Galvanic Announces 1st Quarter Results

CALGARY, Sept. 19, 2011 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V) 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 

 

SOURCE Galvanic Applied Sciences Inc.

For further information:

Helen Cornett, Chief Executive Officer            403-258-9704

 

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Galvanic Applied Sciences Inc.

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