Velan Inc. Reports its Third Quarter 2014/15 Financial Results
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 01/13/15 -- Velan Inc. (TSX: VLN) (the "Company"), a world-leading manufacturer of industrial valves, announced today its financial results for its third quarter ended November 30, 2014.
Highlights
Third Quarter Fiscal 2015 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the third quarter of fiscal 2014):
First Nine Months Fiscal 2015 (unless otherwise noted, all comparisons are to the first nine months of fiscal 2014):
"Our sales and net new orders for the quarter were an improvement over the prior year, although our gross profit remained flat as the increase in sales came from lower margin project sales," said John Ball, CFO of Velan Inc. "We are watching developments in both the currency markets, with a rapidly appreciating US dollar, and the crude oil markets with interest. While we are not sure that these trends will be sustained over the longer term, we believe that they offer not only challenges but opportunities to a company such as Velan, and our strong balance sheet is well positioned to weather these uncertain markets."
Tom Velan, President and CEO of Velan Inc. said, "These are rapidly changing times with a dramatic reduction in oil prices and significant currency exchange swings. We are fortunate to be diversified both geographically and by our end-user markets as we go after opportunities in a very competitive environment."
Dividend
The Board declared an eligible quarterly dividend of CDN$0.10 per share, payable on March 31, 2015, to all shareholders of record as at March 16, 2015.
Conference call
Financial analysts, shareholders, and other interested individuals are invited to attend the third quarter conference call to be held on January 13, 2015, at 4:30 PM (EDT). The toll free call-in number is 1-888-273-1350, access code 21758605. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800- 558-5253, access code 21758605.
About Velan
Velan Inc. () is a world-leading manufacturer of industrial valves with sales of $489 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:
VELAN Inc.
Tom Velan
President and Chief Executive Officer
(514) 748-7743
(514) 748-8635 (FAX)
VELAN Inc.
John D. Ball
Chief Financial Officer
(514) 748-7743
(514) 748-8635 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 13.01.2015 - 12:16 Uhr
Sprache: Deutsch
News-ID 1329862
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
MONTREAL, QUEBEC
Phone:
Kategorie:
Machinery & Tools
Anmerkungen:
Diese Pressemitteilung wurde bisher 359 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Velan Inc. Reports its Third Quarter 2014/15 Financial Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
VELAN Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
