BALTEK CORPORATION Announces First Quarter Financial Results.Business Editors NORTHVALE, N.J.--(BUSINESS WIRE)--May 16, 2001 BALTEK CORPORATION (Nasdaq: BTEK) today announced sales and earnings for the first quarter ended March 31, 2001 (table follows). Commenting on these results, Jacques Kohn, President of Baltek, stated "Core material sales in the U.S. were soft due to a lower demand from the boating industry, resulting from a softer economy. This was partly offset, though, from stronger sales in Europe, which came from higher shipments to manufacturers of windmill windmill, apparatus that harnesses wind power for a variety of uses, e.g., pumping water, grinding corn, driving small sawmills, and driving electrical generators. Windmills were probably not known in Europe before the 12th cent. blades." Mr. Kohn continued, "Sales of imported seafood seafood Edible aquatic animals excluding mammals, but including both freshwater and ocean creatures. Seafood includes bony and cartilaginous fishes, crustaceans, mollusks, edible jellyfish, sea turtles, frogs, sea urchins, and sea cucumbers. products increased during the first quarter, but because of a drop in commodity prices, margins were lower. "We are hopeful that an improved economy will stimulate our core material sales", Mr. Kohn concluded. BALTEK CORPORATION is a world class manufacturer and distributor of balsa wood Noun 1. balsa wood - strong lightweight wood of the balsa tree used especially for floats balsa Ochroma lagopus, balsa - forest tree of lowland Central America having a strong very light wood; used for making floats and rafts and in crafts products and other structural core materials, including PVC PVC: see polyvinyl chloride. PVC in full polyvinyl chloride Synthetic resin, an organic polymer made by treating vinyl chloride monomers with a peroxide. Foam and non-woven mat products. Baltek also produces farm-raised shrimp and imports various seafood products. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995; Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including but not limited to economic competitive, governmental and technological factors affecting the Company's operations, markets, products and prices, and other factors discussed in the Company's various filings with the Securities and Exchange Commission.
BALTEK CORPORATIONS AND SUBSIDIARIES
Unaudited Statement of Consolidated Income
For the three months ended March 31,
2001 2000
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Net Sales $21,151,000 $21,225,000
Net Income $ 346,000 $ 765,000
Earnings per common share,
Basic and diluted $ 0.14 $ 0.30
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Average Shares
Outstanding 2,504,806 2,523,261
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