Velan Inc. saw an increase in profits despite lower revenue in the third quarter due to foreign currency conversions, increased margins and lower costs. Net earnings improved to $8.3 million, compared to $5.7 million in the same year-earlier period even as revenue dropped from $134.2 million to $115.6 million.
"We are pleased with the solid results for both the quarter and year to date," said CFO John Ball. "Both earnings and gross profit have improved over the previous year. The third quarter was also quite positive for both our cash position and working capital."
President and CEO Tom Velan added, "We are pleased to report strong earnings in the quarter. Although our bookings in the quarter continued to be lower than we would like, there has been a gradual strengthening over recent months and in December 2013 we had consolidated bookings of more than $50 million. We have many outstanding opportunities in the marketplace and we are working on turning these opportunities into orders."