Galvanic Announces 3rd Quarter Results
22 March 2011 - 12:30AM
PR Newswire (Canada)
CALGARY, March 21 /CNW/ -- CALGARY, March 21 /CNW/ - Galvanic
Applied Sciences Inc. (GAV: TSX-V) announces the following results
for its period ended January 31, 2011 and January 31, 2010: Three
Months Ended Nine Months Ended January 31, January 31, 2011 2010
2011 2010 $ $ $ $ Revenue 2,739,000 3,264,000 8,873,000 8,862,000
Gross margin 1,136,000 1,301,000 3,660,000 3,580,000 Net earnings
(loss) 162,000 116,000 734,000 (49,000) Net earnings (loss) per
0.01 0.01 0.05 0.00 common share Consolidated revenue for the third
quarter of fiscal 2011 decreased by 16% to $2,739,000, as compared
to $3,264,000 in the comparative prior period, consolidated gross
margins remained constant at 40% and net earnings increased to
$162,000 or $0.01 per common share from net earnings of $116,000 or
$0.01 per common share as compared with the comparative prior
period. Net earnings of $162,000 generated in the current fiscal
quarter can be directly attributable to net earnings generated from
the Lowell operating segment. This operating segment recorded net
earnings of $152,000 in the current quarter as compared to net
earnings of $56,000 in the comparative prior period. The Company
completed the quarter with working capital of $7,347,000, no debt,
and a cash position of $3,714,000. "This is the third consecutive
quarter in which we have recorded year-over-year improved earnings.
I am pleased with the results, particularly, results reported from
the Lowell operating segment, the best in many quarters." Helen
Cornett, CEO says. "Although the company will continue with its
disciplined approach to its cost structure the Company will
continue to invest in the future to ensure future profitability.
Our strong balance sheet 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.
Email: info@galvanic.com Website: www.galvanic.com To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/March2011/21/c4404.html
table valign="top" border="0" tr td Helen Cornett, Chief Executive
Officer /td td /td td /td td /td td /td
td 403-258-9704 /td /tr /table
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