CALGARY, Dec. 13, 2012 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V) announces the following results for its three-months and six- months ended October 31, 2012.
|Three-months ended||Six months-ended|
|October 31,||October 31,|
|Earnings per common share||0.06||0.06||0.12||0.11|
Consolidated revenues for the three-month period ended October 31, 2012 increased by 7% to $4,608,727, compared with $4,320,288 in the second quarter of the prior year, and for the six-month period increased by 6% to $8,758,817 compared to $8,245,315 for the comparative prior period. Consolidated gross margins for the three-month period ended October 31, 2012 improved slightly to 47% from 46% in the second quarter of the prior year, and for the six-month period improved to 48% from 43% in the comparative prior period. Consolidated net income for the three-month period ended October 31, 2012 increased by 5% to $1,013,600, or $0.06 per common share compared with $962,758 or $0.06 per common share in the second quarter of the prior year, and for the six-month period increased by 9% to $1,884,501 or $0.12 cents per common share compared to $1,725,204 or $0.11 cents per common share for the comparative prior period.
During the current fiscal quarter and year-over year both operating segments performed well, however the Canadian segment had the best performance. The increase in revenue, gross profit and net income in the current fiscal quarter and year-over year is primarily due to continued demand from international markets for the Company's gas products.
"Again, the Company delivered another quarter of excellent financial results," says Helen Cornett, CEO. The Company completed the quarter with cash and investments in marketable securities in the amount of $9,195,245. "The Company is extremely well positioned to take advantage of future growth opportunities and is committed to a long term growth strategy of investing in the business." says Helen Cornett, CEO.
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