News

MONTREAL, QUEBEC

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, 2020.

Highlights

• Net new orders (“Bookings”) of US$101.3 million for the quarter
• Order backlog of US$462.7 million at the end of the quarter, representing an increase of 8.7% for the quarter, of which US$173.3 million is scheduled for delivery beyond the next 12 months
• Net cash of US$60.4 million at the end of the quarter
• Sales of US$68.3 million for the quarter
• Gross profit percentage of 25.0% for the quarter
• Net loss of US$5.1 million for the quarter
• Operating loss before restructuring and transformation costs of US$4.0 million for the quarter
• Adjusted EBITDA of US$-0.8 million for the quarter, and US$3.0 million year-to-date
   

Click here to read online.