BALTEK CORPORATION Announces Higher Second Quarter and Six Months Sales.NORTHVALE, NJ--(BUSINESS WIRE)--Aug. 16, 1999-- 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 : BTEK), today announced increased sales for the second quarter and six months ended June 30, 1999. Net income for the six months increased while net income for the second quarter declined slightly as a result of lower selling prices for shrimp products. Jacques Kohn, President of Baltek, noted, "We continue to record very healthy growth in sales of both our core materials business and in 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. . In the most recent quarter, however, net income was impacted by lower commodity pricing for the Company's shrimp products. Continued strength in the economy should contribute to further gains in our core materials business." In conclusion Mr. Kohn stated, "With continued strength in the general economy, we are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that 1999 will be a successful year." 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 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. -0-
BALTEK CORPORATION AND SUBSIDIARIES
Unaudited Statement of Consolidated Income
(dollars in thousands, except per share data)
For the Three Months
Ended June 30,
1999 1998
---- ----
Net Sales $ 22,927 $ 17,902
Net income $ 729 $ 741
Basic earnings
per common share $ 0.29 $ 0.29
Average shares outstanding 2,523,261 2,523,261
For the Six Months
Ended June 30,
1999 1998
---- ----
Net Sales $ 41,026 $ 33,716
Net income $ 1,310 $ 1,236
Basic earnings
per common share $ 0.52 $ 0.49
Average shares outstanding 2,523,261 2,523,261
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