CALGARY, July 30 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V) announces the following results for its years ended April 30, 2010 and April 30, 2009.
Years Ended April 30th
Revenue 11,232,294 13,894,163
Gross Margin 4,413,766 5,632,708
Net earnings before income taxes and
reorganization costs 148,532 1,244,047
Reorganization costs 407,210 -
Net Earnings (Loss) (206,194) 1,049,170
In fiscal 2010 Galvanic's business was impacted by the economic recession and the slowdown in activity. For the fiscal year ended April 30, 2010 the Company recorded a net loss of $206,000 or $0.01 per common share compared to net earnings of $1,049,000 or $0.07 per common share in the prior fiscal year. Despite ongoing cost improvements the decline in net earnings after tax was due to a decrease in gross margins resulting from the reduction in demand, reorganization costs necessary to facilitate and expand the distribution of the Monitek product line in Europe, and foreign currency exchange losses as compared with foreign currency exchange gains. The Company completed the year with a strong balance sheet reflecting working capital of $6,417,000 no debt and a cash position of $2,963,000. Because of its strong financial position the Company is well positioned to implement its product development strategy and pursue new opportunities.
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: S. Grant Reeves, Chief Executive Officer, 403-258-9709 or Helen Cornett, Chief Financial Officer, 403-258-9704, Email: email@example.com, Website: www.galvanic.com