Galvanic Announces 1st Qtr Report ended July 31, 2010
08 September 2010 - 11:30PM
PR Newswire (Canada)
CALGARY, Sept. 8 /CNW/ -- CALGARY, Sept. 8 /CNW/ - Galvanic Applied
Sciences Inc. (GAV: TSX-V) announces the following results for its
period ended July 31, 2010 and July 31, 2009: Three Months Ended
July 31 ---------------------- 2010 2009 ---------------------- $ $
---------------------- Revenue 2,915,704 2,863,089 Gross margin
1,199,209 1,172,470 Net earnings (loss) 265,374 (7,855) Net
earnings per share $0.02 $0.00 Consolidated revenue for the first
quarter of fiscal 2011 remained relatively static compared to the
same period of fiscal 2010, consolidated gross margins were flat at
41%, and net earnings increased to $265,000 or $0.02 per common
share from a loss of $8,000 or $0.00 per common share as compared
with the comparative prior period. Operating results for the first
quarter of fiscal 2011 reflect a strong improvement in the
operating results from the Canadian operating segment which more
than offset the unfavorable operating results from the Lowell
operating segment which significantly impacted net earnings. "We
are pleased with the improvement in profitability in the fiscal
quarter and our financial position, which is reflected in our
strong balance sheet. This financial position provides us with the
flexibility and options to grow the business" says Helen Cornett,
CEO. The Company completed the quarter with working capital of
$6,763,000, no debt, and a cash position of $2,785,000. 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 Helen Cornett, Chief
Executive Officer, 403-258-9704
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