CALGARY, Sept. 14 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V)
announces the following results for its period ending July 31, 2007 and July
For the three-month period ended July 31, 2007 consolidated revenues were
$2,833,000 compared to $4,113,000 in the previous corresponding period.
Revenues in the current period were lower across all product categories due to
a reduction in major construction projects that utilize the Company's products
and, in the case of the Alberta market for H(2)S analyzers, increased
competition. As a result of reduced instrument deliveries, variable margin was
insufficient to fully absorb fixed expenses, resulting in a gross profit of
$947,000 as compared to $1,888,000 in the corresponding prior period. Foreign
currency losses in the period of $100,000 as compared to the prior period gain
of $57,000 combined for an operating loss of $414,000 or $.03 per common share
as compared with earnings per share of $0.03 in the corresponding previous
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.
Forward-looking statements - statements in this press release that are
not historical facts may be considered "forward-looking statements." All
estimates and statements that describe the Company's objectives, goals or
future plans are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties where actual results could differ
materially from those currently anticipated.
For further information:
For further information: Gerald J. Hipple, CEO, (403) 258-9790 or Helen
Cornett, CFO, (403) 258-9704