Velan Reports Strong Second Quarter Results
Monday, October 12, 2009
reported strong financial results for the three months ended August 31, 2009.
Sales of $117.6 million were a record for the quarter. The net earnings for the
three months were $7.6 million, or $0.34 per share. For the six months ended
August 31, 2009, Sales were $273.9 million and Net Earnings were $21.9 million,
or $0.98 per share.
the quarter reached $117.6 million, a record level for the quarter ended August
31. This is a 35.3% increase over the same quarter last year when the company
recorded sales of $86.9 million, and 59.7% higher after adjusting for the sales
of the Italian joint venture company in the 2008 figures. For the six months
ended August 31, 2009, sales were $237.9 million, which is 27.6% higher than
the previous year after adjusting for the sale of the Italian joint venture in
July 2008. The main increases were in the North American, German and UK