Press Release - Galvanic Applied Sciences Inc.
2010年7月30日 - 10:30PM
PR Newswire (Canada)
CALGARY, July 30 /CNW/ -- CALGARY, July 30 /CNW/ - Galvanic Applied
Sciences Inc. (GAV: TSX-V) announces the following results for its
years ended April 30, 2010 and April 30, 2009. Years Ended April
30th 2010 2009 $ $ ------------------------- Revenue 11,232,294
13,894,163 Gross Margin 4,413,766 5,632,708 Net earnings before
income taxes and reorganization costs 148,532 1,244,047
Reorganization costs 407,210 - Net Earnings (Loss) (206,194)
1,049,170 In fiscal 2010 Galvanic's business was impacted by the
economic recession and the slowdown in activity. For the fiscal
year ended April 30, 2010 the Company recorded a net loss of
$206,000 or $0.01 per common share compared to net earnings of
$1,049,000 or $0.07 per common share in the prior fiscal year.
Despite ongoing cost improvements the decline in net earnings after
tax was due to a decrease in gross margins resulting from the
reduction in demand, reorganization costs necessary to facilitate
and expand the distribution of the Monitek product line in Europe,
and foreign currency exchange losses as compared with foreign
currency exchange gains. The Company completed the year with a
strong balance sheet reflecting working capital of $6,417,000 no
debt and a cash position of $2,963,000. Because of its strong
financial position the Company is well positioned to implement its
product development strategy and pursue new opportunities. 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. S. Grant Reeves,
Chief Executive Officer, 403-258-9709 or Helen Cornett, Chief
Financial Officer, 403-258-9704, Email: info@galvanic.com, Website:
www.galvanic.com
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