Velan Inc. Reports Its 2010 Financial Year Results

Velan reported strong financial results for the year ended February 28, 2010, benefiting from the high backlog of orders it had heading into the recession. The net earnings for the year were $35.5 million, the third highest in the sixty year history of the Company. Fiscal year 2009 was a record year with net earnings of $67.0 million, which included a gain of $36.6 million on the sale of the Italian joint venture in July 2008. Effective February 28, 2009, the Company changed its year end from May 31st to the last day of February, resulting in a nine month fiscal year. Comparisons in this press release are to the twelve month period ended February 28, 2009, and exclude the operational results of the former Italian joint venture. More…