MONTREAL, QUEBEC--(Marketwired - May 28, 2013) - Velan Inc. (TSX:VLN), a world-leading manufacturer of industrial valves, announced today its financial results for its fourth quarter and fiscal year ended February 29, 2012.
| (millions of U.S. dollars, | Three months ended | Fiscal years ended | |||||||
| excluding per share amounts) |
February 29, 2012 |
February 28, 2011 |
February 29, 2012 |
February 28, 2011 |
|||||
| Sales | $117.8 | $107.0 | $437.1 | $380.7 | |||||
| Gross Profit | 23.0 | 29.6 | 87.3 | 101.4 | |||||
| Gross margin % | 19.5 | % | 27.7 | % | 20.0 | % | 26.6 | % | |
| Net income (loss) attributable to Multiple and Subordinate Voting Shares | 5.9 |
7.1 |
7.9 |
21.2 |
|||||
| Net income (loss) per share - | |||||||||
| Basic | 0.27 | 0.32 | 0.36 | 0.96 | |||||
| Diluted | 0.27 | 0.31 | 0.36 | 0.95 | |||||
Highlights
Fourth Quarter Fiscal 2012 (unless otherwise noted, all comparisons are to the fourth quarter of fiscal 2011):
- Net earnings1 amounted to $5.9 million or $0.27 per share compared to $7.1 million or $0.32 per share last year. Excluding the results of Velan ABV S.p.A. ("ABV"), the effects of purchase price accounting and currency impacts, the Company would have reported net earnings1 of $6.0 million or $0.27 per share in the current quarter compared to $8.2 million or $0.37 per share last year.
- Net new orders received ("bookings") amounted to $125.9 million, an increase of $0.2 million or 0.2% compared to last year. Excluding ABV and currency impacts, bookings would have decreased by $11.7 million or 9.3%. Because the Company has a very large order backlog, it is quoting long lead times, which is negatively impacting bookings for some products. The Company ended the fiscal year with a backlog of $661.8 million; $617.1 million excluding ABV. The Company's backlog increased by 20.8% when compared to the end of the previous fiscal year.
- Sales amounted to $117.8 million, an increase of $10.8 million or 10.1%. Excluding ABV and currency impacts, sales increased $4.4 million or 4.1%.
| 1 | Net earnings or loss refers to net income or loss attributable to Subordinate and Multiple Voting Shares. |
- Gross margin decreased by 8.2 percentage points from 27.7% to 19.5%. Excluding ABV, the effects of purchase price accounting and currency impacts, gross margin would have decreased by 6.1 percentage points from last year.
- The Company generated net cash1 from operations of $15.6 million. This source of net cash1 is primarily attributable to a decrease in accounts receivable, which was driven by the collections in the quarter of the
increased billings reported in the third quarter of the current year. The Company ended the year with net cash1 of $37.1 million.
Year-ended fiscal 2012 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the prior fiscal year):
- Net earnings2 amounted to $7.9 million or $0.36 per share compared to $21.2 million or $0.96 per share last year. Excluding ABV, the effects of purchase price accounting and currency impacts, the Company would have reported net earnings1 of $12.5 million or $0.56 per share this year compared to $14.3 million or $0.65 per share last year.
- Net new orders received ("bookings") amounted to $529.0 million, an increase of $78.9 million or 17.5% compared to last year. Excluding ABV and currency impacts, the increase would have been $42.4 million or 9.4%.
- Sales amounted to $437.1 million, an increase of $56.4 million or 14.8%. Excluding ABV and currency impacts, sales increased $26.2 million or 6.9%.
- Gross margin decreased by 6.6 percentage points from 26.6% to 20.0%. Excluding ABV, the effects of purchase price accounting and currency impacts, gross margin would have decreased by 1.8 percentage points.
- The Company used net cash1 from operations of $12.8 million. This use of net cash1 is primarily attributable to increased inventory purchases to service the growing backlog.
- Based on average exchange rates, the U.S. dollar weakened 2.8% against the Canadian dollar when compared to the same period last year. This weakening resulted in the Company's Canadian dollar expenses being reported as higher U.S. dollar amounts in the current year. The euro strengthened 5.0% against the U.S. dollar when compared to the same period last year. This strengthening resulted in the Company's net profits from its European subsidiaries being reported as higher U.S. dollar amounts in the current year.
"The continued growth of both our sales and backlog, as well as the acquisition of ABV, has absorbed much of our working capital this year", John Ball, CFO of Velan Inc. said. "Notwithstanding these two factors, we continue to look for ways of improving the efficiency of our working capital and we are pleased that we ended the year with net cash1of $37.1 million and a strong balance sheet".
Tom Velan, President and CEO of Velan Inc. said, "The increases in bookings, backlog, and sales for the year to date are good indications of an improving global market for our products. We are starting our new year with a very strong backlog and the challenge we faced last year due to insufficient orders has changed to the challenge of producing our order backlog as quickly and profitably as possible. We are investing in increasing our global manufacturing capacity. Faced with significant material cost increases over the last two years, we have been raising our selling prices. For some of our product lines, we still face lower margins because material cost increases have risen faster than selling prices. We need to raise our margins by increasing volume and continuing to increase our prices where possible to cover cost increases.
| 1 | Non-GAAP measures - see explanation below. |
| 2 | Net earnings or loss refers to net income or loss attributable to Subordinate and Multiple Voting Shares. |
"We were disappointed by the results from our acquisition of ABV. This was a transition year for ABV, which had poor results due to a combination of some underpriced orders, significant material cost increases, and the additional work required to complete the acquisition, implement a new Enterprise Resource Planning ("ERP") system, and establish the new manufacturing plant. We expect improving results going forward as the new plant capacity is now in operation and the new ERP system has been implemented. Also, ABV is starting this year with more than double the backlog it had at the time of acquisition. We are working with the management of ABV to help improve operations to increase both output and profitability.
"We are continuing to take measures to improve our operational excellence and cost competitiveness, and to strengthen our presence in international markets in order to improve our long-term performance and increase the value of our company. In the shorter term, we are focused on improved execution of our large project order backlog to increase sales and improve earnings."
Dividend
The Board declared an eligible quarterly dividend of Canadian dollar $0.08 per share, payable on June 29, 2012, to all shareholders of record as at June 15, 2012.
Conference Call
Financial analysts, shareholders, and other interested individuals are invited to attend the fourth quarter conference call to be held on May 17, 2012, at 4:30 PM (EST). The toll free call-in number is 1-888-628-4143, access code 21591591. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558-5253, access code 21591591.
About Velan
Velan Inc. (www.velan.com) is a world-leading manufacturer of industrial valves with sales of $437 million in its last reported fiscal year. The company employs over 1,950 people and has manufacturing plants in 10 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.
Safe Harbour Statement
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
Non-GAAP measures
In this press release, the Company presented measures of performance and financial condition which are not defined under Canadian GAAP ("non-GAAP 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.
Net cash is defined as cash and cash equivalents plus short-term investments less bank indebtedness and short- term bank loans.
SELECTED FINANCIAL INFORMATION
Reconciliation of Net Income (Loss) from Canadian GAAP to IFRS:
| Fiscal Year | Three Months | |||
| Ended | Ended | |||
| (In thousands of indicated currency) | February 28 | February 28 | ||
| 2011 | 2011 | |||
| $ | $ | |||
| Net Income (Loss) - GAAP in Canadian dollars | 5,810 | (207 | ) | |
| Net Income (Loss) - GAAP in U.S. dollars | 5,665 | (233 | ) | |
| IFRS Adjustments to net income (loss) in U.S. dollars: | ||||
| Change of functional currency to U.S. dollar | 14,819 | 5,617 | ||
| Reclassification of Non-controlling Interest | 775 | 45 | ||
| Income taxes - tax effect of above differences | 740 | 1,689 | ||
| Net Income (Loss) - IFRS in U.S. dollars | 21,999 | 7,118 | ||
Reconciliation of Comprehensive Income (Loss) from Canadian GAAP to IFRS:
| Fiscal Year | Three Months | ||||
| Ended | Ended | ||||
| (In thousands of indicated currency) | February 28 | February 28 | |||
| 2011 | 2011 | ||||
| $ | $ | ||||
| Comprehensive Income (Loss) - GAAP in Canadiandollars | 1,976 |
(20 |
) | ||
| Comprehensive Income (Loss) - GAAP in U.S. dollars | 1,907 | (80 | ) | ||
| IFRS Adjustments to comprehensive income (loss) in U.S.dollars: | |||||
| Change of functional currency to U.S. dollar | 21,091 | 10,488 | |||
| Realized translation adjustment on reduction of net investment in self-sustaining operations | (239 |
) | (2 |
) | |
| Reclassification of Non-controlling Interest | 845 | 60 | |||
| Income taxes - tax effect of above differences | 740 | 1,689 | |||
| Comprehensive Income (Loss) - IFRS in U.S. dollars | 24,344 | 12,155 | |||
Reconciliation of Equity from Canadian GAAP to IFRS:
| February 28 | March 1, | ||||
| (In thousands of indicated currency) | 2011 | 2010 | |||
| $ | $ | ||||
| Equity - GAAP in Canadian dollars | 340,627 | 346,184 | |||
| Equity - GAAP in U.S. dollars | 350,265 | 328,682 | |||
| IFRS Adjustments to Equity in U.S. dollars: | |||||
| Change of functional currency to U.S. dollar | (19,794 | ) | (13,469 | ) | |
| Reclassification of non-controlling interest | 4,025 | 4,954 | |||
| Income taxes - tax effect of above differences | 3,227 | 2,439 | |||
| Equity - IFRS in U.S. dollars | 337,723 | 322,606 | |||
| Velan Inc. | |||||||||
| Interim Consolidated Statements of Income (Loss) | |||||||||
| (Unaudited) | |||||||||
| (in thousands of U.S. dollars, excluding number of shares and per share amounts) | |||||||||
| Three-month periods ended | Fiscal years ended | ||||||||
| February 29, | February 28, | February 29, | February 28, | ||||||
| 2012 | 2011 | 2012 | 2011 | ||||||
| $ | $ | $ | $ | ||||||
| Sales | 117,784 | 107,028 | 437,135 | 380,706 | |||||
| Cost of sales | 94,779 | 77,393 | 349,873 | 279,280 | |||||
| Gross profit | 23,005 | 29,635 | 87,262 | 101,426 | |||||
| Administration cost | 21,406 | 22,343 | 83,620 | 73,597 | |||||
| Other expense (income) | (3,489 | ) | (253 | ) | (3,806 | ) | (601 | ) | |
| Operating profit (loss) | 5,088 | 7,545 | 7,448 | 28,430 | |||||
| Finance income | 88 | 187 | 318 | 571 | |||||
| Finance costs | 633 | 106 | 1,669 | 577 | |||||
| Finance income (costs) - net | (545 | ) | 81 | (1,351 | ) | (6 | ) | ||
| Income (Loss) before income tax | 4,543 | 7,626 | 6,097 | 28,424 | |||||
| Income tax expense (recovery) | 145 | 508 | 348 | 6,425 | |||||
| Net income (loss) for the period | 4,398 | 7,118 | 5,749 | 21,999 | |||||
| Net income (loss) attributable to: | |||||||||
| Subordinate Voting Shares and Multiple Voting Shares | 5,864 | 7,073 | 7,892 | 21,224 | |||||
| Non-controlling interest | (1,466 | ) | 45 | (2,143 | ) | 775 | |||
| 4,398 | 7,118 | 5,749 | 21,999 | ||||||
| Net income (loss) per Subordinate and | |||||||||
| Multiple Voting Share | |||||||||
| Basic | 0.27 | 0.32 | 0.36 | 0.96 | |||||
| Diluted | 0.27 | 0.31 | 0.36 | 0.95 | |||||
| Dividends declared per Subordinate and | 0.08 | 0.08 | 0.32 | 0.31 | |||||
| Multiple Voting Share | (CDN$0.08 | ) | (CDN$0.08 | ) | (CDN$0.32 | ) | (CDN$0.32 | ) | |
| Velan Inc. | |||||||
| Interim Consolidated Statements of Comprehensive Income (Loss) | |||||||
| (Unaudited) | |||||||
| (in thousands of U.S. dollars) | |||||||
| Three-month periods ended | Fiscal years ended | ||||||
| February 29, | February 28, | February 29, | February 28, | ||||
| 2012 | 2011 | 2012 | 2011 | ||||
| $ | $ | $ | $ | ||||
| Comprehensive income (loss) | |||||||
| Net income (loss) for the period | 4,398 | 7,118 | 5,749 | 21,999 | |||
| Other comprehensive income (loss) | |||||||
| Foreign currency translation adjustment on foreign operations whose functional currency is other than the U.S. dollar | (251 |
) | 5,037 |
(7,461 |
) | 2,345 |
|
| Comprehensive income (loss) | 4,147 | 12,155 | (1,712 | ) | 24,344 | ||
| Comprehensive income (loss) attributable to: | |||||||
| Subordinate Voting Shares and Multiple Voting Shares | 5,490 | 12,095 | 1,400 | 23,499 | |||
| Non-controlling interest | (1,343 | ) | 60 | (3,112 | ) | 845 | |
| 4,147 | 12,155 | (1,712 | ) | 24,344 | |||
| Velan Inc. | ||||
| Interim Consolidated Statements of Financial Position | ||||
| (Unaudited) | ||||
| (in thousands of U.S. dollars) | ||||
| As At | February 29, | February 28, | March 1, | |
| 2012 | 2011 | 2010 | ||
| $ | $ | $ | ||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 65,414 | 119,996 | 101,691 | |
| Short-term investments | 4,954 | 87 | 295 | |
| Accounts receivable | 111,856 | 94,495 | 86,756 | |
| Income taxes recoverable | 9,682 | 5,007 | 3,301 | |
| Inventories | 258,684 | 205,334 | 190,031 | |
| Deposits and prepaid expenses | 6,209 | 3,875 | 5,672 | |
| Derivative assets | 1,737 | 3,329 | 4,042 | |
| 458,536 | 432,123 | 391,788 | ||
| Non-current assets | ||||
| Property, plant and equipment | 72,961 | 64,622 | 63,931 | |
| Intangible assets and goodwill | 58,845 | 11,657 | 11,382 | |
| Deferred income taxes | 10,152 | 6,244 | 5,545 | |
| Other assets | 1,476 | 1,391 | 1,388 | |
| 143,434 | 83,914 | 82,246 | ||
| Total assets | 601,970 | 516,037 | 474,034 | |
| Liabilities | ||||
| Current liabilities | ||||
| Bank indebtedness | 32,438 | 5,634 | 2,500 | |
| Short-term bank loans | 858 | 822 | 791 | |
| Accounts payable and accrued liabilities | 82,088 | 65,329 | 63,897 | |
| Income tax payable | 2,484 | 1,832 | 4,505 | |
| Dividend payable | 1,791 | 1,830 | 1,689 | |
| Customer deposits | 86,544 | 73,054 | 55,403 | |
| Provisions | 5,149 | 4,288 | 2,973 | |
| Accrual for performance guarantees | 21,679 | 13,354 | 7,955 | |
| Derivative liabilities | 534 | 447 | 1,077 | |
| Current portion of long-term debt | 1,696 | 603 | 44 | |
| Current portion of other liabilities | 5,753 | - | - | |
| 241,014 | 167,193 | 140,834 | ||
| Non-current liabilities | ||||
| Long-term debt | 7,891 | 4,408 | 3,768 | |
| Deferred income taxes | 8,270 | 57 | 124 | |
| Other liabilities | 9,218 | 6,656 | 6,702 | |
| 25,379 | 11,121 | 10,594 | ||
| Total liabilities | 266,393 | 178,314 | 151,428 | |
| Equity | ||||
| Equity attributable to the Subordinate and Multiple Voting shareholders | ||||
| Share capital | 78,764 | 79,271 | 79,651 | |
| Contributed surplus | 1,871 | 1,898 | 1,936 | |
| Retained earnings | 250,951 | 250,254 | 236,065 | |
| Accumulated other comprehensive income (loss) | (4,217 | ) | 2,275 | - |
| 327,369 | 333,698 | 317,652 | ||
| Non-controlling interest | 8,208 | 4,025 | 4,954 | |
| Total equity | 335,577 | 337,723 | 322,606 | |
| Total liabilities and equity | 601,970 | 516,037 | 474,034 | |
| Velan Inc. |
| Interim Consolidated Statements of Changes in Equity |
| (Unaudited) |
| (in thousands of U.S. dollars) |
| Equity attributable to the Subordinate and Multiple Voting shareholders | |||||||||||||||
| Accumulated | |||||||||||||||
| other | |||||||||||||||
| Share | Contributed | comprehensive | Retained | Non-controlling | |||||||||||
| capital | surplus | income (loss) | earnings | Total | interest | Total equity | |||||||||
| Balance - March 1, 2010 | 79,651 | 1,936 | - | 236,065 | 317,652 | 4,954 | 322,606 | ||||||||
| Net income for the year | - | - | - | 21,224 | 21,224 | 775 | 21,999 | ||||||||
| Other comprehensive income | - | - | 2,275 | - | 2,275 | 70 | 2,345 | ||||||||
| 79,651 | 1,936 | 2,275 | 257,289 | 341,151 | 5,799 | 346,950 | |||||||||
| Effect of share-based compensation | - | 63 | - | - | 63 | - | 63 | ||||||||
| Dividends | |||||||||||||||
| Multiple Voting Shares | - | - | - | (4,930 | ) | (4,930 | ) | - | (4,930 | ) | |||||
| Subordinate Voting Shares | - | - | - | (2,105 | ) | (2,105 | ) | - | (2,105 | ) | |||||
| Non-controlling interest | - | - | - | - | - | (1,774 | ) | (1,774 | ) | ||||||
| Share repurchase | (380 | ) | (101 | ) | - | - | (481 | ) | - | (481 | ) | ||||
| Balance - February 28, 2011 | 79,271 | 1,898 | 2,275 | 250,254 | 333,698 | 4,025 | 337,723 | ||||||||
| Balance - March 1, 2011 | 79,271 | 1,898 | 2,275 | 250,254 | 333,698 | 4,025 | 337,723 | ||||||||
| Net income (loss) for the year | - | - | - | 7,892 | 7,892 | (2,143 | ) | 5,749 | |||||||
| Other comprehensive loss | - | - | (6,492 | ) | - | (6,492 | ) | (969 | ) | (7,461 | ) | ||||
| 79,271 | 1,898 | (4,217 | ) | 258,146 | 335,098 | 913 | 336,011 | ||||||||
| Effect of share-based compensation | - | 71 | - | - | 71 | - | 71 | ||||||||
| Dividends | |||||||||||||||
| Multiple Voting Shares | - | - | - | (5,022 | ) | (5,022 | ) | - | (5,022 | ) | |||||
| Subordinate Voting Shares | - | - | - | (2,173 | ) | (2,173 | ) | - | (2,173 | ) | |||||
| Non-controlling interest | - | - | - | - | - | (948 | ) | (948 | ) | ||||||
| Share repurchase | (507 | ) | (98 | ) | - | - | (605 | ) | - | (605 | ) | ||||
| Non-controlling interest arising on acquisition | - | - | - | - | - | 8,243 | 8,243 | ||||||||
| Balance - February 29, 2012 | 78,764 | 1,871 | (4,217 | ) | 250,951 | 327,369 | 8,208 | 335,577 | |||||||
| Velan Inc. | |||||||||
| Interim Consolidated Statements of Cash Flows | |||||||||
| (Unaudited) | |||||||||
| (in thousands of U.S. dollars) | |||||||||
| Three-month periods ended | Fiscal years ended | ||||||||
| February 29, | February 28, | February 29, | February 28, | ||||||
| 2012 | 2011 | 2012 | 2011 | ||||||
| Cash flows from | $ | $ | $ | $ | |||||
| Operating activities | |||||||||
| Net income (loss) for the period | 4,398 | 7,118 | 5,749 | 21,999 | |||||
| Adjustments to reconcile net income (loss) to cash provided by operating activities | - | ||||||||
| Depreciation of property, plant and equipment | 2,451 | 2,038 | 8,847 | 8,146 | |||||
| Amortization of intangible assets | 494 | 228 | 4,330 | 813 | |||||
| Deferred income taxes | (2,417 | ) | (2,318 | ) | (2,929 | ) | (987 | ) | |
| Share-based compensation expense | 21 | 10 | 71 | 63 | |||||
| Loss (Gain) on disposal of property, plant and equipment | (25 | ) | (448 | ) | (14 | ) | (472 | ) | |
| Interest accretion on proceeds payable | 244 | - | 946 | - | |||||
| Income from fair value adjustment of proceeds payable | (2,230 | ) | - | (2,230 | ) | - | |||
| Unrealized foreign exchange gain on proceeds payable | (978 | ) | - | (978 | ) | - | |||
| Net change in other long-term liabilities | 790 | 451 | 684 | (46 | ) | ||||
| 2,748 | 7,079 | 14,476 | 29,516 | ||||||
| Changes in non-cash working capital items | |||||||||
| Accounts receivable | 15,786 | (8,646 | ) | (8,515 | ) | (7,781 | ) | ||
| Inventories | (11,260 | ) | (543 | ) | (38,421 | ) | (15,385 | ) | |
| Income taxes recoverable | 481 | (1,123 | ) | (4,758 | ) | (1,715 | ) | ||
| Deposits and prepaid expenses | (1,541 | ) | 1,881 | (1,903 | ) | 1,787 | |||
| Derivative assets | (463 | ) | (120 | ) | 1,564 | 709 | |||
| Accounts payable and accrued liabilities | 3,908 | 6,256 | 4,741 | 1,424 | |||||
| Income taxes payable | 317 | (1,059 | ) | 115 | (2,687 | ) | |||
| Customer deposits | 2,538 | 10,995 | 11,139 | 17,555 | |||||
| Provisions | 1,356 | 1,052 | 846 | 1,308 | |||||
| Accrual for performance guarantees | 3,233 | 2,109 | 7,863 | 5,370 | |||||
| Derivative liabilities | (1,503 | ) | 203 | 85 | (633 | ) | |||
| 12,852 | 11,005 | (27,244 | ) | (48 | ) | ||||
| Cash provided (used) by operating activities | 15,600 | 18,084 | (12,768 | ) | 29,468 | ||||
| Investing activities | |||||||||
| Short-term investments | (3,440 | ) | 322 | (4,867 | ) | 208 | |||
| Additions to property, plant and equipment | (3,770 | ) | (3,318 | ) | (12,710 | ) | (8,657 | ) | |
| Proceeds on disposal of property, plant and equipment | 39 | 447 | 100 | 653 | |||||
| Additions to intangible assets | (1,102 | ) | (424 | ) | (1,840 | ) | (973 | ) | |
| Net change in other assets | (235 | ) | 80 | (87 | ) | (3 | ) | ||
| Business acquisition - net of cash acquired | - | - | (37,281 | ) | - | ||||
| Cash provided (used) by investing activities | (8,508 | ) | (2,893 | ) | (56,685 | ) | (8,772 | ) | |
| Financing activities | |||||||||
| Dividends paid to Subordinate and Multiple Voting shareholders | (1,781 | ) | (1,752 | ) | (7,234 | ) | (6,894 | ) | |
| Dividends paid to non-controlling interest | (864 | ) | 40 | (948 | ) | (1,774 | ) | ||
| Repurchase of shares | (217 | ) | (26 | ) | (605 | ) | (481 | ) | |
| Short-term bank loans | 11 | 13 | (4,831 | ) | 31 | ||||
| Increase in long-term debt | 609 | 1,001 | 5,221 | 1,001 | |||||
| Repayment of long-term debt | (366 | ) | 2 | (3,002 | ) | (87 | ) | ||
| Cash provided (used) by investing activities | (2,608 | ) | (722 | ) | (11,399 | ) | (8,204 | ) | |
| Effect of exchange rate differences on cash | 503 | 2,118 | (534 | ) | 2,679 | ||||
| Net change in cash during the period | 4,987 | 16,587 | (81,386 | ) | 15,171 | ||||
| Net cash - Beginning of period | 27,989 | 97,775 | 114,362 | 99,191 | |||||
| Net cash - End of period | 32,976 | 114,362 | 32,976 | 114,362 | |||||
| Net cash is composed of: | |||||||||
| Cash and cash equivalents | 65,414 | 119,996 | 65,414 | 119,996 | |||||
| Bank indebtedness | (32,438 | ) | (5,634 | ) | (32,438 | ) | (5,634 | ) | |
| 32,976 | 114,362 | 32,976 | 114,362 | ||||||
| Supplementary information | |||||||||
| Interest received (paid) | 197 | (133 | ) | (555 | ) | (219 | ) | ||
| Income taxes received (paid) | (888 | ) | (6,597 | ) | (6,742 | ) | (11,355 | ) | |
Contact Information:
President and Chief Executive Officer
(514) 748-7743
(514) 748-8635 (FAX)
John D. Ball
Chief Financial Officer
(514) 748-7743
(514) 748-8635 (FAX)
www.velan.com