Galvanic Announces 2nd Quarter Results
14 December 2010 - 6:21AM
PR Newswire (Canada)
CALGARY, Dec. 13 /CNW/ -- CALGARY, Dec. 13 /CNW/ - Galvanic Applied
Sciences Inc. (GAV: TSX-V) announces the following results for its
period ended October 31, 2010 and October 31, 2009: Three Months
Ended Six Months Ended October 31, October 31, 2010 2009 2010 2009
$ $ $ $ Revenue 3,219,000 2,735,000 6,135,000 5,598,000 Gross
margin 1,325,000 1,107,000 2,524,000 2,279,000 Net earnings (loss)
307,000 (157,000) 572,000 (165,000) Net earnings (loss) per common
0.02 ($0.01) 0.04 (0.01) share Revenues for the quarter increased
18% to $3,219,000. Net earnings in the quarter increased to
$307,000 or $0.02 per common share from a loss of $157,000 or $0.01
per common share. Revenues year-over-year increased 10% to
$6,135,000 and net earnings increased to $572,000 or $0.04 per
common share from a loss of $165,000 or $0.01 per common share. The
significant improvement in results in the current fiscal quarter
and year-over-year continue to reflect strong results from the
Canadian operating segment. The Company completed the quarter with
working capital of $7,157,000, no debt, and a cash position of
$3,530,000. "I am very pleased with the results for the quarter and
our continued profitability. Our strong balance sheet continues to
position us for future growth and success" 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. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/December2010/13/c4758.html
pHelen Cornett, Chief Executive Officer 403-258-9704/p pEmail: a
href="mailto:info@galvanic.com"info@galvanic.com/abr/ Website: a
href="http://www.galvanic.com"www.galvanic.com/a/p
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