CITY OF INDUSTRY, Calif., July 13 /PRNewswire-FirstCall/ -- Veltex Corporation (OTC: VLVT), a vertical manufacturing, import and distribution company in the apparel industry that is headquartered with sales and marketing offices in City of Industry, Calif., with factories in Bangladesh, announced today that net sales in the first quarter of 2004 totaled $10.9 million. Net income in the first quarter totaled $857,306. "We are very encouraged by these profitable results and continue to project that total sales in 2004 will exceed $25 million," said Javeed Matin, Chairman and CEO. Veltex sales in 2003 totaled $19.99 million, Company sales in 2002 totaled $13.9 million, and sales in 2001 were $8.7 million. Veltex' net income in 2003 was $1.528 million, in 2002 totaled $1.65 million and was $1.3 million in 2001. "Sales have grown from $5.5 million in 1999 to almost $20 million in 2003 under current management," Mr. Matin said.
Veltex Corporation is a vertical manufacturing, import and distribution company composed of three divisions: Veltex Apparel, specializing in caps, apparel and apparel accessories for the Promotional Products Industry; Velvet Textile Mills, specializing in the manufacture of high quality fabrics including velvets, 100% cotton twill, denim, sheeting for consumer and industrial products; and KCA Garment Industries, specializing in the manufacture of garments.
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.
Paul Knopick E & E Communications (949) 707-5365 pknopick@eandecommunications.com