>>> Veltex Corporation Reports Strong Year End 2006 Earnings On Target
Feb 7, 2007 08:00:00 (ET)
CITY OF INDUSTRY, Calif., Feb 07, 2007 /PRNewswire-FirstCall via COMTEX/ -- Veltex Corporation (VLXC, Trade ) today announced revenues for the year ending December 31, 2006 topping the $70 million mark as expected.
Revenues for the twelve months ended December 31, 2006, totaled $70,131,941. Gross Profits for the twelve months ending December 31, 2006 were $15,689,013 with net income of $5,545,246. Total assets also reached a record $53,468,837. With approximately 20 million shares outstanding, Veltex Corporation is pleased to report earnings per share of $0.252 for the twelve month period beginning January 01, 2006. A copy of the full financial report can be found on the company's website at www.veltexcorporation.com .
Javeed Matin, CEO of Veltex Corporation, stated, "The Company is very pleased to be reporting numbers that are reflective of our hard work and efforts to bring Veltex to the next stage in our growth projections. The strong supports of our shareholders and employees have added to our tremendous success over the past twelve months. The major acquisition of Veltex-Canada has continued to help us drive revenue and increase growth on aggressive targets that were set early in 2006."
Matin stated further, "Over the next few weeks Veltex will be announcing several major developments surrounding our worldwide expansion program. Our Veltex-Apparel acquisition in Canada has been very successful to date and the Company is now looking to expand operations further in the US and in China."
Veltex will host a teleconference with shareholders the week of February 14th to update shareholders and interested parties on the Company's progress, plans and new developments. An exact time and date will be announced with information on participating in that call.
Matin added, "I want to once again personally thank all of our shareholders and employees 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.
Using the earnings data I calculated the O/S to be just a bit below 22 million and 5 thousand shares. This is 2 million more than last count of 20 million shares, right?
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