GAV Galvanic Applied Scs

CALGARY, March 15, 2012 /CNW/ - Galvanic Applied Sciences Inc. announces record results for its three months and nine months ended, January 31, 2012. Three Months Ended Nine Months Ended January 31, January 31, 2012 2011 2012 2011 $ $ $ $ Revenue 4,670,000 2,739,000 12,757,000 8,873,000 Gross profit 2,262,000 1,136,000 5,851,000 3,660,000 Net earnings 997,000 162,000 2,722,000 734,000 Net earnings per 0.06 0.01 0.17 0.05 common share Consolidated revenue for the third quarter of fiscal 2012 was $4,670,000, a 71% increase over the $2,739,000 reported in the comparative prior period, consolidated gross margins improved to 48% and net earnings increased to $997,000 or $0.06 per common share from net earnings of $162,000 or $0.01 per common share as compared with the comparative prior period. This significant improvement in operating results was largely driven by the Canadian operating segment where revenue increased by 81% to $3,240,000, compared to $1,792,000 and earnings after taxes increased to $737,000 compared with $10,000 in the comparative prior period.  The Lowell operating division also had a strong quarter with a 54% increase in revenues to $1,457,000, compared to $947,000 during the same period in fiscal 2011 and a 70% improvement in earnings after taxes to $258,000 as compared with $152,000 in the same period in fiscal 2011. "We are very pleased with our results and the continuing improvement in the Balance Sheet,"  says Helen Cornett, CEO.  The Company completed the quarter with working capital of $8,970,000 which includes cash in the amount of $6,163,000 and no debt. The Company also has investments in marketable securities of $1,411, 000. 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.  Email: info@galvanic.com Website: www.galvanic.com  Galvanic Applied Sciences Inc. CONTACT: Helen Cornett, Chief Executive Officer 403-258-9704

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