CALGARY, Sept. 12, 2012 /CNW/ - Galvanic Applied Sciences Inc. (TSXV: GAV) announces the following results for its three-month period ended July 31, 2012 and July 31, 2011:
|Three Months Ended|
|Fully diluted earnings per share||$0.05||$0.05|
During the first quarter of this fiscal year the Company continued to report strong results that reflect improvements in both operating segments. Revenues generated in the first quarter of 2013 increased by $225,063 or 6% to $4,150,090, as compared to $3,925,027 in the comparative prior period, consolidated gross margins increased to 48% as compared to 40%, and net earnings increased to $871,000 or $0.05 per common share fully diluted from net earnings of $762,000 or $0.05 per common share fully diluted.
"Galvanic had another great quarter with both operating segments performing well. First quarter results combined with continuing strong order backlog levels position the Company well for another successful year." says Helen Cornett, CEO. The Company completed the quarter with working capital of $10,281,875 which includes cash in the amount of $6,286,584 and no debt. The Company also had investments in marketable securities in the amount of $1,938,844.
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