GAV Galvanic Applied Scs

CALGARY, March 21 /CNW/ -- CALGARY, March 21 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V) announces the following results for its period ended January 31, 2011 and January 31, 2010: Three Months Ended Nine Months Ended January 31, January 31, 2011 2010 2011 2010 $ $ $ $ Revenue 2,739,000 3,264,000 8,873,000 8,862,000 Gross margin 1,136,000 1,301,000 3,660,000 3,580,000 Net earnings (loss) 162,000 116,000 734,000 (49,000) Net earnings (loss) per 0.01 0.01 0.05 0.00 common share Consolidated revenue for the third quarter of fiscal 2011 decreased by 16% to $2,739,000, as compared to $3,264,000 in the comparative prior period, consolidated gross margins remained constant at 40% and net earnings increased to $162,000 or $0.01 per common share from net earnings of $116,000 or $0.01 per common share as compared with the comparative prior period. Net earnings of $162,000 generated in the current fiscal quarter can be directly attributable to net earnings generated from the Lowell operating segment. This operating segment recorded net earnings of $152,000 in the current quarter as compared to net earnings of $56,000 in the comparative prior period. The Company completed the quarter with working capital of $7,347,000, no debt, and a cash position of $3,714,000. "This is the third consecutive quarter in which we have recorded year-over-year improved earnings. I am pleased with the results, particularly, results reported from the Lowell operating segment, the best in many quarters." Helen Cornett, CEO says. "Although the company will continue with its disciplined approach to its cost structure the Company will continue to invest in the future to ensure future profitability. Our strong balance sheet provides the company with the flexibility and resources to pursue many options." Galvanic Applied Sciences Inc. is an innovative electronic technology Company that develops instrumentation and manufactures equipment for the natural gas processing and distribution markets and liquids process markets. Products include analyzers for sulfur and BTU measurement in gases, electronic volume correctors and recorders used in combination with commercial natural gas meters, and tytrators, viscometers, suspended solids and turbidity analyzers for on-line liquid analysis. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release. Forward Looking Statements: This news release contains forward looking statements based on management's current expectations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Galvanic at the time of preparation, may prove to be incorrect. The forward looking statements contained in this news release are made as at the date of this news release and, except as required by applicable securities laws, Galvanic does not undertake any obligation to update publicly or otherwise any such statements. Email: info@galvanic.com Website: www.galvanic.com   To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2011/21/c4404.html table valign="top" border="0" tr td Helen Cornett, Chief Executive Officer /td td   /td td   /td td   /td td   /td td 403-258-9704 /td /tr /table

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