Veltex foresees strong growth in all divisions in six month
29 Sep '05
2 min read
Apparel store Veltex Corporation 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, "Veltex Corporation are proud of financial achievements and record growth in revenues and profits for 2005 fiscal year. They continue to add more distributors, secure new licensing agreements and expand marketing reach throughout the world."
"They have an excellent quality product line that is well accepted, as demonstrated by the fact that all of divisions continue to show strong sales increases. They clearly feel that stock price is much undervalued and is certainly not reflective of their record growth progress or strong balance sheet."
"Finally, they wish to thank all of their customers, suppliers, and employees for their commitment and contributions to growth. Furthermore, they are extremely appreciative of their loyal shareholders and will continue to work hard to justify their faith in their vision."
Apparel & textile products provider Veltex Corporation has four divisions: Veltex Apparel, specializing in caps, apparel and apparel accessories for the Promotional Products Industry and distribution of merchandise in the US 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 percent cotton twill, denim, and sheeting for consumer and industrial products; and KCA Garment Industries, specializing in the manufacture of garments.
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