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Velan Inc. Reports Its Second Quarter 2022/23 Financial Results Showing Improvement Over Its First Quarter

MONTREAL, Oct. 14, 2022 (GLOBE NEWSWIRE) -- Velan Inc. (TSX: VLN) (the “Company”), a world-leading manufacturer of industrial valves, announced today its financial results for its second quarter ended August 31, 2022.

Highlights:

  • As the volatility across various macro economic factors continues across the globe, the Company has managed to improve performance over its first quarter by prudently managing the business while facing headwinds in logistics, operations and their related impact on deliveries.
  • Sales for the quarter amounted to $85.1 million, an improvement of $10.1 million or 13.4% compared to the first quarter of the current fiscal year, but a decrease of $16.8 million or 16.5% compared to the second quarter of the previous fiscal year. The decrease in sales for the quarter compared to the prior year is partly due to the continued weakening of the euro average rate against the U.S. dollar, stronger shipments in the prior year related to one major contract and the timing of the delivery schedule on open orders in the current quarter.
  • During the second quarter of the current fiscal year, the company shipped a large order which was expected to reach its destination prior to the closing of the quarter. As a result of logistics delays, the final acceptance of this shipment will be completed in the third quarter. The impact of this delayed shipment on the quarter was $10.9 million.
  • Gross profit for the quarter amounted to $23.5 million or 27.6%, an improvement of $3.4 million or 80 basis points compared to the first quarter of the current fiscal year, but a decrease compared to last year’s $31.4 million or 30.8%. The decrease in gross profit percentage for the quarter was primarily due to the previously explained lower sales volume which impacted the absorption of fixed production overhead costs. The decrease was also due to the unfavourable effect of the product mix. Finally, the gross profit was lower than last year by $0.5 million as the Company did not receive funds from the Canada Emergency Wage Subsidies («CEWS») program.
  • Net loss1 of $3.7 million and EBITDA2 of $1.4 million for the quarter compared to a net income1 of $5.0 million and EBITDA2 of $10.7 million last year. The decrease in EBITDA2 is primarily attributable to the previously mentioned reduction in gross profit combined with an increase in administration costs in the quarter.
  • Order backlog2 remains strong at $477.6 million, a decrease of $23.6 million or 4.7% since the beginning of the year which is primarily attributable to the weakening of the euro spot rate against the U.S. dollar and lower upstream oil and gas net new orders (“bookings”)2 for the half year. The portion of the current backlog2 deliverable in the next twelve months increased to $347.2 million primarily due to the shipment delays encountered in the quarter.
  • Bookings2 of $73.5 million for the quarter, a decrease of $8.1 million or 9.9% compared to last year. The decrease in bookings2 compared to last year resulted mainly from the current geo-political uncertainties which created slower project awards. The Company nonetheless continues to observe a strong amount of activity ongoing. The Company’s book-to-bill ratio2 for the half-year remains favorable at 1.04.
  • The Company’s net cash amounted to $29.7 million at the end of the quarter, a decrease of $23.7 million since the beginning of the fiscal year. The decrease in net cash for the quarter is primarily attributable to the lower EBITDA2, combined with unfavorable non-cash working capital items. The overall available liquidity remains strong with $137.8 million of available cash-on-hand and facilities.

Bruno Carbonaro, CEO and President of Velan Inc., said, “As the volatility across various macro economic factors continues across the globe, we managed to improve our performance over our first quarter by prudently managing our business while facing headwinds in logistics, operations and their related impact on deliveries. We are nonetheless not pleased with our second quarter results and believe that our success in the second half of the fiscal year will rely on our plant effectiveness, with continuous improvements that will lead to sustainable performance, and a strong performance in bookings, targeting certain key projects that will allow us to maintain our strong backlog. Important to note that the decrease in backlog this fiscal year is largely related to foreign exchange conversion as our book-to-bill ratio is positive since the beginning of the fiscal year. Finally, we believe that our success will be possible thanks to our highly qualified employees who have continued to show great discipline and dedication.”

Financial Highlights:

Three-month periods endedSix-month periods ended
(thousands of U.S. dollars, excluding per share amounts)August 31,
2022
August 31,
2021
August 31,
2022
August 31,
2021
     
Sales$85,054$101,893$160,059$176,422
Gross profit23,48231,39143,55551,385
Gross profit %27.6%30.8%27.2%29.1%
Net income (loss)1(3,676)5,015(11,028)(58)
Net income (loss)1 per share – basic and diluted(0.17)0.23(0.51)(0.00)
EBITDA21,36510,657(1,513)9,716
EBITDA2 per share – basic and diluted0.060.49(0.07)0.45

Second Quarter Fiscal 2023 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the second quarter of fiscal 2022):

  • Sales amounted to $85.1 million for the quarter, decreasing by $16.8 million or 16.5% compared to the same quarter last year. The negative effect of the weakening of the euro average rate against the U.S. dollar on sales for the quarter amounted to $6.0 million compared to the second quarter of last fiscal year. The decrease in sales for the quarter is primarily attributable to the delivery of significant orders by the Company’s Italian operations destined to the upstream oil and gas sector in the prior fiscal year. The decrease is also attributable to the timing of delivery dates on open orders caused by lower bookings recorded in the second half of the previous year. The Company still faced, in the current quarter, supply chain delays as well as customer related issues which had a negative effect on sales.
  • Bookings2 for the quarter amounted to $73.5 million, a decrease of $8.1 million or 9.9% compared to the second quarter of last year. The effect of the weakening of the euro average rate against the U.S. dollar on order bookings2 for the Company’s European operations resulted in a negative impact of $4.5 million in the second quarter compared to the prior year. Additionally, the decrease for the quarter is primarily attributable to lower orders recorded in the Company’s Italian and German operations. The decrease for the quarter is also attributable to the disposal of the Company’s Korean foundry at the end of the previous fiscal year. The Korean foundry had recorded $1.5 million of bookings2 in the second quarter of the previous fiscal year. Finally, the decrease for the quarter was partially offset by an increase in the Company’s MRO bookings2 compared to last year.
  • Gross profit for the quarter amounted to $23.5 million, a decrease of $7.9 million or 25.2%. The gross profit percentage for the quarter of 27.6% was a decrease of 320 basis points compared to last year’s second quarter. The decrease in gross profit percentage for the quarter is primarily attributable to the lower sales volume which impacted the absorption of fixed production overhead costs. The decrease in gross profit percentage was also due to the unfavorable effect of the product mix delivered. Additionally, The Company’s gross profit for the quarter was negatively impacted by less favorable foreign exchange movements, when compared to similar movements from the previous year, which were primarily made up of unrealized foreign exchange translations related to the fluctuation of the U.S. dollar against the euro and Canadian dollar. The gross profit in the prior year was positively impacted by the recording of $0.5 million for the quarter of CEWS while the Company was not eligible for such subsidies in the current fiscal year. The subsidies were allocated between cost of sales and administration costs. Prior year’s gross profit percentage without CEWS would have been 30.2% for the quarter.
  • Administration costs for the quarter amounted to $24.7 million, an increase of $0.7 million or 2.9%. The increase in administration costs for the quarter is primarily attributable to the reassessment of the Company’s long-term legal provision. The increase is also due to higher outbound freight costs caused by the current global supply chain issues which are impacting freight costs and shipping delays. The administration costs in the prior year benefited from the recording of $0.5 million for the quarter of CEWS while the Company was not eligible for such subsidies in the current quarter. The subsidies were allocated between cost of sales and administration costs. The increase for the quarter was partially offset by lower sales commissions recorded on the delivery of large orders over the course of the quarter and a general reduction of the remaining administration costs.
  • Net loss1 amounted to $3.7 million or $0.17 per share compared to a net income1 of $5.0 million or $0.23 per share last year. EBITDA2 for the quarter amounted to $1.4 million or $0.06 per share compared to $10.7 million or $0.49 per share last year. The unfavorable movements in EBITDA2 for the quarter is primarily attributable to the previously explained decrease in gross profit combined with an increase in administration costs. A portion of the effects on the EBITDA2 caused by the weakening of the euro against the U.S. dollar were hedged by the company. The negative movement in the Company’s results was primarily attributable to the previously mentioned factors, partially offset by favorable movements in finance costs and in income taxes for the quarter.

First Six months Fiscal 2023 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the first six months of fiscal 2022):

  • Sales for the half year totaled $160.1 million, a decrease of $16.3 or 9.3% compared to the last fiscal year. The negative effect of the weakening of the euro average rate against the U.S. dollar on sales for the half year amounted to $10.5 million compared to the first half year of the last fiscal year. The decrease for the half year is also attributable to the timing of delivery dates on open orders caused by lower bookings recorded in the second half of the previous year. The Company still faced supply chain delays as well as customer related issues which had a negative effect on sales for the half year.
  • Bookings2 for the half year amounted to $166.9 million, a decrease of $31.0 million or 15.7% compared to the prior fiscal year. The weakening of the euro average rate against the U.S. dollar on order bookings2 for the Company’s European operations resulted in a negative impact of $7.8 million on the half year compared to the prior year. Additionally, the decrease for the half year is primarily attributable to lower upstream oil and gas and marine orders recorded in the Company’s Italian and North American operations. The current geo-political uncertainties have created slower project awards resulting in lower bookings2 for the Company in the half-year. The Company nonetheless continues to observe a strong amount of activity ongoing. The decrease for the half year is also attributable to the disposal of the Company’s Korean foundry at the end of the previous fiscal year. The Korean foundry had recorded $4.3 million of bookings2 for the six-month period of the previous year.
  • The total backlog2 decreased by $23.6 million or 4.7% since the beginning of the fiscal year, settling at $477.6 million at the end of the quarter. The decrease in backlog2 is primarily attributable to the weakening of the euro spot rate against the U.S. dollar since the beginning of the fiscal year which represented $30.5 million for the six-month period. The decrease since the beginning of the fiscal year was partially offset by a positive book-to-bill ratio2 of 1.04 as a result of bookings outpacing sales for the half year.
  • Gross profit for the half year amounted to $43.6 million, a decrease of $7.8 million or 15.2%. The gross profit percentage for the six-month period of 27.2% represented a decrease of 190 basis points compared to the same period last year. The decrease in gross profit percentage for the half year is primarily attributable to the lower sales volume which impacted the absorption of fixed production overhead costs. The decrease in gross profit percentage was also due to the unfavorable effect of the product mix delivered. The Company’s gross profit for the six-month period was positively impacted by more favorable foreign exchange movements, when compared to similar movements from the previous year, which were primarily made up of unrealized foreign exchange translations related to the fluctuation of the U.S. dollar against the euro and Canadian dollar. The gross profit in the prior year was positively impacted by the recording of $1.1 million for the half year of CEWS while the Company was not eligible for such subsidies in the current fiscal year. The subsidies were allocated between cost of sales and administration costs. Prior year’s gross profit percentage without CEWS would have been 28.5% for the half year.
  • Administration costs for the half year amounted to $50.5 million, an increase of $2.7 million or 5.7%. The increase in administration costs for the half year is primarily attributable to the reassessment of the Company’s long-term legal provision. The increase is also due to higher outbound freight costs caused by the current global supply chain issues which are impacting freight costs and shipping delays. The administration costs in the prior year benefited from the recording of $0.9 million for the half year period of CEWS while the Company was not eligible for such subsidies in the current six-month period. The subsidies were allocated between cost of sales and administration costs. The increase for the half year was partially offset by lower sales commissions recorded on the delivery of large orders over the course of the quarter.
  • Net loss1 for the half year amounted to $11.0 million or $0.51 per share compared to $0.1 million or $0.00 per share last year. EBITDA2 for the half year amounted to negative $1.5 million or negative $0.07 per share compared to $9.7 million or $0.45 per share last year. The unfavorable movements in EBITDA2 for the six-month period are primarily attributable to the previously explained decrease in gross profit combined with an increase in administration costs. A portion of the effects on the EBITDA2 caused by the weakening of the euro against the U.S. dollar were hedged by the company. The negative movement in the Company’s results was primarily attributable to the same factors as previously explained combined with an unfavorable movement in income taxes, partially offset by favorable movements in finance costs.

Dividend

For the current quarter, no dividend will be declared. The Company will revisit the declaration of dividends in subsequent quarters.

Conference call

Financial analysts, shareholders, and other interested individuals are invited to attend the second quarter conference call to be held on Friday, October 14, 2022, at 4:00 p.m. (EDT). The toll free call-in number is 1-800-908-1236, access code 22020915. Live content to support the discussion will be presented to participants at the following link for the duration of the call: https://cc.callinfo.com/r/1f133bi14afpj&eom. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558-5253, access code 22020915.

About Velan

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world’s leading manufacturers of industrial valves, with sales of US$411.2 million in its last reported fiscal year. The Company employs approximately 1,650 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

Safe harbour statement

This news release may include forward-looking statements, which generally contain words like “should”, “believe”, “anticipate”, “plan”, “may”, “will”, “expect”, “intend”, “continue” or “estimate” or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company’s filings with the appropriate securities commissions. While these statements are based on management’s assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-IFRS and supplementary financial measures

In this press release, the Company has presented measures of performance or financial condition which are not defined under IFRS (“non-IFRS measures”) and are, therefore, unlikely to be comparable to similar measures presented by other companies. These measures are used by management in assessing the operating results and financial condition of the Company and are reconciled with the performance measures defined under IFRS. Company has also presented supplementary financial measures which are defined at the end of this report. Reconciliation and definition can be found on the next page.

Net earnings (loss) before interest, taxes, depreciation and amortization ("EBITDA")

Three-month periods endedSix-month periods ended
(thousands, except amount per shares)August 31,
2022

$
 August 31,
2021

$
 August 31,
2022

$
 August 31,
2021

$
 
      
Net income (loss)1(3,676)5,015 (11,028)(58)
      
Adjustments for:     
Depreciation of property, plant and equipment2,023 2,394 4,184 4,808 
Amortization of intangible assets556 451 1,124 1,009 
Finance costs – net378 526 614 1,055 
Income taxes2,084 2,271 3,593 2,902 
      
EBITDA1,365 10,657 (1,513)9,716 
EBITDA per share     
- Basic and diluted0.06 0.49 (0.07)0.45 
         

The term “EBITDA” is defined as net income or loss attributable to Subordinate and Multiple Voting Shares plus depreciation of property, plant & equipment, plus amortization of intangible assets, plus net finance costs plus income tax provision. The terms “EBITDA per share” is obtained by dividing EBITDA by the total amount of subordinate and multiple voting shares. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Definitions of supplementary financial measures

The term “Net new orders” or “bookings” is defined as firm orders, net of cancellations, recorded by the Company during a period. Bookings are impacted by the fluctuation of foreign exchange rates for a given period. The measure provides an indication of the Company’s sales operation performance for a given period as well as well as an expectation of future sales and cash flows to be achieved on these orders.

The term “backlog” is defined as the buildup of all outstanding bookings to be delivered by the Company. The Company’s backlog is impacted by the fluctuation of foreign exchange rates for a given period. The measure provides an indication of the future operational challenges of the Company as well as an expectation of future sales and cash flows to be achieved on these orders.

The term “book-to-bill” is obtained by dividing bookings by sales. The measure provides an indication of the Company’s performance and outlook for a given period.

The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.  

_____________________________
1
Net earnings or loss refer to net income or loss attributable to Subordinate and Multiple Voting Shares.
2 Non-IFRS and supplementary financial measures – See explanation above.

   
   
Consolidated Statements of Financial Position  
(in thousands of U.S. dollars)  
  As at
 August 31,February 28,
 20222022
 $$
Assets  
   
Current assets  
Cash and cash equivalents32,93854,015
Short-term investments9,0978,726
Accounts receivable109,106115,834
Income taxes recoverable5,5702,955
Inventories216,666223,198
Deposits and prepaid expenses6,0786,877
Derivative assets694553
 380,149412,158
   
Non-current assets  
Property, plant and equipment68,40373,906
Intangible assets and goodwill15,60516,693
Deferred income taxes3,6654,774
Other assets699897
   
 88,37296,270
   
Total assets468,521508,428
   
Liabilities  
   
Current liabilities  
Bank indebtedness3,213550
Accounts payable and accrued liabilities69,51780,503
Income taxes payable1,9853,806
Customer deposits47,30641,344
Provisions15,20418,444
Derivative liabilities284560
Current portion of long-term lease liabilities1,2741,360
Current portion of long-term debt7,7448,111
 146,527154,678
   
Non-current liabilities  
Long-term lease liabilities9,53611,073
Long-term debt21,98022,927
Income taxes payable1,0791,244
Deferred income taxes4,1784,025
Customer deposits23,54730,139
Provisions16,20413,101
Other liabilities5,0565,731
   
 81,58088,240
   
Total liabilities228,107242,918
   
Total equity240,414265,510
   
Total liabilities and equity468,521508,428
   



Consolidated Statements of Income (loss)         
(in thousands of U.S. dollars, excluding number of shares and per share amounts)
      
      
 Three-month periods ended
  Six-month periods ended
 
 August 31, August 31,  August 31, August 31, 
 2022 2021  2022 2021 
 $ $  $ $ 
      
      
Sales 85,054 101,893  160,059 176,422 
      
Cost of sales61,572 70,502  116,504 125,037 
      
Gross profit23,482 31,391  43,555 51,385 
      
Administration costs24,678 23,977  50,490 47,756 
Other expense (income)7 (79) (134)42 
      
Operating profit (loss)(1,203)7,493  (6,801)3,587 
      
Finance income78 118  168 290 
Finance costs(456)(644) (782)(1,345)
      
Finance costs – net(378)(526) (614)(1,055)
      
Income (loss) before income taxes(1,581)6,967  (7,415)2,532 
      
Income tax expense2,084 2,271  3,593 2,902 
      
Net income (loss) for the period(3,665)4,696  (11,008)(370)
      
Net income (loss) attributable to:     
Subordinate Voting Shares and Multiple Voting Shares(3,676)5,015  (11,028)(58)
Non-controlling interest11 (319) 20 (312)
      
Net income (loss) for the period(3,665)4,696  (11,008)(370)
      
Net income (loss) per Subordinate and Multiple Voting Share     
Basic and diluted(0.17)0.23  (0.51)(0.00)
      
      
Dividends declared per Subordinate and Multiple- -  0.02 - 
Voting Share(CA$ - )(CA$ - ) (CA$0.03)(CA$-)
      
      
Total weighted average number of Subordinate and     
Multiple Voting Shares      
Basic and diluted21,585,635 21,585,635  21,585,635 21,585,635 
      



Consolidated Statements of Comprehensive Loss   
(in thousands of U.S. dollars)     
 Three-month periods ended
  Six-month periods ended 
 August 31, August 31,  August 31, August 31, 
 2022 2021  2022 2021 
 $ $  $ $ 
      
      
Comprehensive loss      
      
Net income (loss) for the period(3,665)4,696  (11,008)(370)
      
Other comprehensive loss     
Foreign currency translation(7,760)(4,817) (13,591)(3,422)
      
Comprehensive loss (11,425)(121) (24,599)(3,792)
      
Comprehensive income (loss) attributable to:     
Subordinate Voting Shares and Multiple Voting Shares(11,437)254  (24,619)(3,448)
Non-controlling interest12 (375) 20 (344)
      
Comprehensive loss (11,425)(121) (24,599)(3,792)
      
      
Other comprehensive loss is composed solely of items that may be reclassified subsequently to the consolidated statement of income (loss).
      



Consolidated Statements of Changes in Equity     
(in thousands of U.S. dollars, excluding number of shares)      
        
 Equity attributable to the Subordinate and Multiple Voting shareholders  
 Share capitalContributed surplusAccumulated other comprehensive lossRetained earningsTotalNon-controlling interestTotal equity
        
Balance - February 28, 202172,6956,260(21,007)239,136 297,084 3,137 300,221 
        
Net loss for the period--- (58)(58)(312)(370)
Other comprehensive loss--(3,390)- (3,390)(32)(3,422)
        
Comprehensive loss--(3,390)(58)(3,448)(344)(3,792)
        
Balance - August 31, 202172,6956,260(24,397)239,078 293,636 2,793 296,429 
        
Balance - February 28, 202272,6956,260(32,223)218,092 264,824 686 265,510 
        
Net income (loss) for the period--- (11,028)(11,028)20 (11,008)
Other comprehensive loss--(13,591)- (13,591)- (13,591)
        
Comprehensive income (loss)--(13,591)(11,028)(24,619)20 (24,599)
        
Dividends       
Multiple Voting Shares--- (366)(366)- (366)
Subordinate Voting Shares--- (131)(131)- (131)
        
Balance - August 31, 202272,6956,260(45,814)206,567 239,708 706 240,414 
        



Consolidated Statements of Cash Flow    
(in thousands of U.S. dollars)     
 Three-month periods ended
  Six-month periods ended 
 August 31, August 31,  August 31, August 31, 
 2022 2021  2022 2021 
 $ $  $ $ 
      
Cash flows from     
      
Operating activities     
Net income (loss) for the period(3,665)4,696  (11,008)(370)
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities6,072 3,645  4,317 6,057 
Changes in non-cash working capital items(13,931)(6,808) (7,898)(3,259)
Cash provided (used) by operating activities(11,524)1,533  (14,589)2,428 
      
Investing activities     
Short-term investments107 (1,232) (1,181)(1,418)
Additions to property, plant and equipment(616)(1,830) (1,536)(3,569)
Additions to intangible assets(1,200)(522) (1,209)(810)
Proceeds on disposal of property, plant and equipment24 -  40 3,132 
Net change in other assets14 (15) 28 (27)
Cash used by investing activities(1,671)(3,599) (3,858)(2,692)
      
Financing activities     
Dividends paid to Subordinate and Multiple Voting shareholders(497)-  (497)- 
Net change in revolving credit facility16 (3,378) 16 6,248 
Increase in long-term debt- 5,889  2,160 5,889 
Repayment of long-term debt(2,108)(1,379) (2,677)(4,546)
Repayment of long-term lease liabilities(362)(444) (732)(857)
Cash provided (used) by financing activities (2,951)688  (1,730)6,734 
      
Effect of exchange rate differences on cash (1,781)(1,728) (3,563)(1,292)
      
Net change in cash during the period(17,927)(3,106) (23,740)5,178 
      
Net cash – Beginning of the period47,652 71,237  53,465 62,953 
      
Net cash – End of the period29,725 68,131  29,725 68,131 
      
Net cash is composed of:     
Cash and cash equivalents32,938 76,448  32,938 76,448 
Bank indebtedness(3,213)(8,317) (3,213)(8,317)
      
Net cash – End of the period29,725 68,131  29,725 68,131 
      
Supplementary information     
Interest paid15 (484) (208)(834)
Income taxes paid(2,180)(463) (3,997)(1,584)
      

For further information please contact:
Bruno Carbonaro, Chief Executive Officer and President
Tel: (438) 817-7593
or
Rishi Sharma, Chief Financial Officer
Tel: (438) 817-4430


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