06:59 AM EDT, 05/17/2024 (MT Newswires) -- Velan ( VLNSF ) , a manufacturer of industrial valves, narrowed its fiscal fourth-quarter net loss on the back of increased sales and bookings.

The company on Friday reported a fourth-quarter net loss of US$2.1 million, or US$$0.10 per share, narrower than a loss of US$47.2 million, or US$2.18 per share, a year earlier.

Sales for the quarter ended Feb. 29 were US$117.9 million, up 2.4% from US$115.1 million a year earlier. The variation is mostly attributable to stronger shipments from the company's international operations.

Adjusted earnings for the quarter were US$8.9 million, or US$0.41 per share, compared with US$8.8 million, or US$0.41 per share, a year earlier. The variation is attributable to higher adjusted EBITDA partially offset by higher net finance costs and income tax expense, the company noted.

Adjusted EBITDA for the quarter was US$19.9 million, up from US$16.5 million a year earlier. The increase reflects lower administration costs and a US$1.7 million net reduction in other expenses, mainly connected to a provision related to a commodity tax audit last year.

As at Feb. 29, Velan ( VLNSF ) reported cash and cash equivalents of US$36.4 million, short-term investments of US$5.3 million, and long-term debt, including the current portion, of US$28.8 million.

Looking ahead, the company expects annual sales in fiscal 2025 to be above the 2024 level.