Apparel store Veltex Corporation announced that its Board of Directors has authorized a 10 percent stock dividend of Veltex common shares. The dividend is payable on March 30, 2006 to shareholders of record of Veltex at 5:00 p.m. New York Time on February 28, 2006.
Additionally, the Board has authorized the repurchase of up to 1,000,000 shares of common stock and 1 million options dependent on market valuations and may declare a future cash dividend contingent upon continued adequate cash flow and presently enjoyed growth.
Javeed Matin, CEO of Veltex Corporation stated, "Company is very pleased to reward loyal shareholders for their continued support. Previously announced projection of approximately $60 million in revenues and over $9 million in net earnings remains on target."
"Company have opened up many new markets and greatly increased distributor base, while continuing to maintain stringent expense controls and excellent profit margins. All of divisions are in strong growth trends! It's been a great year and look forward to another record year in 2006 with further synergistic acquisitions and sales conservatively surpassing $70 million. Happy Holidays to all!"
Veltex, 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 percentcotton twill, denim, and sheeting for consumer and industrial products; and KCA Garment Industries, specializing in the manufacture of garments.
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