Veltex Corporation Announces July 1999 Record Revenue and Net Income Increase
LOS ANGELES, Aug. 31 /PRNewswire/ -- Veltex Corporation (OTC Bulletin Board: VLVT) today announced preliminary sales results for July 1999. Sales for July 1999, increased 158% to $725,108 from $280,950 in the same period last year. The net income for July 1999 increased 683% to $185,511 from $23,685 for the same period last year.
Javeed A. Matin, President and Chairman of VELTEX CORPORATION, stated, "Our strong sales results continue to reflect our improving market share for our high-quality, specialty textiles. With record sales, continued favorable margins, and the additional volume achieved during the month of July 1999, the Company expects to report a record increase in sales for the entire third quarter of fiscal 1999."
Veltex Corporation is a manufacturer and distributor of high-quality, specialty textiles primarily for use by manufacturers of furniture, automobile interiors, and ready-to-wear garments. Its manufacturing facilities, managed by a former U.S. textile industry executive with more than 30 years experience, are strategically located in Comilla, Bangladesh employing 315 people. This location permits quota-free importing to USA markets thereby affording significantly higher profit margin potential than its competitors in India and Pakistan. Company sales and distribution centers are located in the prestigious California Mart in Los Angeles as well as in Canada, Europe, Asia and Bangladesh.
Reader's Caution: Statements contained in this press release are based on information provided by the company and are believed to be reliable. The statements are not to be construed as investment advice. The Publisher as to the financial condition, business, or other factors of the company. This release may contain forward-looking statements within the meaning of the private securities litigation reform act of 1995, such as expectations regarding the planned dates for commencement of proposed projects and the scope of those projects. Such forward-looking statements are inherently uncertain, and the actual results may differ from management's expectations. These uncertainties may include, without limitation, continued acceptance of the company's products and services, increased levels of competition, competitive new products and technological changes, and the company's dependence upon financing, third-party suppliers, and intellectual property rights. Further information on potential factors which could affect the financial condition and results of operations of the company may be detailed from time to time in the company's federal filings, annual report, offering memorandum, or prospectus.
SOURCE Veltex Corporation
/CONTACT: Javeed A. Matin of Veltex Corporation, or Barry S. Kaplan for
Veltex Corporation, 213-627-9194/
/Web site: veltex.com
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VELTEX CORP - VLVT
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08/31/99 11:27 AM EDT
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