08192018Sun
Last updateFri, 17 Aug 2018 5pm

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Valve Manufacturing

Velan Reports Third Quarter 2017/18 Financial Results

Velan Inc. announced its financial results for its third quarter ended November 30, 2017. Sales amounted to $87.7 million, an increase of $7.3 million or 9.1% from the prior year.

Net earnings amounted to $0.3 million or $0.02 per share compared to $1.5 million or $0.07 per share last year. After two consecutive quarters of losses, Velan returned to a profitable position in the current quarter due primarily to improved profitability at its French and Italian operations, which offset continued weakness in Velan’s North American operations, where fierce competition and tight market conditions were a drag on its results and margins. 

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