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Velan Inc. Reports its Second Quarter 2012/13 Financial Results

Velan Inc. announced its financial results for its second quarter ended August 31, 2012. Net earnings amounted to $3.3 million or $0.15 per share compared to a net loss of $2.1 million or $0.10 per share last year. Excluding currency impacts, Velan would have reported net earnings of $3.5 million or $0.16 per share this year compared to a net loss of $2.0 million or $0.09 per share last year. Further excluding the results of Velan ABV S.p.A., an Italian valve manufacturer acquired in the prior fiscal year, and the effects of purchase price accounting, Velan would have reported net earnings of $4.5 million or $0.21 per share this year compared to a net loss of $0.5 million or $0.02 per share last year.

Net new orders received amounted to $92.4 million, a decrease of $79.7 million or 46.3% compared to last year. Excluding currency impacts, the decrease would have been $80.8 million or 46.9%. Velan ended the quarter with a backlog of $625.9 million, a decrease of $35.9 million since the beginning of the current fiscal year. Excluding currency impacts, the backlog would have decreased by $13.9 million over the same period to $647.9 million.

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