Galvanic Applied Sciences Inc. - Press Release
21 July 2012 - 9:25PM
PR Newswire (Canada)
CALGARY, July 23, 2012 /CNW/ - Galvanic Applied Sciences Inc.
announces record earnings for its year ended April 30, 2012: Three
months ended Years ended April 30, April 30, 2012 2011 2012 2011 $
$ $ $ Revenue 3,905,582 3,229,156 16,662,210 12,102,600 Gross
profit 1,591,057 1,034,019 7,441,669 4,693,733 Net earnings 807,746
199,839 3,529,937 993,843 Net earnings per common $0.05 $0.01 $0.22
$0.06 share Consolidated revenue for the fourth quarter of fiscal
2012 increased by $676,426 or 21% to $3,905,582, as compared to
$3,229,156 in the comparative prior period, consolidated gross
profit increased to 41% as compared to 32%, and net earnings
increased to $807,746 or $0.05 per common share from net earnings
of $199,839 or $0.01 per common share. For the fiscal year
ended April 30, 2012 consolidated revenues increased by $4,559,610
or 38% to $16,662,210 from $12,102,600 in 2011. Due to the
significant increase in revenue 2012 gross profit was $7,441,669 or
45%, up from $4,693,733 or 39% in the comparative prior year and
net earnings after taxes for the fiscal year ended April 30, 2012
were $3,529,937 or $0.22 per common share compared with $993,843 or
$0.06 per common share for fiscal 2011. The increase in
revenue, gross profits and earnings in the fourth quarter and
year-over-year was largely as a result of international growth and
increased demand for the Company's gas products. "The Company had
another strong quarter ending the year with the highest earnings in
the history of the Company," says Helen Cornett, CEO. The
Company completed the year with cash and marketing securities of
$8,138,000, and no debt. "These results reflect a disciplined and
focused approach to business and the dedication of the
organization. The Company has never been in a better position
to benefit from its performance and pursue an aggressive growth
strategy. " 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. Galvanic
Applied Sciences Inc. CONTACT: Helen Cornett, Chief Executive
Officer 403-258-9704Email: info@galvanic.comWebsite:
www.galvanic.com
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