042)  Interest income                                    1,281               14  Foreign currency translation gain (loss)              (3)             996  Fair value adjustment on warrants and   obligations                                     328,972          270,801                                              ------------     ------------                                                  (720,126)        (928,231)                                              ------------     ------------Loss from continuing operations before income taxes                                     (352,860)        (164,818)Provision for income taxes  Current                                                -                -  Deferred                                               -                -                                              ------------     ------------                                                         -                -                                              ------------     ------------Net and total comprehensive loss from continuing operations                            (352,860)        (164,818)Discontinued OperationsNet and total comprehensive loss from discontinued operations                           (10,882)         (87,792)                                              ------------     ------------Net and total comprehensive loss             $    (363,742)   $    (252,610)                                              ------------     ------------                                              ------------     ------------Net and total comprehensive income (loss) attributable to:  Shareholders                               $    (735,405)   $    (583,011)  Non-controlling interest                         371,663          330,401                                              ------------     ------------                                             $    (363,742)   $    (252,610)                                              ------------     ------------                                              ------------     ------------Earnings per share  Basic, loss per share                              (0.01)           (0.01)  Diluted, loss per share                            (0.01)           (0.01)      CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS                  Six months ended June 30, 2016 and 2015                         (Expressed in US Dollars)---------------------------------------------------------------------------                                               (Unaudited)      (Unaudited)                                                      2016             2015Revenue                                      $  31,800,877    $  31,552,351Cost of revenues  Salaries and benefits                         20,573,591       20,165,008  Contract labor                                   504,778          550,658  Facility                                       2,066,389        1,945,843  Supplies                                         416,373          383,748  Depreciation and amortization                    332,986          352,269  Provision for bad debts                          398,522          252,671  Other                                            695,515          624,047                                              ------------     ------------    Total cost of revenues                      24,988,154       24,274,244                                              ------------     ------------Gross margin                                     6,812,723        7,278,107Selling, general and administrative              5,796,884        5,689,321Other income (expense)  Interest expense                              (2,145,066)      (2,438,783)  Interest income                                   13,893               14  Foreign currency translation gain (loss)             117              996  Fair value adjustment on warrants and   obligations                                     327,882          135,092                                              ------------     ------------                                                (1,803,174)      (2,302,681)                                              ------------     ------------Loss from continuing operations before income taxes                                     (787,335)        (713,895)Provision for income taxes  Current                                                -                -  Deferred                                               -                -                                              ------------     ------------                                                         -                -                                              ------------     ------------Net and total comprehensive loss from continuing operations                            (787,335)        (713,895)Discontinued OperationsNet and total comprehensive loss from discontinued operations                           (31,831)        (144,208)                                              ------------     ------------Net and total comprehensive loss             $    (819,166)   $    (858,103)                                              ------------     ------------                                              ------------     ------------Net and total comprehensive income (loss) attributable to:  Shareholders                               $  (1,397,769)   $  (1,489,048)  Non-controlling interest                         578,603          630,945                                              ------------     ------------                                             $    (819,166)   $    (858,103)                                              ------------     ------------                                              ------------     ------------Earnings per share  Basic, loss per share                              (0.01)           (0.02)  Diluted, loss per share                            (0.01)           (0.02)

About Agility Health

Through its subsidiary and principal operating entity, Agility Health, LLC, Agility Health operates a multi- state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility Health provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. As of June 30, 2016, Agility Health operates 88 outpatient or onsite rehabilitation locations in 16 states. Agility Health's contract therapy services business provides rehabilitative services to 39 hospitals and inpatient rehabilitation units, 27 nursing homes, long-term care facilities and other service locations in 8 states. For more information, please visit investors.agilityhealth.com.

Non-IFRS Financial Measures

Agility Health's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Company also uses certain non-IFRS measures, such as EBITDA to measure its financial performance. EBITDA is defined by the Company as the addition of net loss, depreciation and amortization and financial expenses. The Company uses EBITDA for the purpose of evaluating its historical and prospective financial and operational performance. Management believes that EBITDA is a useful measure for evaluating the performance of the Company. EBITDA is not a performance measure recognized under IFRS, therefore it does not have any standardized meaning prescribed by IFRS and may not be comparable to similarly titled financial metrics reported by other companies.

Forward-Looking Information

This press release contains forward-looking statements regarding Agility Health and its business. Such statements are based on the current expectations and views of future events of Agility Health's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including the anticipated future growth of Agility Health, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumption and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Agility Health undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Steven N. Davidson
Chairman and Chief Executive Officer
(616) 356-5000

Ray Matthews
Ray Matthews and Associates
(604) 818-7778
ray@raymatthews.ca