News
Velan Inc. reports its first quarter 2020/21 financial results
2020/07/10
MONTREAL, QUEBEC
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Velan Inc. (TSX: VLN) (the “Company”), a world-leading manufacturer of industrial valves, announced today its financial results for its first quarter ended May 31, 2020.
Highlights
- Sales of US$76.7 million for the quarter
- Net loss of US$1.9 million for the quarter
- Operating profit before restructuring and transformation costs2 of US$0.7 million for the quarter
- Adjusted EBITDA of US$3.8 million for the quarter
- Net new orders (“Bookings”) of US$76.7 million for the quarter
- Order backlog of US$410.3 million at the end of the quarter, of which US$149.3 million is scheduled for delivery beyond the next 12 months
- Net cash of US$44.6 million at the end of the quarter
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