Printer Friendly

Velcro Industries N.V. Announces 2009 First Quarter Unaudited Results.

CURACAO, Netherlands Antilles, Feb. 12 /PRNewswire-FirstCall/ -- Velcro Industries N.V. ("VINV") , holding company of the Velcro companies and the industry leader in hook and loop fasteners, 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 for the quarter of $1,083,000, compared to an operating profit of $3,871,000 for the first quarter of 2008. The decreases in sales and profit reflect declines in consumer spending, particularly in the North American 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
 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 (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

Forward-Looking Statements

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:
COPYRIGHT 2009 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 12, 2009
Previous Article:Savient Announces Appointment of David Gionco as Chief Financial Officer.
Next Article:OGE Energy, Energy Transfer Terminate Joint Venture Agreement.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters