MONTREAL, QUEBEC — (Marketwire) — 01/08/13 — 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, 2012.
Highlights
Third Quarter Fiscal 2013 (unless otherwise noted, all comparisons are to the third quarter of fiscal 2012):
First Nine Months of Fiscal 2013 (unless otherwise noted, all comparisons are to the first nine months of fiscal 2012):
„We are pleased that the positive sales and profit trend noted in our second quarter continued and improved in our third quarter,“ said John Ball, CFO of Velan Inc. „The pressure is easing on our backlog and we are benefitting from the increased flow of shipments. We continue to see opportunities in several foreign markets as demand in our key end-user markets is generally strong and we are focusing our efforts to capitalize on these opportunities.“
Tom Velan, President and CEO of Velan Inc. said, „We had record sales of $134.2 million for this quarter and we continued to make progress towards our earnings objectives. While we are striving to achieve the highest sales revenues in our history this year, we are also focusing on longer term objectives. We opened our new plant in Coimbatore, India, in December and at the same time we are expanding production in our Korean and Chinese plants. We have also made significant investments in our North American plants to increase our output. We are building our global manufacturing capacity and at the same time increasing our presence in global markets.“
Dividend
The Board declared an eligible quarterly dividend of Canadian dollar $0.08 per share, payable on March 29, 2013, to all shareholders of record as at March 15, 2013.
Conference call
Financial analysts, shareholders, and other interested individuals are invited to attend the third quarter conference call to be held on January 8, 2013, at 4:30 PM (EDT). The toll free call-in number is 1-888-224-7971, access code 21628978. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558- 5253, access code 21628978.
About Velan
Velan Inc. () is a world-leading manufacturer of industrial valves with sales of $437 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-GAAP measures
In this press release, the Company presented measures of performance and financial condition that are not defined under Canadian GAAP („non-GAAP 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.
Net cash is defined as cash and cash equivalents plus short-term investments less bank indebtedness, short-term loans, and current portion of long-term bank borrowings.
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)
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