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Veltex Corporation Reports Strong Third Quarter 2006 Earnings; Second Straight Quarter With Revenues Exceeding $19 Million; Company Remains Focused on Growth and Increasing Profitability Dec 12, 2006 6:00:00 AM
CITY OF INDUSTRY, Calif., Dec. 12 /PRNewswire-FirstCall/ -- Veltex Corporation (OTC: VLXC) today announced revenues for the third quarter of 2006 of $19,211,913. Revenues have now topped $19 Million for the second consecutive quarter.
Revenues for the nine months ended September 30, 2006, totaled $53,155,810. Gross Profit for the nine months ending September 30, 2006 were $15,689,013 with net income totaling $5,781,594. Veltex is expecting to reach approximately $70,000,000 total revenue in 2006 with over $7,000,000 net profit. Earnings per share for the twelve months ending December 31, 2006 will reach our target of $0.35 per common share.
With approximately 20 million shares outstanding, Veltex Corporation is pleased to report earnings per share of $0.29 through the first nine months of 2006. A copy of the full financial report can be found on the companies website at www.veltexcorporation.com.
Javeed Matin, CEO of Veltex Corporation, stated, "I am delighted at how the company has performed during the first three quarters of 2006. The major acquisition of Veltex-Canada earlier in the year has continued to help us drive revenue and increase growth."
Matin stated further, "Our foresight in increasing our inventories during the first half of the year has proven to be of major benefit in that we were able to keep our retail customers amply supplied during the holiday shopping season. We continue to seek new opportunities for growth in our North American operation and we are currently engaged in seeking an additional outlet in the United States."
He added, "I want to personally thank all of our shareholders for their continued support."
ABOUT VELTEX CORPORATION
Veltex Corporation headquartered in City of Industry, California, with distribution centers in the USA, Canada and factories in Bangladesh, is a vertical manufacturing and import/export company with five subsidiaries. It designs and manufactures Brand named apparel and Caps for the promotional products industry. Also, it manufactures high quality custom Headwear for Tommy Hilfiger, specialized textiles primarily for use by manufacturers of automobile interiors, upholstery for furniture manufacturers, and ready to wear garments. It specializes in denim, microfilament, velvet, twill, canvas, duck and pinpoints oxford fabrics.
Veltex Corporation is committed to providing superior apparel and textile products to the U.S. and Canada at the lowest possible price and with delivery times superior to any in the industry. It is equally committed to always exceeding customer expectations and shareholder value.
FORWARD-LOOKING STATEMENTS
Safe Harbor: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of market prices, product demand, market competition, risks inherent in the Company's international operations, and the Company's ability to replace and expand.
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