"We are continuing to take measures to improve our operational excellence and cost competitiveness, while strengthening our presence in international markets in order to improve our performance. Now, we are working to continue to build on the positive momentum to further improve our performance and operating results."
The Board declared an eligible quarterly dividend of Canadian dollar $0.08 per share, payable on June 28, 2013, to all shareholders of record as at June 14, 2013.
Financial analysts, shareholders, and other interested individuals are invited to attend the fourth quarter conference call to be held on May 28, 2013, at 4:30 PM (EST). The toll free call-in number is 1-888-224-7971, access code 21658132. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558-5253, access code 21658132.
Velan Inc. (www.velan.com) is a world-leading manufacturer of industrial valves with sales of over $500 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.
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 "adjusted net earnings" is defined as net income or loss attributable to Subordinate and Multiple Voting Shares excluding a goodwill impairment loss of $11.7 million for the current quarter and fiscal year, and positive fair value adjustments to the ABV purchase price proceeds payable. For both the current year and prior year quarters, as well as for the prior fiscal year, the amount of such fair value adjustment was $2.2 million. For the current fiscal year, the amount was $2.4 million.
The term "adjusted net operating results" for the annual results is defined as net income or loss attributable to Subordinate and Multiple Voting Shares excluding the net loss of ABV, the goodwill impairment loss, the purchase price accounting and interest accretion adjustments, the positive fair value adjustments to the ABV purchase price proceeds payable, and the impact of currency changes. Refer to the "Reconciliations and Non-IFRS Measures" section in the Company's Management Discussion and Analysis ("MD&A") for a detailed calculation of this measure.
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