Velan (TSX: VLN) Posts 19% YoY Drop in Sales in Q3 2020

1 min read | January 14, 2021 11:16 AM EST | By Team Kalkine Media

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Velan Inc (TSX:VLN), a Montreal-based industrial valve manufacturer, announced its financial results for the third quarter of fiscal 2020, ending 30 November 2020, on Wednesday, January 13.
The company reported that amid the coronavirus pandemic, its Q3 2020 ended with a backlog of US$ 561.8 million. Its bookings, meanwhile, climbed by 72.4 per cent year-over-year (YoY) to US$ 167.6 million in the latest quarter.
Velan Inc recorded a 19.3 per cent YoY fall in its sales for Q3 2020, amounting to US$ 71.6 million.
The company posted a net cash balance US$ 73 million at the end of the third quarter
It saw a gross profit of US$ 22 million and net earnings of US$ 9.5 million in Q3 2020.
Velan Inc’s operating profit before restructuring and transformation costs stood at US$ 2.2 million, while its adjusted EBITDA was US$ 5.6 million in the latest quarter. The company said that both numbers showed YoY improvements despite lower sales.
At the end of its last fiscal year, ending 29 February 2020, Velan’s board of directors had decided to suspend its quarterly dividend. In its latest financial report, the company reported that this decision remains unchanged.

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