CTI Industries Corporation Reports Increased Revenues and Profits For the Second Quarter of 2006.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 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 :CTIB), a manufacturer and marketer of metalized balloons, latex latex, emulsion of a polymer (e.g., rubber) in water (see colloid). Natural latexes are produced by a number of plants, are usually white in color, and often contain, in addition to rubber, various gums, oils, and waxes. balloons, 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. items, packaging and storage bags and pouches and 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, today released financial results for its second quarter and for the six months ending June June: see month. 30, 2006. For the quarter, 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 were $8,997,000, compared to net sales for the second quarter of 2005 of $7,573,000, an increase of 18.8%. The Company achieved a net profit for the quarter of $206,000 compared to a net loss for the same period in 2005 of $(54,000). Net income per share for the three months ending June 30, 2006 was $0.10 (basic) and $0.09 (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 per share for the three months ending June 30, 2005 of $(0.03) (basic and diluted). For the six month period ending June 30, 2006, net revenues were $17,153,000, compared to net revenues for the same period in 2005 of $16,676,000, an increase of 2.9%. For the six month period, the Company had net income of $425,000, representing earnings per share of $0.21 (basic) and $0.19 (diluted), compared to net income of $31,000 for the same period of 2005 which represented earnings per share of $0.02 (basic and diluted). "Our results so far this year have been quite strong both in terms of revenues and profits," reported 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:
v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our relationship with two of our major customers for film and pouch pouch (pouch) a pocket or sac. abdominovesical pouch one formed by reflection of the peritoneum from the abdominal wall to the anterior surface of the bladder. products through long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contracts with both of them." "Over the past several quarters, we have been able to achieve both growth in revenue and improvement in margins, with the result that we have now had three consecutive profitable quarters," said Stephen Merrick, Executive Vice President and Chief Financial Officer. CTI Industries is one of the leading manufacturers and marketers of metalized and latex balloons, develops, produces and markets bags and pouches for storage and packaging applications and produces laminated and printed films for commercial uses. CTI markets its products throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in a number of other countries. This press release may contain 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. within the meaning of Section 17A of the Securities Act and Section 21E of the Securities Exchange Act. Actual results could differ materially from those projected in the forward-looking statements, which involve a number of risks and uncertainties, including (i) the risks of generating and maintaining sales in a highly competitive market, (ii) the ability of the Company to enter into or maintain contracts or relationships with customers, distributors, licensors and suppliers, (iii) manufacturing risks, as well as other risks and uncertainties reported by the Company in its SEC filings, and such statements should also be considered in conjunction with cautionary statements contained in the Company's most recent filing with the Securities and Exchange Commission 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. .
- FINANCIAL HIGHLIGHTS FOLLOW --
CTI Industries Corporation and Subsidiaries
Condensed Consolidated Balance Sheet
June 30, December 31,
2006 2005
------------------------
Assets (Unaudited)
Current Assets:
Cash and cash
equivalents $627,866 $261,982
Accounts
receivable, net 5,609,233 4,343,671
Inventories, net 7,808,240 7,022,569
Other current
assets 603,041 707,082
------------------------
Total current assets 14,648,380 12,335,304
Property, plant and
equipment, net 9,062,340 9,616,744
Other assets 1,712,535 1,584,002
------------------------
Total Assets $25,423,255 $23,536,050
========================
Liabilities & Stockholders' Equity
Total current
liabilities $14,063,466 $14,761,388
Long term debt, less
current maturities 6,000,310 4,394,390
Other liabilities 1,658,305 1,644,339
Minority interest 11,027 10,091
Stockholders' equity 3,690,147 2,725,842
------------------------
Total Liabilities &
Stockholders'
Equity $25,423,255 $23,536,050
========================
Consolidated Statements of Operations
Quarter Ended June 30 Six Months Ended June 30
2006 2005 2006 2005
------------------------ ------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net sales $8,996,935 $7,572,626 $17,153,158 $16,675,953
Cost of sales 6,799,824 5,989,672 13,002,732 13,219,006
------------------------ ------------------------
Gross profit 2,197,111 1,582,954 4,150,426 3,456,947
Operating expenses 1,593,620 1,478,552 3,005,981 3,025,832
------------------------ ------------------------
Income from
operations 603,491 104,402 1,144,445 431,115
Other income
(expense):
Net Interest
expense (431,426) (281,727) (762,049) (587,107)
Other 43,009 162,072 90,554 220,651
------------------------ ------------------------
Income before income
taxes and minority
interest 215,074 (15,253) 472,950 64,659
Income tax expense 9,423 38,191 47,611 33,712
------------------------ ------------------------
Income (loss) before
minority interest 205,651 (53,444) 425,339 30,947
Minority interest in
(loss) of subsidiary (48) 171 (128) 75
------------------------ ------------------------
Net income $205,699 $(53,615) $425,467 $30,872
======================== ========================
Basic income (loss)
per common and
common equivalent
shares $0.10 $(0.03) $0.21 $0.02
======================== ========================
Diluted income (loss)
per common and
common equivalent
shares $0.09 $(0.03) $0.19 $0.02
======================== ========================
Weighted average
number of shares and
equivalent shares of
common stock
outstanding:
Basic 2,053,311 1,954,100 2,044,939 1,954,100
======================== ========================
Diluted 2,171,524 1,954,100 2,198,436 1,974,222
======================== ========================
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