CALGARY, March 26, 2013 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSXV) announces the following results for its three-months and nine-months ended January 31, 2013.
|Three-Months Ended||Nine-Months Ended|
|January 31,||January 31,|
| Fully diluted earnings per
During the fiscal quarter the Company recorded revenues of $4,296,463 a decrease of 10% from revenue reported of $4,768,727 for the three-month period ended January 31, 2012. For the nine-month period ended January 31, 2013 revenue of $13,055,280 was recorded, relatively unchanged from the $13,014,041 recorded for the nine-month period ended January 31, 2012. Net income for the third quarter was $932,127 ($0.06 per common share), compared with net income of $996,987 ($0.06 per common share) for the three-month period ended January 31, 2012. Net income for the nine-month period was $2,816,628 ($0.17 cents per common share) as compared to $2,722,191 ($0.17 per common share) for the nine-month period ended January 31, 2012.
Decreased revenue in the current fiscal quarter is a result of reduced demand for analytical instrumentation, particularly in the Lowell operating segment. Overall financial results in the two operating segments are similar to those of the comparable three-month period ended January 31, 2012 as a reduction in expenses offset the decline in revenues.
The slight increase in revenue and net income for the nine-month period as compared to the nine-month period ended January 31, 2012 is primarily due to improvements in the Canadian operating segment, which offset a decrease in revenues and recorded earnings from the Lowell operating segment.
"We are pleased with the good financial results and the continued profitability of both operating segments." says Helen Cornett, CEO. The Company continues to operate debt free and has completed the quarter with cash of $7,934,711 and investments in marketable securities of $2,487,415. "We will continue to focus on maintaining our strong balance sheet which provides the Company with the flexibility and resources to pursue many options."
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