Velan Inc. Reports its Second Quarter 2013/14 Financial Results
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 10/09/13 -- Velan Inc. (TSX: VLN) (the "Company"), a world-leading manufacturer of industrial valves, announced today its financial results for its second quarter ended August 31, 2013.
Highlights
Second Quarter Fiscal 2014 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the second quarter of fiscal 2013):
First Half Year Fiscal 2014 (unless otherwise noted, all comparisons are to the first half year of fiscal 2013):
The Company is continuing with the business integration process at its Italian subsidiary, Velan ABV S.p.A. ("ABV"). As part of this process, the Company effectively increased its ownership percentage to 100% through a recapitalization of ABV's corporate structure during the current quarter.
"We are pleased by the continued strong sales and margin results in our second quarter, due in part to the shipment of some large projects from prior years," said John Ball, CFO of Velan Inc. "We are watching the rate of new order bookings which has not kept pace with our sales this year, and are focused on developing our backlog so as to maintain momentum for next year."
Tom Velan, President and CEO of Velan Inc. said, "We continued the positive trend from our first quarter. We had record sales for this quarter and net earnings(1) were up 47.3% from the same quarter last year. Our sales continued to outpace our bookings so our backlog is down under $500 million. We are intensifying our efforts to improve our bookings, especially on international projects."
Dividend
The Board declared an eligible quarterly dividend of Canadian dollar $0.08 per share, payable on December 31, 2013, to all shareholders of record as at December 16, 2013.
Conference call
Financial analysts, shareholders, and other interested individuals are invited to attend the second quarter conference call to be held on October 9, 2013, at 4:30 PM (EDT). The toll free call-in number is 1-877-256-6025, access code 21675768. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558-5253, access code 21675768.
About Velan
Velan Inc. () is a world-leading manufacturer of industrial valves with sales of over $500 million in its last reported fiscal year. The Company employs over 2,000 people and has manufacturing plants in 10 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.
Safe harbour statement
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
Non-IFRS measures
In this press release, the Company presented measures of performance and financial condition that are not defined under International Financial Reporting Standards ("non-IFRS measures") and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are used by management in assessing the operating results and financial condition of the Company. In addition, they provide readers of the Company's consolidated financial statements with enhanced understanding of its results and financial condition, and increase transparency and clarity into the operating results of its core business.
The term "net cash" is defined as cash and cash equivalents plus short-term investments less bank indebtedness, short-term bank loans, and current portion of long-term bank borrowings. Refer to the "Reconciliations of Non- IFRS Measures" section in the Company's MD&A for a detailed calculation of this measure.
(1) Net earnings or loss refer to net income or loss attributable to Subordinate and Multiple Voting Shares.
(2) Non-IFRS measures - see explanation above.
Contacts:
Tom Velan
President and Chief Executive Officer
(514) 748-7743
(514) 748-8635 (FAX)
John D. Ball
Chief Financial Officer
(514) 748-7743
(514) 748-8635 (FAX)
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Datum: 09.10.2013 - 14:00 Uhr
Sprache: Deutsch
News-ID 1271238
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Kategorie:
Machinery & Tools
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