"We are pleased with the general performance in the first quarter of our Fiscal 2014, although we are continuing to monitor the development of our order backlog both domestically and abroad," said John Ball, CFO of Velan Inc. "Working capital management and cash flow improved during the quarter, and foreign currency fluctuations, particularly with respect to the Euro, had less of an impact on our quarter to quarter results. We have continued our capital investment program both in North America and in Asia, as we modernize and expand our productive capacity."
Tom Velan, President and CEO of Velan Inc. said, "This was a very positive quarter with sales, net earnings(1) and net cash(2) all significantly increased compared to last year. We are continuing to take measures to improve our operational excellence and cost competitiveness, while strengthening our presence in international markets. We are working 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 September 30, 2013, to all shareholders of record as at September 13, 2013.
Financial analysts, shareholders, and other interested individuals are invited to attend the first quarter conference call to be held on July 10, 2013, at 4:30 PM (EDT). The toll free call-in number is 1-800-272-5460, access code 21662085. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558- 5253, access code 21662085.
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 "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 MD&A for a detailed calculation of this measure.
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