Galvanic Applied Scs (TSXV:GAV)
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CALGARY, July 25, 2011 /CNW/ --
CALGARY, July 25, 2011 /CNW/ - Galvanic Applied Sciences Inc. (GAV:
TSX-V) announces the following results for its fourth quarter and year
ended April 30, 2011:
Three months ended April Years Ended April 30
30,
2011 2010 2011 2010
$ $ $ $
Revenue 2,888,690 2,370,385 11,762,134 11,232,294
Gross Margin 1,071,995 833,758 4,731,709 4,413,766
Net earnings 199,839 (157,606) 993,843 (206,194)
(loss)
Net Earnings
(loss) per common $0.01 ($0.01) $0.06 ($0.01)
share
The turnaround in net earnings from an operating loss to a profit in the
fourth quarter of fiscal 2011 and year over year reflects improvements
in operating results from both operating segments. In the fourth
quarter of the fiscal period consolidated revenues increased by
$519,000 or 18%, consolidated gross margins increased to 37% and net
earnings increased to $200,000 or $.01 per common share. For the fiscal
year ended April 30, 2011, the Company generated earnings after income
taxes of $934,000 or $0.06 per common share as compared to a net loss
after income taxes of $206,000 or $0.01 per common share. This
significant year-over-year improvement reflects a 25% increase in
Canadian segment revenues, resulting gross margin growth combined with
cost improvements in both operating segments.
The Company completed the quarter with working capital of $7,472,000,
including cash of $3,382,000, and no debt. "I am pleased with the
progress that we made during the fiscal year. Both operating segments
performed well. Our focus on profitability, cash generation and cost
control helped us generate strong earnings in fiscal 2011" says Helen
Cornett, CEO. "Our strong balance sheet combined with the continuing
improvement in order backlog levels positions us well for another
successful year."
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/25/c7255.html
p Helen Cornett, Chief Executive Officer 403-258-9704 /p p Email: a href="mailto:info@galvanic.com" cr="true"info@galvanic.com/a Website: a href="http://www.galvanic.com" cr="true"www.galvanic.com/a /p