Baltek Corporation Reports Higher Sales For the Nine Months.NORTHVALE, N.J.--(BUSINESS WIRE)--Nov. 4, 1996--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 reported sales and earnings for the third quarter and nine months ended September 30, 1996 (tables follow). Commenting on the results, Jacques Kohn, BALTEK President, stated, "We are pleased by the sales growth achieved during the third quarter and nine months ended September 30, 1996. These results reflect sales of the Company's new foam product which exceeded market share goals anticipated by management at the beginning of 1996." Kohn continued, "Our balance sheet remains strong with stockholder's equity Stockholder's equity The residual claims that stockholders have against a firm's assets, calculated by subtracting all current liabilities and debt liabilities from total assets. in excess of $11.00 per share, more than 50% above the current market price of our stock." BALTEK CORPORATION is a leading producer 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 farm produced 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.
Baltek Corporation and Subsidiaries
Unaudited Statement of Consolidated Income
For the Three month period Ended September 30
1996 1995
Net sales $12,146,294 $11,042,217
Net income $ 279,909 257,596
Net income per
common share $ 0.11 $ 0.10
Average shares outstanding 2,523,261 2,523,261
For the Nine month period Ended September 30
1996 1995
Net sales $35,771,063 $33,682,682
Net income $ 243,435 1,282,450
Net income per
common share $ 0.10 $ 0.51
Average shares outstanding 2,523,261 2,523,261
CONTACT: Baltek Corporation Ronald Tassello 201/767-1400 or Strategic Growth International, Inc. Donald C. Weinberger, 516/829-7111 |
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