Velcro Industries N.V. Announces 2009 First Quarter Unaudited Results.
CURACAO, Netherlands Antilles Netherlands Antilles, island group, an autonomous part of the Netherlands (2005 est. pop. 220,000), 371 sq mi (961 sq km), West Indies. Formerly known as the Dutch West Indies and Netherlands West Indies, they are divided into two groups. , Feb. 12 /PRNewswire-FirstCall/ -- Velcro Industries N.V. ("VINV") , holding company of the Velcro companies and the industry leader in hook and loop fasteners fasteners
In construction, connectors between structural members. Bolted connections are used when it is necessary to fasten two elements tightly together, especially to resist shear and bending, as in column and beam connections. , today announced unaudited results for its first quarter ended December 31, 2008.
Sales for the first quarter of fiscal year 2009 were $60,029,000, which was a decrease of 13% from the first quarter of fiscal year 2008. There was an operating loss operating loss
The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the quarter of $1,083,000, compared to an operating profit Operating profit (or loss)
Revenue from a firm's regular activities less costs and expenses and before income deductions.
See operating income. of $3,871,000 for the first quarter of 2008. The decreases in sales and profit reflect declines in consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. , particularly in the North American North American
named after North America.
North American blastomycosis
see North American blastomycosis.
North American cattle tick
see boophilusannulatus. automotive sector, and adverse global economic conditions.
Investment activities for the first quarter resulted in a loss of $21,578,000, compared to a profit of $5,051,000 for the first quarter of 2008. These results reflect the steep stock market decline during the period, which resulted in the Company recording an additional impairment loss of $20,754,000 on assets in the Company's investment portfolio as of December 31, 2008.
Further results are included in the following unaudited condensed income statement:
VELCRO INDUSTRIES N.V. and Subsidiary Companies UNAUDITED CONSOLIDATED CONDENSED INCOME STATEMENT Three Months Ended December 31, 2008 Quarter Ended December 31, 2008 2007 US$'000 US$'000 (unaudited) (unaudited) Revenue from Sales 60,029 68,738 Operating Expenses (61,112) (64,867) Operating Profit/(Loss) (1,083) 3,871 Interest Income 81 250 Interest Expense (331) (163) Results from Investment Activities (21,578) 5,051 Profit/(Loss) before Income Taxes (22,911) 9,009 Income Tax Expense 1,403 2,090 Profit/(Loss) for the Period Attributable to the Equity Holders of the Company (24,314) 6,919 Average Number of Shares Outstanding During the Period 27,446,115 28,468,082 Basic and Diluted Earnings/(Loss) Per Share (in US$1) (.89) .24 Dividends Per Share (in US$1) .20 .32 About Velcro Industries N.V.
Velcro Industries N.V. is incorporated and domiciled in Curacao, Netherlands Antilles as a Naamloze Vennootschap Naamloze Vennootschap (usually abbreviated NV) is the Dutch terminology for a public limited liability corporation. The company is owned by shareholders, and the company's shares are not registered to certain owners, so that they may be (public limited liability company) and acts as the holding company of the Velcro companies, which are primarily involved in the manufacturing and sales of VELCRO(R) and TEXACRO(R) brand fasteners, ULTRA-MATE(R) brand hook fasteners, and ONE-WRAP(R) brand straps throughout the world. For more information about Velcro Industries N.V., including annual and quarterly reports, proxy statements and other materials required to be electronically published under Rule 12g3-2(b) of the U.S. Securities Exchange Act of 1934, visit http://www.velcroindustriesnv.com/.
This press release and the documents referenced herein may contain "forward-looking" statements and information, which involve risks and uncertainties. Actual future results may differ materially. Statements indicating that VINV "expects," "estimates," "believes," "is planning" or "plans to" are forward-looking, as are other statements concerning future financial results or other events that have not yet occurred. There are several important factors that could cause actual results or events to differ materially from those anticipated by the forward-looking statements.
CONTACT: Bob Marese, MacKenzie Partners, Inc., +1-212-929-5500
Web Site: http://www.velcroindustriesnv.com/