Galvanic Applied Sciences Inc. - Press Release
CALGARY, Dec. 13, 2012 /CNW/ - Galvanic Applied Sciences
Inc. (GAV: TSX-V) announces the following results for its
three-months and six- months ended October
31, 2012.
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Three-months
ended |
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Six months-ended |
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October 31, |
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October 31, |
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2012 |
2011 |
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2012 |
2011 |
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$ |
$ |
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$ |
$ |
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Revenue |
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4,608,727 |
4,320,288 |
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8,758,817 |
8,245,315 |
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Gross profit |
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2,183,629 |
1,984,968 |
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4,176,755 |
3,569,813 |
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Net income |
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1,013,699 |
962,758 |
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1,884,501 |
1,725,204 |
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Earnings per common share |
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0.06 |
0.06 |
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0.12 |
0.11 |
Consolidated revenues for the three-month period
ended October 31, 2012 increased by
7% to $4,608,727, compared with
$4,320,288 in the second quarter of
the prior year, and for the six-month period increased by 6% to
$8,758,817 compared to $8,245,315 for the comparative prior
period. Consolidated gross margins for the three-month period
ended October 31, 2012 improved
slightly to 47% from 46% in the second quarter of the prior year,
and for the six-month period improved to 48% from 43% in the
comparative prior period. Consolidated net income for the
three-month period ended October 31,
2012 increased by 5% to $1,013,600, or $0.06 per common share compared with $962,758 or $0.06
per common share in the second quarter of the prior year, and for
the six-month period increased by 9% to $1,884,501 or $0.12
cents per common share compared to $1,725,204 or $0.11
cents per common share for the comparative prior period.
During the current fiscal quarter and year-over
year both operating segments performed well, however the Canadian
segment had the best performance. The increase in revenue, gross
profit and net income in the current fiscal quarter and year-over
year is primarily due to continued demand from international
markets for the Company's gas products.
"Again, the Company delivered another quarter of
excellent financial results," says Helen
Cornett, CEO. The Company completed the quarter with cash
and investments in marketable securities in the amount of
$9,195,245. "The Company is
extremely well positioned to take advantage of future growth
opportunities and is committed to a long term growth strategy of
investing in the business." says Helen
Cornett, CEO.
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.
SOURCE Galvanic Applied Sciences Inc.