Velan Inc. Reports Its First Quarter 2016/17 Financial Results
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 07/12/16 -- 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, 2016.
Highlights
First Quarter Fiscal 2017 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the first quarter of fiscal 2016):
"While we were not pleased with the $28 million sales decrease from last year, a result primarily of our low bookings last year as well as certain customer-related project delays, we were heartened by the positive increases in bookings, backlog, margin and net cash(2)," said John Ball, CFO of Velan Inc. "Our expenses and net earnings(1) were also positively impacted by the restructuring activities carried out last year, and we continue to actively search for ways to improve our profitability during this period of uncertain sales outlook."
Yves Leduc, President of Velan Inc., said, "The industry is experiencing a notable slowdown that is greatly affecting our sales, but we have been able to limit its impact by reducing expenses and improving our margins. Indeed, we are pursuing the path of a new five-year strategic plan, named Velocity 2020, the first phase of which is to drive efficiency gains and reduce lead times through operational excellence; in parallel, we are planting the seeds to spark growth in several global markets where we are very well positioned. We have dedicated employees, the Company is resilient, and the whole organization is being mobilized towards our new vision."
Tom Velan, CEO of Velan Inc. said, "This is a very tough market environment for us but we are taking the necessary measures to right size the Company and improve our operations to be ready to benefit when the market recovers."
Dividend
The Board declared an eligible quarterly dividend of CDN$0.10 per share, payable on September 30, 2016, to all shareholders of record as at September 15, 2016.
Conference call
Financial analysts, shareholders, and other interested individuals are invited to attend the first quarter conference call to be held on Tuesday, July 12, 2016, at 4:30 p.m. (EDT). The toll free call-in number is 1-888-273-1350, access code 21814078. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800- 558-5253, access code 21814078.
About Velan
Founded in Montreal in 1950, Velan Inc. () is one of the world''s leading manufacturers of industrial valves, with sales of US$426.9 million in its last reported fiscal year. The Company 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
This news release may include forward-looking statements, which generally contain words like "should", "believe", "anticipate", "plan", "may", "will", "expect", "intend", "continue" or "estimate" or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company''s filings with the appropriate securities commissions. While these statements are based on management''s assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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 Interim Report for the quarter ended May 31, 2016 for a detailed calculation of this measure.
Contacts:
VELAN Inc.
Tom Velan, Chief Executive Officer, or
Yves Leduc, President
(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: 12.07.2016 - 11:23 Uhr
Sprache: Deutsch
News-ID 1446523
Anzahl Zeichen: 6044
contact information:
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Town:
MONTREAL, QUEBEC
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Kategorie:
Machinery & Tools
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