CTI Industries Corporation Reports Results of Operations For the Second Quarter 2017

CTI Industries Corporation (CTIB – NASDAQ Capital Market), a manufacturer and marketer of flexible packaging and storage products, laminated films and novelty balloons, today announced its results of operations for the second quarter and first six months of 2017.

For the second quarter ended June 30, 2017, net sales were $12,812,000 down 9.5% from net sales of $14,151,000 for the Second Quarter 2016.  For the six month period ended June 30, 2017, net sales were $28,171,000 down 4% from net sales of $29,355,000 for the same period of 2016.

The second quarter net loss was ($526,000) or ($0.15) per share basic, ($0.14) per share diluted, compared to a 2016 second quarter net loss of ($83,000) or ($0.02) per share.  For the six month period ended June 30, 2017, there was a net loss of ($468,000) or ($0.13) per share compared to a net loss of ($76,000) or ($0.02) per share for the same period of 2016.

“In general, our performance in the second quarter and the first half of this year has been below expectations,” reported Stephen Merrick, President of the Company.  “While performance in our foil and latex balloon product lines has been reasonably strong during this period, revenues in our vacuum sealing and commercial film lines have been well below last year and have negatively affected our results.  We are taking a number of actions to improve our profitability in the second half and believe that our performance will improve substantially in that period.  First, we do anticipate improvement in our revenues for our vacuum sealing line in the second half, as the effects of a major sales promotion late last year wear off.  Second, we are installing two new foil balloon converting machines in September which will enhance our production during the fourth quarter.  Third, we have taken significant actions to reduce our operating expenses and believe we will effect reductions in general, administrative, sales and marketing expense at an annualized level of more than $1.4 million.”
more detail at:  http://www.prnewswire.com/news-releases/cti-industries-corporation-reports-results-of-operations-for-the-second-quarter-2017-300503119.html

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