Baltek Corporation Announces Higher Second Quarter and Six Months Sales and Earnings.Business Editors NORTHVALE, N.J.--(BUSINESS WIRE)--Aug. 10, 2000 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 second quarter and six months ended June 30, 2000 (Table Follows). Jacques Kohn, President of Baltek, noted, "The favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. economy continued to result in strong demand in all industries that use core materials, including the largest group, the boating industry. Mr. Kohn continued "Within our seafood segment, we experienced a decline in shrimp sales due to the 'white spot' virus. This decline was offset by the growth in our seafood importing business, which we began in early 1999." 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 2000 will be 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 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.
BALTEK CORPORATION AND SUBSIDIARIES
Unaudited Statement of Consolidated Income
(dollars in thousands, except per share data)
For the Three Months
Ended June 30,
2000 1999
---- ----
Net Sales $ 23,911 $ 22,927
Net income $ 808 $ 729
Basic earnings
per common share $ 0.32 $ 0.29
Average shares outstanding 2,523,261 2,523,261
For the Six Months
Ended June 30,
2000 1999
---- ----
Net Sales $ 45,136 $ 41,026
Net income $ 1,573 $ 1,310
Basic earnings
per common share $ 0.62 $ 0.52
Average shares outstanding 2,523,261 2,523,261
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