Veltex Reports Record Six Month Results
CITY OF INDUSTRY, Calif., Sept. 28 /PRNewswire-FirstCall/ -- Veltex
Corporation (OTC: VLXC) today released corporate worldwide unaudited operating
results for the six months ended June 30, 2005. Sales were $18,161,000 and
net pre-tax income was $1,356,000. The June 30, 2005 unaudited Consolidated
Balance Sheet reflected total assets of $41,818,000; total current assets of
$18,619,000 (versus total current liabilities of only $3,871,000); as well as
total shareholders' equity of $28,935,000(i.e. net worth).
Javeed Matin, CEO of Veltex Corporation stated, "We at Veltex Corporation
are proud of our financial achievements and record growth in revenues and
profits for our 2005 fiscal year. We continue to add more distributors,
secure new licensing agreements and expand our marketing reach throughout the
world. We have an excellent quality product line that is well accepted, as
demonstrated by the fact that all of our divisions continue to show strong
sales increases. We clearly feel that our stock price is much undervalued and
is certainly not reflective of our record growth progress or strong balance
sheet.
"Finally, we wish to thank all of our customers, suppliers, and employees
for their commitment and contributions to our growth. Furthermore, we are
extremely appreciative of our loyal shareholders and will continue to work
hard to justify their faith in our vision."
Veltex Corporation is a vertical manufacturing import and distribution
company composed of four divisions: Veltex Apparel, specializing in caps,
apparel and apparel accessories for the Promotional Products Industry and
distribution of merchandise in the U.S. market; Veltex Explorer, Inc.
(Explorer Headgear), a manufacturing, import and distribution company for the
Promotional Products Industry in Canada; Velvet Textile Mills, specializing in
the manufacture of high quality fabrics including velvets, 100% cotton twill,
denim, and sheeting for consumer and industrial products; and KCA Garment
Industries, specializing in the manufacture of garments.
