CALGARY, March 27 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V)
announces the following results for its third quarter ended January 31, 2008
and January 31, 2007.
For the three-month For the nine-month
period ended January 31, period ended January 31,
2008 2007 2008 2007
$ $ $ $
Revenue 3,147,891 4,012,634 9,831,786 12,749,950
Gross margin 999,713 1,689,525 3,244,523 5,177,638
Net (loss) earnings (93,969) 424,168 (788,098) 1,187,310
Net earnings per share
Basic 0.00 0.03 (0.05) 0.08
Diluted 0.00 0.02 (0.05) 0.07
The net loss for the third quarter period of fiscal 2008 was $(94,000) or
$(0.00) per common share as compared to net earnings of $424,000 in the
corresponding prior year period. The year-to-date loss was $(788,000) or
$(0.05) per common share as compared to net earnings of $1,187,000 of $0.08 in
the corresponding prior year period.
The loss in the current quarter of fiscal 2008 and year-to-date is
largely as a result of the reduction in gross margin as a percentage of sales,
the adverse impact of exchange rates, and the continued weak demand for the
Company's line of analytical equipment targeted into the gas processing and
distribution market in Alberta. In the case of the Company's analytical
equipment line, this is largely as a result of the general economic slowdown
experienced in the gas industry, coupled with increased competition; and in
the case of the Gas Micro product line, the completion of a major replacement
program. The Company is currently pursuing growth opportunities both
internationally and in the U.S.
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, 2008 along with Managements Discussion and Analysis, is posted on
the Company's website at www.galvanic.com and the SEDAR website at
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