Galvanic Announces Year-End-Results
July 25 2011 - 10:15AM
PR Newswire (Canada)
CALGARY, July 25, 2011 /CNW/ -- CALGARY, July 25, 2011 /CNW/ -
Galvanic Applied Sciences Inc. (GAV: TSX-V) announces the following
results for its fourth quarter and year ended April 30, 2011: Three
months ended April Years Ended April 30 30, 2011 2010 2011 2010 $ $
$ $ Revenue 2,888,690 2,370,385 11,762,134 11,232,294 Gross Margin
1,071,995 833,758 4,731,709 4,413,766 Net earnings 199,839
(157,606) 993,843 (206,194) (loss) Net Earnings (loss) per common
$0.01 ($0.01) $0.06 ($0.01) share The turnaround in net earnings
from an operating loss to a profit in the fourth quarter of fiscal
2011 and year over year reflects improvements in operating results
from both operating segments. In the fourth quarter of the fiscal
period consolidated revenues increased by $519,000 or 18%,
consolidated gross margins increased to 37% and net earnings
increased to $200,000 or $.01 per common share. For the fiscal year
ended April 30, 2011, the Company generated earnings after income
taxes of $934,000 or $0.06 per common share as compared to a net
loss after income taxes of $206,000 or $0.01 per common share. This
significant year-over-year improvement reflects a 25% increase in
Canadian segment revenues, resulting gross margin growth combined
with cost improvements in both operating segments. The Company
completed the quarter with working capital of $7,472,000, including
cash of $3,382,000, and no debt. "I am pleased with the
progress that we made during the fiscal year. Both operating
segments performed well. Our focus on profitability, cash
generation and cost control helped us generate strong earnings in
fiscal 2011" says Helen Cornett, CEO. "Our strong balance sheet
combined with the continuing improvement in order backlog levels
positions us well for another successful year." 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.
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Helen Cornett, Chief Executive Officer 403-258-9704 /p p
Email: a href="mailto:info@galvanic.com"
cr="true"info@galvanic.com/a Website: a
href="http://www.galvanic.com" cr="true"www.galvanic.com/a /p
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