CALGARY, March 26, 2013 /CNW/ - Galvanic Applied Sciences
Inc. (GAV: TSXV) announces the following results for its
three-months and nine-months ended January
31, 2013.
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Three-Months Ended |
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Nine-Months
Ended |
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January 31, |
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January 31, |
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2013 |
2012 |
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2013 |
2012 |
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$ |
$ |
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$ |
$ |
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Revenue |
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4,296,463 |
4,768,727 |
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13,055,280 |
13,014,041 |
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Gross profit |
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2,069,983 |
2,252,817 |
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6,246,235 |
5,822,630 |
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Net income |
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932,127 |
996,987 |
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2,816,628 |
2,722,191 |
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Fully diluted earnings per
common share
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0.06 |
0.06 |
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0.17 |
0.17 |
During the fiscal quarter the Company recorded
revenues of $4,296,463 a decrease of
10% from revenue reported of $4,768,727 for the three-month period ended
January 31, 2012. For the
nine-month period ended January 31,
2013 revenue of $13,055,280
was recorded, relatively unchanged from the $13,014,041 recorded for the nine-month period
ended January 31, 2012. Net income
for the third quarter was $932,127
($0.06 per common share), compared
with net income of $996,987
($0.06 per common share) for the
three-month period ended January 31,
2012. Net income for the nine-month period was
$2,816,628 ($0.17 cents per common share) as compared to
$2,722,191 ($0.17 per common share) for the nine-month period
ended January 31, 2012.
Decreased revenue in the current fiscal quarter
is a result of reduced demand for analytical instrumentation,
particularly in the Lowell operating segment. Overall
financial results in the two operating segments are similar to
those of the comparable three-month period ended January 31, 2012 as a reduction in expenses
offset the decline in revenues.
The slight increase in revenue and net income
for the nine-month period as compared to the nine-month period
ended January 31, 2012 is primarily
due to improvements in the Canadian operating segment, which offset
a decrease in revenues and recorded earnings from the Lowell
operating segment.
"We are pleased with the good financial results
and the continued profitability of both operating segments." says
Helen Cornett, CEO. The Company
continues to operate debt free and has completed the quarter with
cash of $7,934,711 and investments in
marketable securities of $2,487,415. "We will continue to focus on
maintaining our strong balance sheet which 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.
SOURCE Galvanic Applied Sciences Inc.