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Velan Inc. reports its year-end and fourth quarter 2020/21 financial results

2021/05/19

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 28, 2021.

Highlights: Company delivers improved results and increases its backlog to highest level in eight years despite seeing its sales gravely affected by the global pandemic

  • Order backlog of US$ 562.5 million at the end of the quarter driven by strong net new orders received (“bookings”) throughout the year
  • A company leading by example in health and safety during the novel coronavirus (“COVID-19”) pandemic
  • Strong balance sheet highlighted by a net cash balance US$ 63.0 million at the end of the quarter
  • Sales of US$85.5 million for the quarter, hindered by pandemic-related factors and inefficiencies experienced in reconfiguring the Canadian plants under the V20 program
  • Gross profit for the quarter of US$ 23.1 million (or 27.0%, 240 basis points higher than last year)
  • EBITDA2 of US$ 1.6 million and break-even net earnings for the quarter despite lower sales
  • Transforming the Company in North America: Laying the base for the North American operations to rebound
Click here to read online.
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