Galvanic Applied Sciences Inc. - Press Release
10 September 2012 - 9:25PM
PR Newswire (Canada)
CALGARY, Sept. 12, 2012 /CNW/ - Galvanic Applied Sciences Inc.
announces the following results for its three-month period ended
July 31, 2012 and July 31, 2011: Three Months Ended July 31 2012
2011 $ $ (restated) Revenue 4,150,090 3,925,027 Gross margin
1,993,126 1,584,846, Net income 870,802 762,447 Fully diluted
earnings per share $0.05 $0.05 During the first quarter of this
fiscal year the Company continued to report strong results that
reflect improvements in both operating segments. Revenues
generated in the first quarter of 2013 increased by $225,063 or 6%
to $4,150,090, as compared to $3,925,027 in the comparative prior
period, consolidated gross margins increased to 48% as compared to
40%, and net earnings increased to $871,000 or $0.05 per common
share fully diluted from net earnings of $762,000 or $0.05 per
common share fully diluted. "Galvanic had another great quarter
with both operating segments performing well. First
quarter results combined with continuing strong order backlog
levels position the Company well for another successful year." says
Helen Cornett, CEO. The Company completed the quarter with working
capital of $10,281,875 which includes cash in the amount of
$6,286,584 and no debt. The Company also had investments in
marketable securities in the amount of $1,938,844. 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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