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Veltex Corporation Q1 '06 earnings soar

Jun '06
Apparel and accessories maker Veltex Corporation has reported their financial results for the first quarter of 2006.

-- Gross revenue: $14,620,319.00
-- Cost of revenue: $11,699,491.00
-- Gross profit: $2,920,828.00

Javeed Matin, CEO of Veltex Corporation stated: "We are on place to achieve our goal of $85m in revenue and more than $13m in profit for this year as we anticipate continued growth and stronger sales for the remaining three quarters of 2006. We continue to expand our market penetration through new licensing agreements and through our emergence into the retail supply business as well.

“We believe that Veltex-Canada will introduce our products to a broader market, resulting in international retailers adding our high quality merchandise in their stores both Canada and beyond. We are working with our new licensees to bring new and exciting merchandise to market.

“We expect our new high-end line of garments to be a major success and lead to new orders and greater licensing opportunities with new as well as existing brands. Growth has been exponential and we see it continuing as we focus the majority of our efforts into this aspect of the business. We are confident that our hard work will result in a significant reward for all of our patient and loyal shareholders."

He added, "We are on track, we are focused and we are driven to succeed."

Veltex Corporation is a vertical manufacturing import and distribution company composed of five divisions: Veltex Apparel, Veltex Explorer Inc, Veltex-Canada and Velvet Textile Mills.

Veltex Corporation

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