Galvanic Announces 2nd Quarter Results

CALGARY, Dec. 13 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V) announces the following results for its period ended October 31, 2010 and October 31, 2009:

  Three Months Ended Six Months Ended
  October 31, October 31,

2010
$
2009
$
2010
$
2009
$
Revenue 3,219,000 2,735,000 6,135,000 5,598,000
Gross margin 1,325,000 1,107,000 2,524,000 2,279,000
         
Net earnings (loss) 307,000 (157,000) 572,000 (165,000)
         
Net earnings (loss) per common share 0.02 ($0.01) 0.04 (0.01)

Revenues for the quarter increased 18% to $3,219,000. Net earnings in the quarter increased to $307,000 or $0.02 per common share from a loss of $157,000 or $0.01 per common share. Revenues year-over-year increased 10% to $6,135,000 and net earnings increased to $572,000 or $0.04 per common share from a loss of $165,000 or $0.01 per common share. The significant improvement in results in the current fiscal quarter and year-over-year continue to reflect strong results from the Canadian operating segment. The Company completed the quarter with working capital of $7,157,000, no debt, and a cash position of $3,530,000. "I am very pleased with the results for the quarter and our continued profitability. Our strong balance sheet continues to position us for future growth and success" says Helen Cornett, CEO.

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.

For further information: For further information:

Helen Cornett, Chief Executive Officer 403-258-9704

Email: info@galvanic.com
Website: www.galvanic.com

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