Galvanic Announces 1st Quarter Results
19 Settembre 2011 - 3:30PM
PR Newswire (Canada)
CALGARY, Sept. 19, 2011 /CNW/ - Galvanic Applied Sciences Inc.
announces the following results for its period ended July 31, 2011
and July 31, 2010: Three Months Ended July 31 2011 2010 $ $ Revenue
3,854,613 2,915,704 Gross margin 1,593,907 1,199,209 Net income
762,447 265,374 Earnings per share $0.05 $0.02 The Company recorded
consolidated revenue of $3,855,000 in the three months ended July
31, 2011, an increase of 32% from revenue of $2,916,000 recorded in
the first quarter of the prior year. Net income increased to
$762,000, or $0.05 per common share compared to net income of
$265,000, or $0.02 per common share for the first quarter of fiscal
2011. This significant start to the fiscal year is directly
attributable to improved financial results from both operating
segments resulting from improved demand for its product lines
combined with a reduction in recorded expenses in the first quarter
of fiscal 2012 as compared to the prior year. "Galvanic had a great
quarter, exceeding expectations. Our strong order backlog
combined with continued discipline surrounding expenses helped us
achieve one of our best quarters" says Helen Cornett, CEO.
The Company completed the quarter with working capital of
$7,205,000. The Company had cash and investments of $4,007,000 and
no debt. 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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