CALGARY, Dec. 7 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V) announces the following results for its period ended October 31, 2009 and October 31, 2008.
Three Months Ended
Revenue 2,735,000 3,699,000
Gross margin 1,107,000 1,649,000
Net earnings before income taxes and
reorganization costs 121,000 752,000
Reorganization costs 374,000 -
Net (loss) earnings (157,000) 724,000
Net (loss) earnings per common share ($0.01) $0.05
For the three-month period ended October 31, 2009 the Company reported a net loss of $157,000 or $(0.01) per common share on revenues of $2.7 million as compared to net earnings of $724,000 or $0.05 per common share on revenues of $3.7 million in the corresponding prior period. The net loss is largely due to extraordinary costs resulting from the reorganization of the German office, and the impact of the global recession on demand.
"The outlook for the third quarter of fiscal 2010 is anticipated to be similar to the first half run rate as a result of the ongoing recession and weak demand," says Grant Reeves, Chief Executive. "While the market environment continues to be uncertain, management believes its diligent control of expenses, its substantial cash reserves and execution of its operating plan will keep the Company positioned for growth as opportunities arise."
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: firstname.lastname@example.org, Website: www.galvanic.com