Baltek Corporation Announces Higher Sales and Earnings for the First Quarter.NORTHVALE, N.J.--(BUSINESS WIRE)--May 14, 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 and earnings for the first quarter ended March 31, 1999. Commenting on these results, Jacques Kohn, President of Baltek, stated, "Our growth in sales and net income continues at a healthy pace. The favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. economy has created a strong demand in all industries that use core materials, including the largest customer group, the boating industry. Seafood sales increased as well during this period." Mr. Kohn concluded, "With the recent acquisition of the assets and inventory of the seafood importing U.S. subsidiary of Nissho Iwai, we foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. revenues growing by at least $15 million this year in addition to the normal growth of Baltek." 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,
1999 1998
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Net Sales $ 18,099,000 $ 15,814,000
Net Income $ 581,000 $ 495,000
Net income per
Common share $ 0.23 $ 0.20
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Average Shares
Outstanding 2,523,261 2,523,261
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