Galvanic announces its year end results for April 30, 2013

CALGARY, July 22, 2013 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V) announces earnings for its year ended April 30, 2013:

      Three months ended
April 30,
  Years ended April 30,
      2013 2012   2013 2012
      $ $   $ $
Revenue     4,324,574 3,648,168   17,379,854 16,662,210
Gross profit     1,978,852 1,619,038   8,225,087 7,441,669
Net income     862,625 807,746   3,679,253 3,529,937
Net earnings per common share $0.05 $0.05   $0.23 $0.22

Consolidated revenue for the fourth quarter of fiscal 2013 increased by $676,406 or 19% to $4,324,574, as compared to $3,648,168 in the comparative prior period, consolidated gross margins increased to 46% from 44%, and net earnings increased slightly to $862,625 or $0.05 per common share from net earnings of $807,746 or $0.05 per common share.  Results in the current fiscal quarter reflect improvements from both operating segments, particularly the Lowell operating segment.

For the fiscal year ended April 30, 2013 consolidated revenues increased by $717,644 or 4% to $17,379,854 from $16,662,210 in 2012. Gross profit was $8,225,087 or 47%, up from $7,441,669 or 45% in the comparative prior year and net earnings after taxes for the fiscal year ended April 30, 2013 were $3,679,253 or $0.23 per common share fully diluted compared with $3,529,937 or $0.22 per common share fully diluted for fiscal 2012.  Both operating segments performed well during the fiscal year with revenue improvements shown in each operating segment.  Overall, revenue increases in the Canadian segment accounted for the increase in fiscal 2013 revenues.  Product mix improvements in both operating segments drove consolidated gross profit as a percentage of sales and increased to 47% compared to 45% in the prior year. The year-over-year improvement in net earnings was largely due to improvements from the Lowell operating segment whereas Canada net earnings remained relatively flat as compared to fiscal 2012 due to an increase in income tax expense.

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:

Helen Cornett, Chief Executive Officer    403-258-9704

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Galvanic Applied Sciences Inc.

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