CALGARY, March 26, 2013 /CNW/ - Galvanic Applied Sciences Inc. (GAV:
TSXV) announces the following results for its three-months and
nine-months ended January 31, 2013.
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Three-Months Ended
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Nine-Months Ended
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January 31,
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January 31,
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2013
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2012
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2013
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2012
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$
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$
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$
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$
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Revenue
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4,296,463
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4,768,727
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13,055,280
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13,014,041
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Gross profit
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2,069,983
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2,252,817
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6,246,235
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5,822,630
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Net income
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932,127
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996,987
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2,816,628
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2,722,191
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Fully diluted earnings per
common share
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0.06
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0.06
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0.17
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0.17
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During the fiscal quarter the Company recorded revenues of $4,296,463 a
decrease of 10% from revenue reported of $4,768,727 for the three-month
period ended January 31, 2012. For the nine-month period ended January
31, 2013 revenue of $13,055,280 was recorded, relatively unchanged from
the $13,014,041 recorded for the nine-month period ended January 31,
2012. Net income for the third quarter was $932,127 ($0.06 per common
share), compared with net income of $996,987 ($0.06 per common share)
for the three-month period ended January 31, 2012. Net income for the
nine-month period was $2,816,628 ($0.17 cents per common share) as
compared to $2,722,191 ($0.17 per common share) for the nine-month
period ended January 31, 2012.
Decreased revenue in the current fiscal quarter is a result of reduced
demand for analytical instrumentation, particularly in the Lowell
operating segment. Overall financial results in the two operating
segments are similar to those of the comparable three-month period
ended January 31, 2012 as a reduction in expenses offset the decline in
revenues.
The slight increase in revenue and net income for the nine-month period
as compared to the nine-month period ended January 31, 2012 is
primarily due to improvements in the Canadian operating segment, which
offset a decrease in revenues and recorded earnings from the Lowell
operating segment.
"We are pleased with the good financial results and the continued
profitability of both operating segments." says Helen Cornett, CEO. The
Company continues to operate debt free and has completed the quarter
with cash of $7,934,711 and investments in marketable securities of
$2,487,415. "We will continue to focus on maintaining our strong
balance sheet which provides the Company with the flexibility and
resources to pursue many options."
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.
SOURCE: Galvanic Applied Sciences Inc.
