CALGARY,
July 22, 2013 /CNW/ - Galvanic
Applied Sciences Inc. (GAV: TSX-V) announces earnings for its year
ended April 30, 2013:
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Three months ended
April 30, |
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Years ended April 30, |
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2013 |
2012 |
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2013 |
2012 |
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$ |
$ |
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$ |
$ |
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Revenue |
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4,324,574 |
3,648,168 |
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17,379,854 |
16,662,210 |
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Gross profit |
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1,978,852 |
1,619,038 |
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8,225,087 |
7,441,669 |
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Net income |
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862,625 |
807,746 |
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3,679,253 |
3,529,937 |
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Net earnings per
common share |
$0.05 |
$0.05 |
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$0.23 |
$0.22 |
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Consolidated revenue for the fourth quarter of
fiscal 2013 increased by $676,406 or
19% to $4,324,574, as compared to
$3,648,168 in the comparative prior
period, consolidated gross margins increased to 46% from 44%, and
net earnings increased slightly to $862,625 or $0.05
per common share from net earnings of $807,746 or $0.05
per common share. Results in the current fiscal quarter
reflect improvements from both operating segments, particularly the
Lowell operating segment.
For the fiscal year ended April 30, 2013 consolidated revenues increased by
$717,644 or 4% to $17,379,854 from $16,662,210 in 2012. Gross profit was
$8,225,087 or 47%, up from
$7,441,669 or 45% in the comparative
prior year and net earnings after taxes for the fiscal year ended
April 30, 2013 were $3,679,253 or $0.23
per common share fully diluted compared with $3,529,937 or $0.22
per common share fully diluted for fiscal 2012. Both
operating segments performed well during the fiscal year with
revenue improvements shown in each operating segment.
Overall, revenue increases in the Canadian segment accounted for
the increase in fiscal 2013 revenues. Product mix
improvements in both operating segments drove consolidated gross
profit as a percentage of sales and increased to 47% compared to
45% in the prior year. The year-over-year improvement in net
earnings was largely due to improvements from the Lowell operating
segment whereas Canada net
earnings remained relatively flat as compared to fiscal 2012 due to
an increase in income tax expense.
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
SOURCE Galvanic Applied Sciences Inc.