CALGARY, March 5 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V)
announces the following results for its third quarter ended January 31, 2007
and January 31, 2006.
For the three-month For the nine-month
period ended January 31, period ended January 31,
2007 2006 2007 2006
$ $ $ $
Revenue 4,012,634 3,887,335 12,749,950 12,111,131
Gross margin 1,689,525 1,758,506 7,177,638 5,296,819
Net earnings 424,168 467,460 1,187,310 1,124,204
Net earnings per share
Basic 0.03 0.03 0.08 0.07
Diluted 0.02 0.03 0.07 0.07
For the three-month period ended January 31, 2007 the Company recorded
$0.03 ($0.02 diluted) in net earnings per common share. This compares with
$0.03 basic and diluted in the comparative prior period. For the nine-month
period ended January 31, 2007 Galvanic recorded $0.08 ($0.07 diluted) in
earnings per common share. This compares with $0.07 basic and diluted for the
comparative prior period. Revenues increased in the three-month period as
compared to the corresponding prior period largely due to increased analytical
instrument sales in the Canadian operating segment. Sales for the nine-month
period ended January 31, 2007 were $12,750,000 up from the $12,111,000
recorded in the comparative prior period. Year to date revenue growth is
largely due to a large integrated system shipped in the second quarter of
The Company continues with its tradition of excellence by introducing
technically advanced products into the market. During the quarter the Company
commercialized its new 802 model tape analyzer with patent pending technology.
Order backlogs remain consistently good. Going forward Galvanic is
particularly optimistic in respect of targeted opportunities both in the
Middle East and particularly in Mexico where major plant upgrades are
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.
The full text of the consolidated financial statements as of January 31,
2007 along with Managements Discussion and Analysis, is posted on the
Company's website at www.galvanic.com and the SEDAR website at www.sedar.com.
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) 252-8470 or Helen
Cornett, CFO, (403) 258-9704