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Galvanic Applied Sciences Inc. announces 1st. quarter results

^{Published on 2009-08-27 10:36:07, Last Modified on 2009-08-27 10:36:09 - Market Wire}
 

 CALGARY, Aug. 27 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V) announces the following results for its period ended July 31, 2009 and July 31, 2008. Three Months Ended July 31, ------------------------- 2009 2008 ------------------------- Revenue 2,863,089 3,177,844 Gross margin 1,172,470 1,129,817 Net (loss) earnings (7,855) 60,109 Net earnings per share $0.00 $0.00 Due to the appreciation of the Canadian dollar in the fiscal quarter and exchange losses in the amount of $166,000 as compared with exchange gains in the amount of $57,000 the Company reported a net loss of $8,000 or $0.00 per common share compared to net earnings of $60,000 or $0.00 per common share recorded in the corresponding prior period. The decrease in consolidated revenues in the fiscal quarter reflects the ongoing slowdown experienced in domestic gas markets. Despite the decline in consolidated revenues operational improvements are reflected in the improvement in gross margins and the reduction in expenses. "The outlook for the second quarter of fiscal 2010 is anticipated to be similar to the first quarter as a result of the ongoing recession and the weak demand in the gas segment, combined with the appreciation of the Canadian dollar" says Grant Reeves, Chief Executive. "While revenue growth has been difficult during this recession the underlying fundamentals of the business are well positioned to realize greater profitability when sales return to traditional levels". Galvanic Applied Sciences Inc. is an innovative electronic technology Company that develops instrumentation and manufactures equipment for the natural gas processing and distribution markets and liquids process markets. Products include analyzers for sulfur and BTU measurement in gases, electronic volume correctors and recorders used in combination with commercial natural gas meters, and tytrators, viscometers, suspended solids and turbidity analyzers for on-line liquid analysis. This Press Release contains certain "forward-looking statements." All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding financial and business prospects and financial outlook) are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipated", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intent", "could", "might", "should", "believe" and similar expressions. These forward-looking statements reflect the current expectations or beliefs of the Company, based on information currently available to the Company. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in general economic and market conditions, changes to regulations affecting the Company's activities, and uncertainties relating to the availability and costs of financing needed in the future. Any forward-looking statement speaks only as at the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein. Forward-looking statements - statements in this press release that are not historical facts may be considered "forward-looking statements." All estimates and statements that describe the Company's objectives, goals or future plans are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated. 

For further information: S. Grant Reeves, Chief Executive Officer, (403) 258-9709 or Helen Cornett, Chief Financial Officer, (403) 258-9704, Email: [ info@galvanic.com ], Website: [ www.galvanic.com ]