Velan Inc. Reports its Year-End and Fourth Quarter 2014/15 Financial Results
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 05/19/15 -- Velan Inc. (TSX: VLN) (the "Company"), a world-leading manufacturer of industrial valves, announced today its financial results for its fiscal year and fourth quarter ended February 28, 2015.
Highlights
Year Ended Fiscal 2015 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the prior fiscal year):
Fourth Quarter Fiscal 2015 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the fourth quarter of fiscal 2014):
"While Fiscal 2015 was a profitable year overall for Velan, with $18.6 million of net earnings(1) which generated approximately $50 million of cash, the year presented its challenges, ranging from the soaring value of the U.S. dollar, the uncertainty caused by the plunging price of oil, and the contract issues related to certain large project orders," said John Ball, CFO of Velan Inc. "Fortunately the diversity of our geographic operations, product lines and customer base allowed us to weather these issues, and to maintain gross margins and increase net bookings."
Yves Leduc, President of Velan Inc., said, "We are driving an operational excellence plan in our North American operations, focused on improving our global supply chain performance, project execution and lead times, and cost competitiveness. These initiatives will strengthen our position in each of our markets worldwide."
Tom Velan, CEO of Velan Inc. said, "As we proved last year, the Company is resilient, able to withstand unexpected swings in demand, owing in large part to the knowhow of our people, our superior product portfolio and track record in quality, as well as to being diversified both geographically and by end user markets. We have a solid order backlog of $437.8 million, as we go after sales opportunities in a very competitive and challenging global market."
Dividend
The Board declared an eligible quarterly dividend of CDN$0.10 per share, payable on June 30, 2015, to all shareholders of record as at June 15, 2015.
Conference call
Financial analysts, shareholders, and other interested individuals are invited to attend the fourth quarter conference call to be held on Tuesday, May 19, 2015, at 4:30 p.m. (EDT). The toll free call-in number is 1-888- 273-1350, access code 21768781. A recording of this conference call will be available for seven days at 1-416- 626-4100 or 1-800-558-5253, access code 21768781.
About Velan
Velan Inc. () is a world-leading manufacturer of industrial valves with sales of $455.7 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 Management Discussion and Analysis included in its Annual Report for the fiscal year ended February 28, 2015 for a detailed calculation of this measure.
(1) Net earnings refers to net income attributable to Subordinate and Multiple Voting Shares.
(2 ) Non-IFRS measures - see explanation above.
Contacts:
VELAN Inc.
Tom Velan
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)
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Datum: 19.05.2015 - 12:31 Uhr
Sprache: Deutsch
News-ID 1359965
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Machinery & Tools
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