Galvanic Applied Sciences Inc. Announces Record Results For Its 2nd Quarter Quarter
19 December 2011 - 11:30PM
PR Newswire (Canada)
CALGARY, Dec. 19, 2011 /CNW/ - Galvanic Applied Sciences Inc.
announces record results for its three month and six months ended,
October 31, 2011. Three monthsended Six monthsended October31,
October31, 2011 2010 2011 2010 $ $ $ $ Revenue 4,232,000 3,219,000
8,086,000 6,135,000 Gross 1,994,000 1,325,000 3,588,000 2,524,000
margin Net 963,000 307,000 1,725,000 572,000 earnings Net earnings
0.06 0.02 0.11 0.04 per commonshare During the second quarter and
first half of fiscal 2012 increased demand for the company's
product lines compared to similar periods in the prior year
resulted in improved financial results from both operating
segments. Consolidated revenue for the second quarter of fiscal
2012 increased by 31% to $4,232,000, as compared to $3,219,000 in
the comparative prior period, consolidated gross margins improved
to 47% from 41% and net earnings increased to $963,000 or $0.06 per
common share from net earnings of $307,000 or $0.02 per common
share as compared with the comparative prior periods. The
substantial increase in earnings is a result of the improvement in
revenue and operating margins, particularly Canada. "The results
were excellent, the best ever in terms of gross margins and
earnings. We are very pleased with the progress that has been made
in achieving our long-term objective of business growth," says
Helen Cornett, CEO. The Company completed the quarter with working
capital of $7,952,000 which includes cash in the amount of
$4,042,000 and no debt. The Company also had investments in
marketable securities of $1,337,000. 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 Galvanic Applied
Sciences Inc. CONTACT: Helen Cornett, Chief Executive Officer
403-258-9704
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