Baltek reports third quarter and nine months results.NORTHVALE, N.J.--(BUSINESS WIRE)--Nov. 4, 1994--BALTEK Corp. (NASDAQ/NMS:BTEK) today announced results for the third quarter and nine months ended Sept. 30, 1994. Jacques Jacques [ʒɑk] (French for Jacob and James) can refer to: People with the surname of Jacques:
"Our shrimp production declined in the third quarter in line with our planned harvest program formulated for·mu·late tr.v. for·mu·lat·ed, for·mu·lat·ing, for·mu·lates 1. a. To state as or reduce to a formula. b. To express in systematic terms or concepts. c. to coincide with seasonal market demand. Looking ahead, we expect an increase in shrimp sales in the fourth quarter. "In reviewing these latest results, it is extremely important to note that during the latest third quarter the company incurred a special one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of $323,977, resulting in a net loss of $123,454 for the third quarter. This restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. was designed to reduce costs through personnel changes at some of our balsa mills in Ecuador Ecuador (ĕk`wədôr) [Span., = equator], officially Republic of Ecuador, republic (2005 est. pop. 13,364,000), 109,483 sq mi (283,561 sq km), W South America. . The charge was reflected in the latest nine month period as well," Kohn concluded. 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.
Baltek Corp. and Subsidiaries
Statement of Operations
(Unaudited)
For the Third Quarter For the Nine Months
Ended Sept. 30, Ended Sept. 30,
1994 1993 1994 1993
Net sales $ 8,910,225 $ 8,113,962 $ 28,711,342 $ 23,880,515
Special charge(a) 323,977 -0- 323,977 -0-
Net income (loss) (123,454) (133,720) 578,907 (72,336)
Net income (loss) per common share (0.05) (0.05) 0.23 (0.03) Average shares outstanding 2,523,261 2,523,261 2,523,261 2,523,261 (a) Special charge in the third quarter of 1994 was for personnel changes designed to reduce costs. CONTACT: Baltek Corp., Northvale
Benson J. Zeikowiz, 201/767-1400
or
Strategic Growth International Inc.
Donald C. Weinberger, 212/826-9622
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