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

Friday, October 12, 2012 1:41 PM


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MONTREAL, QUEBEC -- (Marketwire) -- 10/12/12 -- Velan Inc. (TSX:VLN) (the "Company"), a world-leading manufacturer of industrial valves, announced today its financial results for its second quarter ended August 31, 2012.

                                Three-month periods                         
                                              ended Six-month periods ended 
                                          August 31               August 31 
(millions of U.S. dollars,                                                  
 excluding per share                                                        
 amounts)                          2012        2011        2012        2011 
                            ------------------------------------------------
Sales                            $108.4       $95.4      $224.3      $200.4 
Gross profit                       26.0        15.7        50.1        37.0 
Gross margin %                     24.0%       16.5%       22.3%       18.4%
Net income (loss)                                                           
 attributable to Subordinate                                                
 and Multiple Voting Shares         3.3        (2.1)        4.0        (2.0)
Net income (loss)                                                           
 per share        - Basic          0.15       (0.10)       0.18       (0.09)
                  - Diluted        0.15       (0.10)       0.18       (0.09)

Highlights

Second Quarter Fiscal 2013 (unless otherwise noted, all comparisons are to the second quarter of fiscal 2012):

--  Net earnings(1) amounted to $3.3 million or $0.15 per share compared to
    a net loss(1) of $2.1 million or $0.10 per share last year. Excluding
    currency impacts, the Company would have reported net earnings(1) of
    $3.5 million or $0.16 per share this year compared to a net loss(1) of
    $2.0 million or $0.09 per share last year. Further excluding the results
    of Velan ABV S.p.A. ("ABV"), an Italian valve manufacturer acquired in
    the prior fiscal year, and the effects of purchase price accounting, the
    Company would have reported net earnings(1) of $4.5 million or $0.21 per
    share this year compared to a net loss(1) of $0.5 million or $0.02 per
    share last year. 
    
--  Net new orders received ("bookings") 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%.
    The Company 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. 
    
--  Sales amounted to $108.4 million, an increase of $13.0 million or 13.6%.
    Excluding currency impacts, sales would have increased by $18.1 million
    or 19.0%. 
    
--  Gross margin increased by 7.5 percentage points from 16.5% to 24.0%.
    Excluding currency impacts, the gross margin percentage would have
    increased by 7.6 percentage points in the quarter. Further excluding the
    results of ABV and the effects of purchase price accounting, gross
    margin would have increased by 8.3 percentage points in the quarter. The
    increase in the gross margin percentage excluding ABV, the effects of
    purchase price accounting and currency impacts is primarily attributable
    to the increase in sales volume which allowed the Company to more
    efficiently cover its production overhead costs, lower raw material
    costs and product mix. 
    
--  Based on average exchange rates, the euro weakened 13.5% against the
    U.S. dollar when compared to the same period last year. This weakening
    resulted in the Company's net profits from its European subsidiaries
    being reported as lower U.S. dollar amounts in the current quarter. The
    Canadian dollar weakened 3.9% against the U.S. dollar when compared to
    the same period last year. This weakening resulted in the Company's
    Canadian dollar expenses being reported as lower U.S. dollar amounts in
    the current quarter. The net impact of these two currency swings was
    generally unfavourable on the Company's quarterly results since the
    positive impact of a weaker Canadian dollar was outweighed by the
    negative impact of a weaker euro. 

First Half Year Fiscal 2013 (unless otherwise noted, all comparisons are to the first half year of fiscal 2012):

--  Net earnings(1) amounted to $4.0 million or $0.18 per share compared to
    a net loss(1) of $2.0 million or
    $0.09 per share last year. Excluding the results of ABV, the effects of
    purchase price accounting and currency impacts, the Company would have
    reported net earnings(1) of $6.4 million or $0.29 per share this year
    compared to $1.0 million or $0.04 per share last year. 
--  Bookings amounted to $190.1 million, a decrease of $118.8 million or
    38.5% compared to last year. Excluding currency impacts, the decrease
    would have been $91.9 million or 29.8%. 
    
--  Sales amounted to $224.3 million, an increase of $23.9 million or 11.9%.
    Excluding ABV and currency impacts, sales would have increased by $20.2
    million or 10.5%. 
    
--  Gross margin increased by 3.9 percentage points from 18.4% to 22.3%.
    Excluding ABV, the effects of purchase price accounting and currency
    impacts, gross margin would have increased by 4.8 percentage points. 
    
--  The Company used net cash(2) from operations of $23.9 million in the
    period. This use of net cash(2) was
    primarily attributable to increases in accounts receivable and
    inventories coupled with decreases in accounts payable. The Company
    ended the period with net cash(2) of $5.6 million. 
--  The Company generated net cash(2) from financing activities of $12.4
    million in the period. This source of net cash(2) was principally from a
    $20.7 million increase in long-term debt. The Company is using the
    proceeds of this debt to fund its growing working capital needs,
    particularly with respect to inventory purchases to service its large
    backlog, to continue to improve its production capacity with investments
    in machinery and equipment, and to fund various activities in its
    overseas operations, particularly in Asia. 
    
--  Based on average exchange rates, the euro weakened 11.0% against the
    U.S. dollar when compared to the same period last year. This weakening
    resulted in the Company's net profits from its European subsidiaries
    being reported as lower U.S. dollar amounts in the current period. The
    Canadian dollar weakened 3.5% against the U.S. dollar when compared to
    the same period last year. This weakening resulted in the Company's
    Canadian dollar expenses being reported as lower U.S. dollar amounts in
    the current period. The net impact of these two currency swings was
    generally unfavourable on the Company's results for this period since
    the positive impact of a weaker Canadian dollar was outweighed by the
    negative impact of a weaker euro. 
    
(1) Net earnings or loss refers to net income or loss attributable to      
Subordinate and Multiple Voting Shares.                                     
                                                                            
(2) Non-GAAP measures - see explanation below.                             

"We are pleased that we are gradually working through our high backlog although perhaps not as quickly as we would like", said John Ball, CFO of Velan Inc. "This is restoring our profitability as our shipments increase, although not without certain working capital challenges, and we continue to invest in our productive capacity both in Canada and abroad. The fluctuation of the euro this year, the current vagaries of the nuclear industry, and the uncertainty in certain world financial markets also contribute to these challenges, however they are outweighed by the longer term opportunities in our end user markets."

Tom Velan, President and CEO of Velan Inc. said, "In view of our large order backlog, our main focus is on increasing our output and improving our execution of our complex project orders. We are investing both in Asia and North America to increase our global manufacturing capacity and to strengthen our presence in international markets. In the shorter term, we are focused on improved execution of our large project order backlog to satisfy the needs of our customers."

Dividend

The Board declared an eligible quarterly dividend of Canadian dollar $0.08 per share, payable on December 31, 2012, to all shareholders of record as at December 14, 2012.

Conference call

Financial analysts, shareholders, and other interested individuals are invited to attend the second quarter conference call to be held on October 12, 2012, at 4:30 PM (EDT). The toll free call-in number is 1-888-224-7971, access code 21607087. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558-5253, access code 21607087.

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 2,000 people and has manufacturing plants in nine 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 that 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, short-term loans, and current portion of long-term debt.

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 Six-month periods ended 
                                          August 31               August 31 
                                                                            
                                   2012        2011        2012        2011 
                                      $           $           $           $ 
Sales                           108,449      95,389     224,301     200,412 
Cost of sales                    82,433      79,681     174,173     163,442 
                            ------------------------------------------------
Gross profit                     26,016      15,708      50,128      36,970 
                                                                            
Administration costs             21,023      19,931      44,948      40,580 
Other expense (income)               98        (340)       (830)       (216)
                            ------------------------------------------------
Operating profit (loss)           4,895      (3,883)      6,010      (3,394)
                                                                            
Finance income                      160          42         358         161 
Finance costs                       698         506       1,347         823 
                            ------------------------------------------------
                                                                            
Finance income (costs) - net       (538)       (464)       (989)       (662)
                            ------------------------------------------------
Income (Loss) before income                                                 
 tax                              4,357      (4,347)      5,021      (4,056)
                                                                            
Provision for (Recovery of)                                                 
 income tax                         941      (1,525)        896      (1,575)
                            ------------------------------------------------
Net income (loss) for the                                                   
 period                           3,416      (2,822)      4,125      (2,481)
                            ------------------------------------------------
                            ------------------------------------------------
Net income (loss)                                                           
 attributable to:                                                           
Subordinate Voting Shares                                                   
 and Multiple Voting Shares       3,318      (2,111)      4,012      (1,964)
Non-controlling interest             98        (711)        113        (517)
                            ------------------------------------------------
                                  3,416      (2,822)      4,125      (2,481)
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
Net income (loss) per                                                       
 Subordinate and Multiple                                                   
 Voting Share                                                               
Basic                              0.15       (0.10)       0.18       (0.09)
Diluted                            0.15       (0.10)       0.18       (0.09)
                            ------------------------------------------------
                                                                            
Dividends declared per                                                      
 Subordinate and Multiple                                                   
 Voting Share                      0.08        0.09        0.16        0.17 
                              (CDN$0.08)  (CDN$0.08)  (CDN$0.16)  (CDN$0.16)
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
Total weighted average                                                      
 number of Subordinate and                                                  
Multiple Voting Shares                                                      
Basic                        22,033,577  22,183,375  22,033,577  22,183,375 
Diluted                      22,038,797  22,225,091  22,043,135  22,230,509 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
                                                                            
                                                                            
Velan Inc.                                                                  
Interim Consolidated Statements of Comprehensive Income (Loss)              
(Unaudited)                                                                 
(in thousands of U.S. dollars)                                              
                                                                            
                                                                            
                                  Three-month periods     Six-month periods 
                                                ended                 ended 
                                            August 31             August 31 
                                                                            
                                       2012      2011       2012       2011 
                                          $         $          $          $ 
Comprehensive income (loss)                                                 
Net income (loss) for the period      3,416    (2,822)     4,125     (2,481)
                                                                            
Other comprehensive income (loss)                                           
Foreign currency translation                                                
 adjustment on foreign operations                                           
 whose functional currency is                                               
 other than the U.S. dollar                                                 
                                      1,455     1,031     (9,004)     3,845 
                                 -------------------------------------------
Comprehensive income (loss)           4,871    (1,791)    (4,879)     1,364 
                                 -------------------------------------------
                                 -------------------------------------------
Comprehensive income (loss)                                                 
 attributable to:                                                           
Subordinate Voting Shares and                                               
 Multiple Voting Shares               4,611    (1,258)    (4,501)     2,027 
Non-controlling interest                260      (533)      (378)      (663)
                                 -------------------------------------------
                                                                            
                                      4,871    (1,791)    (4,879)     1,364 
                                 -------------------------------------------
                                 -------------------------------------------
                                                                            
                                                                            
                                                                            
Velan Inc.                                                                  
Interim Consolidated Statements of Financial Position                       
(Unaudited)                                                                 
(in thousands of U.S. dollars)                                              
                                                                            
                                                                            
As At                                               August 31, February 29, 
                                                          2012         2012 
                                                             $            $ 
                                                                            
Assets                                                                      
Current assets                                                              
Cash and cash equivalents                               52,155       65,414 
Short-term investments                                   2,657        4,954 
Accounts receivable                                    124,934      111,856 
Income taxes recoverable                                 9,537        9,682 
Inventories                                            269,115      258,684 
Deposits and prepaid expenses                            8,118        6,209 
Derivative assets                                        2,297        1,737 
                                                  --------------------------
                                                       468,813      458,536 
Non-current assets                                                          
Property, plant and equipment                           77,506       72,961 
Intangible assets and goodwill                          53,560       58,845 
Deferred income taxes                                   11,094       10,152 
Other assets                                             1,612        1,476 
                                                  --------------------------
                                                       143,772      143,434 
                                                  --------------------------
Total assets                                           612,585      601,970 
                                                  --------------------------
                                                  --------------------------
                                                                            
Liabilities                                                                 
                                                                            
Current liabilities                                                         
Bank indebtedness                                       40,697       32,438 
Short-term loans                                         1,961          858 
Accounts payable and accrued liabilities                74,175       82,088 
Income tax payable                                       1,895        2,484 
Dividend payable                                         1,783        1,791 
Customer deposits                                       90,224       86,544 
Provisions                                               4,798        5,149 
Accrual for performance guarantees                      23,492       21,679 
Derivative liabilities                                     654          534 
Current portion of long-term debt                        6,615        1,696 
Current portion of other liabilities                     2,384        5,753 
                                                  --------------------------
                                                       248,678      241,014 
Non-current liabilities                                                     
Long-term debt                                          22,434        7,891 
Deferred income taxes                                    7,463        8,270 
Other liabilities                                        8,845        9,218 
                                                  --------------------------
                                                        38,742       25,379 
                                                  --------------------------
Total liabilities                                      287,420      266,393 
                                                  --------------------------
Equity                                                                      
Equity attributable to the Subordinate and                                  
 Multiple Voting shareholders                                               
Share capital                                           76,836       78,764 
Contributed surplus                                      1,758        1,871 
Retained earnings                                      251,471      250,951 
Accumulated other comprehensive income (loss)          (12,730)      (4,217)
                                                  --------------------------
                                                       317,335      327,369 
Non-controlling interest                                 7,830        8,208 
                                                  --------------------------
Total equity                                           325,165      335,577 
                                                  --------------------------
Total liabilities and equity                           612,585      601,970 
                                                  --------------------------
                                                  --------------------------
                                                                            
                                                                            
                                                                            
Velan Inc.                                                                  
Interim Consolidated Statements of Changes in Equity                        
(Unaudited)                                                                 
(in thousands of U.S. dollars, excluding number of shares)                  
                                                                            
                 Equity attributable to the Subordinate and Multiple Voting 
                                        shareholders                        
               -------------------------------------------------------------
                                              Accumulated                   
                                    Contri-         other                   
                Number of    Share    buted comprehensive Retained          
                   shares  capital  surplus income (loss) earnings    Total 
               -------------------------------------------------------------
                                                                            
Balance - March                                                             
 1, 2012       22,148,968   78,764    1,871        (4,217) 250,951  327,369 
                                                                            
Net income                                                                  
 (loss) for the                                                             
 period                 -        -        -             -    4,012    4,012 
Other                                                                       
 comprehensive                                                              
 income (loss)          -        -        -        (8,513)       -   (8,513)
               -------------------------------------------------------------
                                                                            
               22,148,968   78,764    1,871       (12,730) 254,963  322,868 
                                                                            
Effect of                                                                   
 share-based                                                                
 compensation           -        -       29             -        -       29 
Dividends                                                                   
 Multiple                                                                   
  Voting Shares         -        -        -             -   (2,478)  (2,478)
 Subordinate                                                                
  Voting Shares         -        -        -             -   (1,014)  (1,014)
 Non-                                                                       
  controlling                                                               
  interest              -        -        -             -        -        - 
Share                                                                       
 repurchase      (177,200)  (1,928)    (142)            -        -   (2,070)
               -------------------------------------------------------------
                                                                            
Balance -                                                                   
 August 31,                                                                 
 2012          21,971,768   76,836    1,758       (12,730) 251,471  317,335 
               -------------------------------------------------------------
                                                                            
Balance - March                                                             
 1, 2011       22,195,568   79,271    1,898         2,275  250,254  333,698 
                                                                            
Net income                                                                  
 (loss) for the                                                             
 period                 -        -        -             -   (1,964)  (1,964)
Other                                                                       
 comprehensive                                                              
 income (loss)          -        -        -         3,991        -    3,991 
               -------------------------------------------------------------
                                                                            
               22,195,568   79,271    1,898         6,266  248,290  335,725 
                                                                            
Effect of                                                                   
 share-based                                                                
 compensation           -        -       17             -        -       17 
Dividends                                                                   
 Multiple                                                                   
  Voting Shares         -        -        -             -   (2,568)  (2,568)
 Subordinate                                                                
  Voting Shares         -        -        -             -   (1,093)  (1,093)
 Non-                                                                       
  controlling                                                               
  interest              -        -        -             -        -        - 
Share                                                                       
 repurchase       (19,200)    (201)     (78)            -        -     (279)
Non-controlling                                                             
 interest                                                                   
 arising on                                                                 
 acquisition            -        -        -             -        -        - 
               -------------------------------------------------------------
                                                                            
Balance -                                                                   
 August 31,                                                                 
 2011          22,176,368   79,070    1,837         6,266  244,629  331,802 
               -------------------------------------------------------------
                                           
                                           
                                           
                                           
                        Non-               
                 controlling               
                    interest  Total equity 
               ----------------------------
                                           
Balance - March                            
 1, 2012               8,208       335,577 
                                           
Net income                                 
 (loss) for the                            
 period                  113         4,125 
Other                                      
 comprehensive                             
 income (loss)          (491)       (9,004)
               ----------------------------
                                           
                       7,830       330,698 
                                           
Effect of                                  
 share-based                               
 compensation              -            29 
Dividends                                  
 Multiple                                  
  Voting Shares            -        (2,478)
 Subordinate                               
  Voting Shares            -        (1,014)
 Non-                                      
  controlling                              
  interest                 -             - 
Share                                      
 repurchase                -        (2,070)
               ----------------------------
                                           
Balance -                                  
 August 31,                                
 2012                  7,830       325,165 
               ----------------------------
                                           
Balance - March                            
 1, 2011               4,025       337,723 
                                           
Net income                                 
 (loss) for the                            
 period                 (517)       (2,481)
Other                                      
 comprehensive                             
 income (loss)          (146)        3,845 
               ----------------------------
                                           
                       3,362       339,087 
                                           
Effect of                                  
 share-based                               
 compensation              -            17 
Dividends                                  
 Multiple                                  
  Voting Shares            -        (2,568)
 Subordinate                               
  Voting Shares            -        (1,093)
 Non-                                      
  controlling                              
  interest               (84)          (84)
Share                                      
 repurchase                -          (279)
Non-controlling                            
 interest                                  
 arising on                                
 acquisition           8,372         8,372 
               ----------------------------
                                           
Balance -                                  
 August 31,                                
 2011                 11,650       343,452 
               ----------------------------
                                                                            
                                                                            
                                                                            
Velan Inc.                                                                  
Interim Consolidated Statements of Cash Flows                               
(Unaudited)                                                                 
(in thousands of U.S. dollars)                                              
                                                                            
                                                                            
                                Three-month periods       Six-month periods 
                                   ended August 31,        ended August 31, 
                                   2012        2011        2012        2011 
Cash flows from                       $           $           $           $ 
Operating activities                                                        
Net income (loss) for the                                                   
 period                           3,416      (2,822)      4,125      (2,481)
Adjustments to reconcile net                                                
 profit to cash provided                                                    
 operating activities                                                       
  Depreciation of property,                                                 
   plant and equipment            2,314       2,204       4,528       4,224 
  Amortization of intangible                                                
   assets                           621       1,667       1,650       2,358 
  Deferred income taxes            (810)       (882)     (1,773)       (942)
  Share-based compensation                                                  
   expense                           15           8          29          17 
  Loss (Gain) on disposal of                                                
   property, plant and                                                      
   equipment                        103          31        (121)         50 
  Interest accretion on                                                     
   proceeds payable                 163         305         349         411 
  Income from fair value                                                    
   adjustment of proceeds                                                   
   payable                            -           -        (196)          - 
  Unrealized foreign                                                        
   exchange gain on proceeds                                                
   payable                          (13)          -        (574)          - 
  Net change in other                                                       
   liabilities                      (24)        514        (434)        628 
                            ------------------------------------------------
                                  5,785       1,025       7,583       4,265 
Changes in non-cash working                                                 
 capital items                  (10,481)    (13,829)    (31,482)    (18,596)
                            ------------------------------------------------
Cash provided (used) by                                                     
 operating activities            (4,696)    (12,804)    (23,899)    (14,331)
                            ------------------------------------------------
Investing activities                                                        
Short -term investments           1,561        (614)      2,297        (651)
Additions to property, plant                                                
 and equipment                   (6,830)     (2,932)    (11,082)     (7,377)
Proceeds on disposal of                                                     
 property, plant and                                                        
 equipment                           67          19         459          27 
Additions to intangible                                                     
 assets                            (208)       (610)       (266)       (645)
Net change in other assets          (10)         (9)       (144)         17 
Business acquisition - net                                                  
 of cash acquired                     -           -           -     (37,281)
                            ------------------------------------------------
Cash provided (used) by                                                     
 investing activities            (5,420)     (4,146)     (8,736)    (45,910)
                            ------------------------------------------------
Financing activities                                                        
Dividends paid to                                                           
 Subordinate and Multiple                                                   
 Voting shareholders             (1,723)     (1,850)     (3,500)     (3,680)
Dividends paid to non-                                                      
 controlling interest                 -         (84)          -         (84)
Repurchase of shares             (1,944)       (250)     (2,070)       (279)
Payment of proceeds payable      (2,905)          -      (2,905)          - 
Short -term loans                   (94)     (1,306)      1,103      (4,842)
Increase in long-term debt          623       4,224      20,715       4,224 
Repayment of long-term debt        (292)         (5)       (957)        (57)
                            ------------------------------------------------
Cash provided (used) by                                                     
 financing activities            (6,335)        729      12,386      (4,718)
                            ------------------------------------------------
Effect of exchange rate                                                     
 differences on cash               (485)        133      (1,269)        312 
                            ------------------------------------------------
Net change in cash during                                                   
 the period                     (16,936)    (16,088)    (21,518)    (64,647)
Net cash - Beginning of the                                                 
 period                          28,394      65,803      32,976     114,362 
                            ------------------------------------------------
Net cash - End of the period     11,458      49,715      11,458      49,715 
                            ------------------------------------------------
Net cash is composed of:                                                    
  Cash and cash equivalents      52,155      58,210      52,155      58,210 
  Bank indebtedness             (40,697)     (8,495)    (40,697)     (8,495)
                            ------------------------------------------------
                                 11,458      49,715      11,458      49,715 
Supplementary information                                                   
Interest received (paid)           (511)        (54)       (860)       (105)
Income taxes received (paid)     (1,636)     (1,568)     (2,975)     (4,019)

Contacts:
Tom Velan
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

(Source: Market Wire )
(Source: Quotemedia)

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