CTI Industries Corporation Reports 2005 Financial Results.BARRINGTON Barrington, town (1990 pop. 15,849), Bristol co., E R.I., on the Barrington River; settled c.1670, included in Massachusetts until 1746, inc. 1770. It is a residential and resort area. Barrington College is there. , Ill. -- CTI (Computer Telephone Integration) Combining data with voice systems in order to enhance telephone services. For example, automatic number identification (ANI) allows a caller's records to be retrieved from the database while the call is routed to the appropriate party. Industries Corporation (NASDAQ Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for :CTIB), a manufacturer and marketer of novelty Novelty is the quality of being new. Although it may be said to have an objective dimension (e.g. a new style of art coming into being, such as abstract art or impressionism) it essentially exists in the subjective perceptions of individuals. balloons, printed and laminated laminated /lam·i·nat·ed/ (-nat?ed) having, composed of, or arranged in layers or laminae. laminated made up of laminae or thin layers. films and flexible packaging and storage products, today announced its full-year results of operations for 2005, as well as for the three months ended December December: see month. 31, 2005. Year End Results For the year ended December 31, 2005, consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight totaled $29,190,000 compared to consolidated net sales of $37,193,000 for the year ended December 31, 2004. For the year, the Company incurred a net loss of ($333,000) or ($0.17) per share (basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) compared to a net loss of ($2,479,000) or ($1.28) per share (basic and diluted) for the year ended December 31, 2004. Fourth Quarter Results Consolidated net sales for the fourth quarter of 2005 were $6,480,000, compared to consolidated net sales of $8,582,000 for the fourth quarter of 2004. The Company had net income of $52,000 or $0.03 per share (basic) and $0.02 per share (diluted) for the fourth quarter of 2005 compared to a net loss of ($2,565,000) or ($1.31) per share for the fourth quarter of 2004. Key Factors and Trends During 2005, the Company experienced declines in sales in its metalized balloon balloon, lighter-than-air craft without a propulsion system, lifted by inflation of one or more containers with a gas lighter than air or with heated air. During flight, altitude may be gained by discarding ballast (e.g. , laminated and printed films and flexible packaging product lines. However, the Company also reduced production and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. during the year and gross margins improved from 17.1% of net sales in 2004 to 22.1% of net sales for 2005. During the fourth quarter of 2005, the Company had income from operations of $652,000. This result includes a charge of $124,000 for the amount of impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of the value of the goodwill of the Company in its Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum subsidiary, Flexo Universal, S.A. de C.V. Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. Schwan Schwan may refer to:
see fixed costs. by about $1,460,000 during the year and also reduced selling and administrative expenses by $1,230,000 compared to 2004. Our goals are to achieve profitability at our current sales levels and, at the same time, to increase sales by the design and introduction of new products and the development of new customers and channels of distribution." CTI Industries Corporation, based in suburban Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , designs, develops, produces and markets a line of novelty balloon products, laminated and printed films for packaging applications and flexible packaging and storage products. Statements made in this release that are not historical facts are "forward-looking" statement (as defined in 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) that involve risks and uncertainties and are subject to change at any time. These "forward-looking" statements may include, but are not limited to, statements containing words such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. Factors that could cause results to differ are identified in the public filings of the Company with the Securities and Exchange Commission. More information on factors that could affect CTI's business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. . FINANCIAL HIGHLIGHTS FOLLOW
CTI Industries Corporation and Subsidiaries
Consolidated Balance Sheets
December 31, December 31,
2005 2004
------------ ------------
ASSETS
Current assets:
Cash $261,982 $526,470
Accounts receivable, (less allowance for
doubtful accounts of $80,000 and
$404,000 respectively) 4,343,671 6,123,137
Inventories, net 7,022,569 8,348,494
Prepaid expenses and other current assets 707,082 646,805
------------ ------------
Total current assets 12,335,304 15,644,906
Total property, plant and equipment,
net 9,616,744 10,588,511
Total other assets 1,584,002 1,654,147
------------ ------------
TOTAL ASSETS $23,536,050 $27,887,564
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities 14,761,388 18,435,055
Total long-term liabilities, less
current maturities 6,037,452 6,491,109
Minority interest 11,368 10,230
Total stockholders' equity 2,725,842 2,951,170
------------ ------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $23,536,050 $27,887,564
============ ============
CTI Industries Corporation and Subsidiaries
Consolidated Statements of Operations
Year ended Three months ended
December 31, December 31,
2005 2004 2005 2004
------------ ------------ ----------- ------------
Net sales $29,189,974 $37,193,109 $6,480,189 $8,581,819
Cost of sales 22,725,825 30,840,989 4,715,173 8,078,075
------------ ------------ ----------- ------------
Gross profit 6,464,149 6,352,120 1,765,016 503,744
Operating expenses:
General and
administrative 3,846,538 4,410,595 819,410 1,169,303
Selling 1,064,944 1,495,257 269,155 367,670
Advertising and
marketing 776,571 1,014,463 174,226 96,483
Asset Impairment
Loss 124,000 - 124,000 -
------------ ------------ ----------- ------------
Total
operating
expenses 5,812,053 6,920,315 1,386,791 1,633,456
------------ ------------ ----------- ------------
Income (loss) from
operations 652,096 (568,195) 378,225 (1,129,712)
Other income
(expense):
Interest expense (1,230,964) (1,350,085) (362,811) (340,168)
Other 45,128 395,489 (171,724) 107,408
------------ ------------ ----------- ------------
Total other
(expense)
income (1,185,836) (623,884) (534,535) (232,760)
------------ ------------ ----------- ------------
Loss before income
taxes and minority
interest (533,740) (1,192,079) (156,310) (1,362,472)
Income tax
(benefit) expense (200,392) 1,286,232 (208,560) 1,201,953
------------ ------------ ----------- ------------
Loss before
minority interest (333,348) (2,478,311) 52,250 (2,564,425)
Minority interest
in (loss) income
of subsidiary (139) 1,063 65 (1)
------------ ------------ ----------- ------------
Net (loss)
income $(333,209) $(2,479,374) $52,186 $(2,564,424)
============ ============ =========== ============
Loss applicable to
common shares $(333,209) $(2,479,374) $52,186 $(2,564,424)
============ ============ =========== ============
Basic loss per
common share $(0.17) $(1.28) $0.03 $(1.31)
============ ============ =========== ============
Diluted loss per
common share $(0.17) $(1.28) $0.02 $(1.31)
============ ============ =========== ============
Weighted average
number of shares
and equivalent
shares of common
stock outstanding:
Basic 1,977,235 1,930,976 2,036,473 1,954,100
============ ============ =========== ============
Diluted 1,977,235 1,930,976 2,210,767 1,954,100
============ ============ =========== ============
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