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Velan Inc. reports its forth quarter 2019/20 financial results

2020/05/21

MONTREAL, QUEBEC

Velan Inc. (TSX: VLN) (the “Company”), a world-leading manufacturer of industrial valves, announced today its financial results for its fiscal year and fourth quarter ended February 29, 2020.

Highlights

  • Sales of US$113.6 million for the quarter
  • Net loss of US$11.1 million for the quarter
  • Operating profit before restructuring and transformation costs of US$6.2 million for the quarter
  • Adjusted EBITDA of US$9.9 million for the quarter
  • Order backlog of US$406.8 million at the end of the quarter
  • Net new orders received (“Bookings”) of US$88.3 million for the quarter
  • Net cash of US$31.0 million at the end of the quarter
  • Returned US$0.6 million to shareholders in the quarter and US$2.2 million in the fiscal year by way of dividends and share repurchases

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