Velan, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2013; Declares Quarterly Dividend, Payable on March 31, 2014
January 10, 2014 at 02:30 am IST
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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.
Velan Inc. is a Canada-based manufacturers of industrial valves. The Company designs, manufactures and markets a range of industrial valves for use in industry applications, including power generation, oil and gas, refining and petrochemicals, chemicals, liquid natural gas and cryogenics, pulp and paper, geothermal processes and shipbuilding. Its products include Quarter-turn valves, Gate, globe, and check valves, Cryogenic valves, HF Acid valves, Steam traps, Bellows seal valves and Velan ABV Valves. Its services include research and development, maintenance manuals (IOMs), spare parts and service locations. The North American operations comprising two manufacturing plants in Canada, as well as one manufacturing plant and one distribution facility in the United States. Its overseas operations include manufacturing plants in France, Italy, Portugal, Korea, Taiwan, India, and China. The Companyâs operations also include a sales operation in Germany.
Velan, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2013; Declares Quarterly Dividend, Payable on March 31, 2014