Apparel store Veltex Corporation reported (unaudited) revenue of $16,740,888 for the third quarter of 2005 and net pre-tax income of $3,318,177. First half revenue is restated at $25,956,800 and includes $7,795,800 from Velvet Textile Mills that was omitted from the previous press release solely based on the fact that those figures had not yet been finalized at the time of publication. Net income from the Mill for the same period was $1,637,118. Revenue for the first three quarters of 2005 is $42,697,688 and income is $6,311,295.
Javeed Matin, CEO of Veltex Corporation stated: "They are excited with progress in expanding business and continued strong revenue stream. Their tradeshow attendance is paying dividends as distributors are coming on-board in ever increasing numbers. Veltex-Explorer is fully integrated and making significant contributions to our bottom line and licensing agreements are proving fruitful. They feel certain that they will meet revenue goal of $60 million for 2005 with a net income of between $9 and $10 million. As they look forward to annual increases in revenue and net income, they obviously feel that stock is considerably undervalued. They are confident that company efforts will remedy this situation in due course."
There are 9,732,087 shares currently outstanding with expected 2005 earnings of $.92 - $1.02 per share.
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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