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Velan Inc. Reports its First Quarter 2010/11 Financial Results

Thursday, July 8, 2010  
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Velan reported lower financial results for the first quarter ended May 31, 2010, as it was negatively impacted by the strengthening of the Canadian dollar, which increased an average of 18.6% and 19.7% against the US dollar and the euro, respectively, when compared to the same quarter last year. The net earnings for the quarter were $1.1 million, and earnings per share were 5 cents.

Sales for the quarter were $91.7 million, which is 23.7% less than the previous year. Sales continue to be negatively impacted by the strong Canadian dollar, which increased in average value by 18.6% compared to the US dollar and 19.7% compared to the euro. More…

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