Baltek Corporation Announces Increased Sales for Third Quarter and Nine Months.NORTHVALE, N.J.--(BUSINESS WIRE)--Nov. 10, 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 , NMS See NetWare Management System. : BTEK) today announced increased sales for the third quarter and nine months ended September 30, 1999 (table follows). Jacques Kohn, Baltek President, stated, "Our sales rose significantly due to continued demand for our core materials as well as greater sales from the seafood import business we acquired earlier this year. Our margins improved slightly in the core material area, but were offset by lower margins in the seafood division. A virus has affected shrimp farms in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. causing lower production at some of our farms." Mr. Kohn continued, "We are taking all possible steps to mitigate the effects of this virus." 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 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
For the Three Months
Ended Sept. 30,
1999 1998
---- ----
Net Sales $ 23,724,000 $ 16,366,000
Net income $ 834,000 $ 903,000
Basic earnings
per common share $ 0.33 $ 0.36
Average shares outstanding 2,523,261 2,523,261
For the Nine Months
Ended Sept. 30,
1999 1998
---- ----
Net Sales $ 64,750,000 $ 50,082,000
Net income $ 2,144,000 $ 2,139,000
Basic earnings
per common share $ 0.85 $ 0.85
Average shares outstanding 2,523,261 2,523,261
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