Velan Inc. Reports Its Year-End and Fourth Quarter 2016/17 Financial Results
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 05/18/17 -- Velan Inc. (TSX: VLN) (the "Company"), a world-leading manufacturer of industrial valves, announced today its financial results for its fiscal year and fourth quarter ended February 28, 2017.
Highlights
Fourth Quarter Fiscal 2017 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the fourth quarter of fiscal 2016):
Year Ended Fiscal 2017 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the prior fiscal year):
"This was a year of challenges, particularly on the sales front. Our various efficiency initiatives that we commenced last year helped protect our margin and bottom line this year. In addition, we have conserved cash and maintained a strong balance sheet," said John Ball, CFO of Velan Inc. "While we are encouraged by the steady increase in our backlog, we note that it is concentrated in some of our overseas markets. Our focus for the coming year will be to maintain and broaden our order buildup as well as to ensure timely delivery of project orders."
Yves Leduc, President and CEO of Velan Inc., said, "Although the year's results were disappointing, we are encouraged by signs that the outlook may be improving as both bookings and backlog increased in the second half of the fiscal year. With these recent orders, we should see performance improve in the latter part of the next fiscal year. While market conditions slowly improve, we continue to implement several improvement initiatives under our strategic plan Velocity 2020 in order to position the Company, not just to ride the wave of a recovering market, but to outperform it. The goal is to transform our Company into an organization that is more agile and customer-centric, by delivering greater value to our customers through front-loaded application engineering and design solutions, fast lead times and disciplined market development."
Dividend
The Board declared an eligible quarterly dividend of CDN$0.10 per share, payable on June 30, 2017, to all shareholders of record as at June 15, 2017.
Conference call
Financial analysts, shareholders, and other interested individuals are invited to attend the fourth quarter conference call to be held on Thursday, May 18, 2017, at 4:30 p.m. (EDT). The toll free call-in number is 1-800-672-3665, access code 21852130. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558-5253, access code 21852130.
About Velan
Founded in Montreal in 1950, Velan Inc. () is one of the world's leading manufacturers of industrial valves, with sales of US$331.8 million in its last reported fiscal year. The Company employs over 1,800 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.
Safe harbour statement
This news release may include forward-looking statements, which generally contain words like "should", "believe", "anticipate", "plan", "may", "will", "expect", "intend", "continue" or "estimate" or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in
the Company's filings with the appropriate securities commissions. While these statements are based on management's assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Non-IFRS measures
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 plus goodwill impairment loss, plus restructuring costs less the income tax effect of the restructuring costs. Refer to the "Reconciliations of Non-IFRS Measures" section in the Company's Management Discussion and Analysis included in its Annual Report for the fiscal year ended February 28, 2017 for a detailed calculation of this measure.
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 Management Discussion and Analysis included in its Annual Report for the fiscal year ended February 28, 2017 for a detailed calculation of this measure.
Contacts:
VELAN Inc.
Yves Leduc
President and Chief Executive Officer
(514) 748-7743
(514) 748-8635 (FAX)
VELAN Inc.
John D. Ball
Chief Financial Officer
(514) 748-7743
(514) 748-8635 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 18.05.2017 - 17:53 Uhr
Sprache: Deutsch
News-ID 543400
Anzahl Zeichen: 0
contact information:
Town:
MONTREAL, QUEBEC
Kategorie:
Machinery & Tools
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