Velan Inc. Reports Its First Quarter 2017/18 Financial Results
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 07/13/17 -- 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, 2017.
Highlights
First Quarter Fiscal 2018 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the first quarter of fiscal 2017):
"This was a very difficult quarter in terms of sales and order bookings, principally in our North American operations, and the loss for the quarter was a disappointment," said John Ball, CFO of Velan Inc. "While some of our overseas operations continue to perform well, it was not sufficient to counter the soft sales in North America. It is, however, highlighting the need to continue to drive for operational efficiencies in all parts of our operations."
Yves Leduc, President and CEO of Velan Inc., said, "We are responding to the tough market conditions with an ambitious three-year plan to both drive out $20 million of annual costs, which we will invest in improving our competitiveness, and invest at the same time in growing our market share in under-developed high-margin key target markets. In pursuing these priorities, the Company intends to accelerate the transformation initiated under our Velocity 2020 strategic plan, building an organization that is more agile, delivering greater value to its customers through superior products and tailored solutions, and disciplined market development."
Dividend
The Board declared an eligible quarterly dividend of CDN$0.10 per share, payable on September 29, 2017, to all shareholders of record as at September 15, 2017.
Conference call
Financial analysts, shareholders, and other interested individuals are invited to attend the first quarter conference call to be held on Thursday, July 13, 2017, at 4:30 p.m. (EDT). The toll free call-in number is 1-800-672-3665, access code 21855021. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558-5253, access code 21855021.
About Velan
Founded in Montreal in 1950, Velan Inc. () is one of the world''s leading manufacturers of industrial valves, with sales of US$331.8 million in its last reported fiscal year. The Company employs over 1,800 people and has manufacturing plants in 9 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, 2017 for a detailed calculation of this measure.ws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Contacts:
VELAN Inc.
Yves Leduc
President & 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: 13.07.2017 - 11:45 Uhr
Sprache: Deutsch
News-ID 1513466
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Machinery & Tools
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