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Brand named caps maker Veltex reports strong Q3 earnings
12 Dec '06
2 min read
Veltex Corporation announced revenues for the third quarter of 2006 of $19,211,913. Revenues have now topped $19 Million for the second consecutive quarter.
Revenues for the nine months ended September 30, 2006, totaled $53,155,810. Gross Profit for the nine months ending September 30, 2006 were $15,689,013 with net income totaling $5,781,594.
Veltex is expecting to reach approximately $70,000,000 total revenue in 2006 with over $7,000,000 net profit.
Earnings per share for the twelve months ending December 31, 2006 will reach our target of $0.35 per common share.
With approximately 20 million shares outstanding, Veltex Corporation is pleased to report earnings per share of $0.29 through the first nine months of 2006. A copy of the full financial report can be found on the companies website.
Javeed Matin, CEO of Veltex Corporation, stated, "I am delighted at how the company has performed during the first three quarters of 2006. The major acquisition of Veltex-Canada earlier in the year has continued to help us drive revenue and increase growth."
Matin stated further, "Our foresight in increasing our inventories during the first half of the year has proven to be of major benefit in that we were able to keep our retail customers amply supplied during the holiday shopping season."
"We continue to seek new opportunities for growth in our North American operation and we are currently engaged in seeking an additional outlet in the United States."
He added, "I want to personally thank all of our shareholders for their continued support."
Revenues for the nine months ended September 30, 2006, totaled $53,155,810. Gross Profit for the nine months ending September 30, 2006 were $15,689,013 with net income totaling $5,781,594.
Veltex is expecting to reach approximately $70,000,000 total revenue in 2006 with over $7,000,000 net profit.
Earnings per share for the twelve months ending December 31, 2006 will reach our target of $0.35 per common share.
With approximately 20 million shares outstanding, Veltex Corporation is pleased to report earnings per share of $0.29 through the first nine months of 2006. A copy of the full financial report can be found on the companies website.
Javeed Matin, CEO of Veltex Corporation, stated, "I am delighted at how the company has performed during the first three quarters of 2006. The major acquisition of Veltex-Canada earlier in the year has continued to help us drive revenue and increase growth."
Matin stated further, "Our foresight in increasing our inventories during the first half of the year has proven to be of major benefit in that we were able to keep our retail customers amply supplied during the holiday shopping season."
"We continue to seek new opportunities for growth in our North American operation and we are currently engaged in seeking an additional outlet in the United States."
He added, "I want to personally thank all of our shareholders for their continued support."
Veltex Corporation
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