Galvanic Announces 2nd Quarter Results

CALGARY, Dec. 13 /CNW/ -- 
CALGARY, Dec. 13 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V)
 announces the following results for its period ended October 31, 2010
 and October 31, 2009:






                               Three Months Ended    Six Months Ended

                                     October 31,         October 31,

                                  2010      2009      2010      2009
                                    $         $         $         $

Revenue                        3,219,000 2,735,000 6,135,000 5,598,000

Gross margin                   1,325,000 1,107,000 2,524,000 2,279,000

                                                              

Net earnings (loss)              307,000 (157,000)   572,000 (165,000)

                                                              

Net earnings (loss) per common      0.02   ($0.01)      0.04    (0.01)
share








Revenues for the quarter increased 18% to $3,219,000. Net earnings in
 the quarter increased to $307,000 or $0.02 per common share from a loss
 of $157,000 or $0.01 per common share. Revenues year-over-year
 increased 10% to $6,135,000 and net earnings increased to $572,000 or
 $0.04 per common share from a loss of $165,000 or $0.01 per common
 share. The significant improvement in results in the current fiscal
 quarter and year-over-year continue to reflect strong results from the
 Canadian operating segment. The Company completed the quarter with
 working capital of $7,157,000, no debt, and a cash position of
 $3,530,000. "I am very pleased with the results for the quarter and our
 continued profitability. Our strong balance sheet continues to position
 us for future growth and success" 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.


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pHelen Cornett, Chief Executive Officer 403-258-9704/p pEmail: a href="mailto:[e-mail]"[e-mail]/abr/ Website: a href="http://www.galvanic.com"www.galvanic.com/a/p

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