CALGARY, July 23, 2012 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V) announces record earnings for its year ended April 30, 2012:
|Three months ended April 30,||Years ended April 30,|
|Net earnings per common share||$0.05||$0.01||$0.22||$0.06|
Consolidated revenue for the fourth quarter of fiscal 2012 increased by $676,426 or 21% to $3,905,582, as compared to $3,229,156 in the comparative prior period, consolidated gross profit increased to 41% as compared to 32%, and net earnings increased to $807,746 or $0.05 per common share from net earnings of $199,839 or $0.01 per common share. For the fiscal year ended April 30, 2012 consolidated revenues increased by $4,559,610 or 38% to $16,662,210 from $12,102,600 in 2011. Due to the significant increase in revenue 2012 gross profit was $7,441,669 or 45%, up from $4,693,733 or 39% in the comparative prior year and net earnings after taxes for the fiscal year ended April 30, 2012 were $3,529,937 or $0.22 per common share compared with $993,843 or $0.06 per common share for fiscal 2011. The increase in revenue, gross profits and earnings in the fourth quarter and year-over-year was largely as a result of international growth and increased demand for the Company's gas products.
"The Company had another strong quarter ending the year with the highest earnings in the history of the Company," says Helen Cornett, CEO. The Company completed the year with cash and marketing securities of $8,138,000, and no debt. "These results reflect a disciplined and focused approach to business and the dedication of the organization. The Company has never been in a better position to benefit from its performance and pursue an aggressive growth strategy. "
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