Baltek Corp. Announces Increased Sales and Earnings for Third Quarter and Nine Months.NORTHVALE, N.J.--(BUSINESS WIRE)--Nov. 11, 1998--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 increased sale and earnings for the third quarter and nine months ended September 30, 1998 (table follows). Jacques Kohn, Baltek President, stated, "We are pleased with the continued progress of our Company. Sales and earnings are substantially higher reflecting strong demand for our core materials and shrimp, improved profit margins as well as gains related to currency exchange." Mr. Kohn concluded, "While we are unable to predict long-term trends in the economy, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the near and intermediate term." 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. 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 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
For the Three Months
Ended September 30,
1998 1997
Net Sales $ 16,365,737 $ 14,048,124
Net income $ 903,117 $ 492,141
Basic earnings
per common share $ 0.36 $ 0.19
Average shares outstanding 2,523,261 2,523,261
For the Nine Months
Ended June 30,
1998 1997
Net Sales $ 50,081,620 $ 41,707,847
Net income $ 2,139,463 $ 1,068,643
Basic earnings
per common share $ 0.85 $ 0.42
Average shares outstanding 2,523,261 2,523,261
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