Jan 13 (Reuters) - Velan Inc VLN.TO :
* Reports its third quarter 2015/16 financial results
* Q3 earnings per share $0.16
* Q3 ADJUSTED EARNINGS PER SHARE $0.23
* Q3 sales fell 18.3 percent to $104 million
* Says "continued weakness in the price of oil has had a negative impact on the company's order intake"
* Says restructured its north american operations in the quarter with a workforce reduction and plant consolidation
* Says for the quarter, net new orders received amounted to $89.5 million, a decrease of $36.5 million or 29.0% compared to last year
* Says board declared an eligible quarterly dividend of ca$0.10 per share
* Source text for Eikon ID:nCCN2JNlcs
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