Velan Inc. Reports its First Quarter 2015/16 Financial Results
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 07/09/15 -- Velan Inc. (TSX: VLN) (the "Company"), a world-leading manufacturer of industrial valves, announced today its financial results for its first quarter ended May 31, 2015.
Highlights
First Quarter Fiscal 2016 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the first quarter of fiscal 2015):
"The first quarter presented a number of challenges, from contractual issues and a lockout in our Canadian plants to continued uncertainty over the Euro and the upstream oil and gas market," said John Ball, CFO of Velan Inc. "However with our strong balance sheet, international capabilities and strategic initiatives, we continue to see opportunities for future growth."
Yves Leduc, President of Velan Inc., said, "We are now deploying an operational excellence plan that aims to improve delivery, both in terms of timeliness and shortened lead times. We are also managing a portfolio of improvement initiatives to increase our cost competitiveness. These will help bolster our already strong position in each of our global markets."
Tom Velan, CEO of Velan Inc. said, "The valve market is very competitive and challenging due to the impact of the low price of oil that has resulted in delays or cancellations of many mega-projects around the world. Even though our bookings in the oil sector have been negatively impacted, we are diversified by market and geography so we still see a lot of opportunities in the global energy sector. For example, in our first quarter, we booked $18.4 million of nuclear valve orders in China for new nuclear plants using Chinese technology. We are intensifying our efforts to increase our order bookings."
Dividend
The Board declared an eligible quarterly dividend of CDN$0.10 per share, payable on September 30, 2015, to all shareholders of record as at September 15, 2015.
Conference call
Financial analysts, shareholders, and other interested individuals are invited to attend the first quarter conference call to be held on Thursday, July 9, 2015, at 5:00 PM (EDT). The toll free call-in number is 1-888-273-1350, access code 21771513. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558-5253, access code 21771513.
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 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
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: 09.07.2015 - 11:00 Uhr
Sprache: Deutsch
News-ID 1371287
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Machinery & Tools
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