Post by WWJDthrume on Sept 23, 2004 6:37:48 GMT -5
Here is today's news and yesterdays on the bottom
Veltex Corporation Significantly Raises Sales Guidance for 2004
CITY OF INDUSTRY, Calif., Sept. 24 /PRNewswire-FirstCall/ -- Veltex Corporation (OTC: VLVT) today raised its financial guidance for 2004 by 60% from its previously announced net sales estimate of $25 million to $40 million. Management is providing net income guidance for the full year 2004 of $6 million or $.03 per share.
The improved guidance is due to the increased demand for the Company's products and the successful integration of the Company's acquisition, KCA Garment Industries. The acquisition of KCA has provided Veltex with numerous synergistic benefits including the ability to capture both the market for manufacturing high quality fabrics and garments. Additionally, the Company believes this acquisition positions it to compete for business with high-volume membership warehouse stores and mass merchandisers like Costco Wholesale Corp. and Walmart Stores Inc.
Javeed Matin, Chairman and CEO stated, "After two quarters of tremendous growth in sales and profitability I am excited about the future of Veltex. Our acquisition of KCA has been a tremendous success. We look forward to continued growth through organic expansion and accretive acquisitions."
Veltex sales were $21.0 million in the first half of 2004, totaled $19.99 million in 2003, totaled $13.9 million in 2002, and sales in 2001 were $8.7 million. Audited financial statements for the Company's 2001 and 2002 results are available at the investor relations section of the Company's website.
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.
www.veltexcorporation.com
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.
For further information, please contact Paul Knopick of E & E Communications, +1-949-707-5365, pknopick@eandecommunications.com, for Veltex Corporation.
SOURCE Veltex Corporation
CO: Veltex Corporation
ST: California
SU: ERP
www.prnewswire.com
Veltex Corporation Reports Net Income Growth of Over 270% for the First Half of 2004
CITY OF INDUSTRY, Calif., Sept. 23 /PRNewswire-FirstCall/ -- Veltex Corporation (OTC: VLVT), today announced record second quarter net income of $2.0 million, or $.01 per share. Total net sales for the quarter were $10.1 million. Total net sales increased more than 180% to $21.0 million for the six months ended June 30, 2004 from $7.4 million for the same period last year. Net income for the six months ended June 30, 2004 grew more than 270% to $2.86 million or $.0143 per share as compared to net income of $766,238 or $.01 per share for the first six months of 2003.
The increase in net sales and net income were do to organic growth and the successful integration of the Company's acquisition of KCA Garment Industries.
Javeed Matin, Chairman and CEO stated, "We are excited by the tremendous success we have had in integrating our acquisition, growing our core business and increasing profitability. Additionally, in order to accelerate our growth we have hired advisors to help the Company explore its strategic alternatives."
Veltex sales in 2003 totaled $19.99 million, Company sales in 2002 totaled $13.9 million, and sales in 2001 were $8.7 million. Audited financial statements for the Company's 2001 and 2002 results are available at the investor relations section of the Company's website.
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.
www.veltexcorporation.com
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 Reforms 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.
For further information, please contact Paul Knopick of E & E Communications, +1-949-707-5365, pknopick@eandecommunications.com, for Veltex Corporation.
SOURCE Veltex Corporation
CO: Veltex Corporation
ST: California
SU: ERN
Web site: www.veltexcorporation.com
www.prnewswire.com
09/23/2004 06:00 EDT
Veltex Corporation Significantly Raises Sales Guidance for 2004
CITY OF INDUSTRY, Calif., Sept. 24 /PRNewswire-FirstCall/ -- Veltex Corporation (OTC: VLVT) today raised its financial guidance for 2004 by 60% from its previously announced net sales estimate of $25 million to $40 million. Management is providing net income guidance for the full year 2004 of $6 million or $.03 per share.
The improved guidance is due to the increased demand for the Company's products and the successful integration of the Company's acquisition, KCA Garment Industries. The acquisition of KCA has provided Veltex with numerous synergistic benefits including the ability to capture both the market for manufacturing high quality fabrics and garments. Additionally, the Company believes this acquisition positions it to compete for business with high-volume membership warehouse stores and mass merchandisers like Costco Wholesale Corp. and Walmart Stores Inc.
Javeed Matin, Chairman and CEO stated, "After two quarters of tremendous growth in sales and profitability I am excited about the future of Veltex. Our acquisition of KCA has been a tremendous success. We look forward to continued growth through organic expansion and accretive acquisitions."
Veltex sales were $21.0 million in the first half of 2004, totaled $19.99 million in 2003, totaled $13.9 million in 2002, and sales in 2001 were $8.7 million. Audited financial statements for the Company's 2001 and 2002 results are available at the investor relations section of the Company's website.
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.
www.veltexcorporation.com
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.
For further information, please contact Paul Knopick of E & E Communications, +1-949-707-5365, pknopick@eandecommunications.com, for Veltex Corporation.
SOURCE Veltex Corporation
CO: Veltex Corporation
ST: California
SU: ERP
www.prnewswire.com
Veltex Corporation Reports Net Income Growth of Over 270% for the First Half of 2004
CITY OF INDUSTRY, Calif., Sept. 23 /PRNewswire-FirstCall/ -- Veltex Corporation (OTC: VLVT), today announced record second quarter net income of $2.0 million, or $.01 per share. Total net sales for the quarter were $10.1 million. Total net sales increased more than 180% to $21.0 million for the six months ended June 30, 2004 from $7.4 million for the same period last year. Net income for the six months ended June 30, 2004 grew more than 270% to $2.86 million or $.0143 per share as compared to net income of $766,238 or $.01 per share for the first six months of 2003.
The increase in net sales and net income were do to organic growth and the successful integration of the Company's acquisition of KCA Garment Industries.
Javeed Matin, Chairman and CEO stated, "We are excited by the tremendous success we have had in integrating our acquisition, growing our core business and increasing profitability. Additionally, in order to accelerate our growth we have hired advisors to help the Company explore its strategic alternatives."
Veltex sales in 2003 totaled $19.99 million, Company sales in 2002 totaled $13.9 million, and sales in 2001 were $8.7 million. Audited financial statements for the Company's 2001 and 2002 results are available at the investor relations section of the Company's website.
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.
www.veltexcorporation.com
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 Reforms 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.
For further information, please contact Paul Knopick of E & E Communications, +1-949-707-5365, pknopick@eandecommunications.com, for Veltex Corporation.
SOURCE Veltex Corporation
CO: Veltex Corporation
ST: California
SU: ERN
Web site: www.veltexcorporation.com
www.prnewswire.com
09/23/2004 06:00 EDT
PS I will post this news on another board after 10 AM to give us first crack at the better prices. This is a funny stock. It does have value long term but it is distressing to see the price consistently go down. So taking profit is never a mistake. I try to keep a small 'free' position and will sell when selling pressure seems continuous. I may not get back here to give my sell price. I feel fairly certain that .014 is very realistic to attain. I think .035-.05 is where it should go but I will not hold my breath. And of course anything is possible IMO. 
