BALTEK CORPORATION Announces Fourth Quarter And Year End Results.Business Editors NORTHVALE, N.J.--(BUSINESS WIRE)--March 22, 2002 BALTEK CORPORATION (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on , NMS See NetWare Management System. : BTEK) today announced financial results for the fourth quarter and full year ended December 31, 2001 (table follows). Commenting on these results, Jacques Kohn, President, stated, "The sales and net income decreases were primarily attributable to a weak economy in 2001 as compared to a rather robust economy in 2000. The reduction in domestic sales of core materials was due to lower demand from our largest end user group, the boating industry. This was somewhat offset by increased core material sales 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 in Europe." Mr. Kohn continued, "Seafood sales were adversely affected by lower consumption of seafood, production levels of shrimp at our farms in Ecuador and our decision to terminate our import business during the third quarter of 2001. Mr. Kohn, concluded, "With signs of an improving economy, as well as several expanded applications for our core materials, we are hopeful that this year will show improvement over 2001." 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 in Ecuador. 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. - Table Follows -
BALTEK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
2001 2000
NET SALES $ 78,068,000 $ 89,060,000
NET INCOME $ 1,582,000 $ 2,882,000
EARNINGS PER COMMON SHARE $0.64 $1.14
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Average Shares Outstanding 2,468,472 2,523,261
Fourth Quarter Ended December 31,
2001 2000
NET SALES $ 15,920,000 $ 21,711,000
NET INCOME $ 387,000 $ 658,000
EARNINGS PER COMMON SHARE $0.16 $0.26
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Average Shares Outstanding 2,456,822 2,523,261
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