Baltek Corporation Announces First Quarter Financial Results.Business Editors NORTHVALE, N.J.--(BUSINESS WIRE)--May 10, 2000 Net Income Rises 30% on Sales Increase of 17% BALTEK CORPORATION (Nasdaq: BTEK) today announced financial results for the first quarter ended March 31, 2000. Total sales increased 17% and net income increased 30% during the three-month period ended March 31, 2000 as compared to the same period in 1999. The increase was due to increased core materials and 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. sales. Core material sales increased 20% to $16,060,000 from $13,374,000 for the three months ended March 31, 2000 and 1999, respectively. The favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. economy continues to result in strong demand in all industries that use core materials, including the largest customer group, the boating industry. Seafood sales were $5,165,000 and $4,725,000 for the three months ended March 31, 2000 and 1999, respectively, a 9% increase. The increase was the result of sales of seafood products from the Company's new import business, which began during the first quarter of 1999, offset by a decline in sales of shrimp during the quarter resulting from the "White Spot" virus. The Company is taking all possible steps to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the impact of this disease on its farms.
The virus is affecting other South American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of shrimp farms
A shrimp farm is an aquaculture business for the cultivation of marine shrimp or prawns as well and its severity and duration cannot be determined at this time. Commenting on these results, Jacques Kohn, President of Baltek, stated, "Sales continue to grow in all industries using our core materials. We are also pleased by the contribution our new import business made to our sales growth during the quarter. The growth in both of these segments resulted in a significant increase in net income. We are pleased by the overall results and look forward to another 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 forwarding-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.
BALTEK CORPORATIONS AND SUBSIDIARIES
Unaudited Statement of Consolidated Income
For the three months ended March 31,
2000 1999
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Net Sales $21,225,000 $18,099,000
Net Income $ 765,000 $ 581,000
Earnings per common share,
Basic and diluted $ 0.30 $ 0.23
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Average Shares
Outstanding 2,523,261 2,523,261
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