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Velan Reports Strong Second Quarter Results

Monday, October 12, 2009  
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Velan 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.

Sales for 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 operations. More…

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