Velan, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2013. For the quarter, the company reported sales of $115,611,000 compared to $134,203,000 a year ago. Operating profit was $11,814,000 compared to $9,637,000 a year ago. Income before income tax was $11,527,000 compared to $8,549,000 a year ago. Net income was $8,839,000 or $0.38 basic and diluted per share compared to $6,128,000 or $0.26 basic and diluted per share a year ago. Cash provided by operating activities was $38,629,000 compared to $15,261,000 a year ago. Additions to property, plant and equipment was $6,493,000 compared to $11,559,000 a year ago. Additions to intangible assets were $60,000 compared to $139,000 a year ago.

For the nine months period, the company reported sales of $368,541,000 compared to $358,504,000 a year ago. Operating profit was $28,459,000 compared to $15,647,000 a year ago. Income before income tax was $27,375,000 compared to $13,570,000 a year ago. Net income was $20,349,000 or $0.87 basic and diluted per share compared to $10,253,000 or $0.44 basic and diluted per share a year ago. Cash provided by operating activities was $62,074,000 compared to cash used in operating activities of $8,638,000 a year ago. Additions to property, plant and equipment was $14,691,000 compared to $22,641,000 a year ago. Additions to intangible assets were $265,000 compared to $405,000 a year ago.

The Board declared an eligible quarterly dividend of CAD 0.08 per share, payable on March 31, 2014, to all shareholders of record as at March 17, 2014.