CTI INDUSTRIES
CORPORATION
|
(Exact
name of registrant as specified in its
charter)
|
Illinois
|
0-23115
|
36-2848943
|
(State
or other jurisdiction
|
(Commission
|
(IRS
Employer
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
22160 North Pepper Road, Barrington,
IL
|
60010
|
(Address of principal executive
offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code
|
(847)
382-1000
|
N/A
|
(Former
name or former address, if changed since last
report.)
|
Exhibit
No.
|
Exhibit
|
99.1*
|
Press
Release dated May 14, 2009, captioned: “CTI Industries Corporation Reports
First Quarter 2009 Financial
Results”
|
CTI
Industries Corporation
(Registrant)
|
|||
Date: May
18, 2009
|
By:
|
/s/ Howard W. Schwan | |
Howard W. Schwan, President | |||
Stephen
M. Merrick
|
Catherine
E. Lawler
|
|
Executive
Vice President
|
Investor
Relations
|
|
(847)
382-1000
|
(847)
671-1177
|
CTI Industries Corporation and
Subsidiaries
|
Condensed Consolidated Balance
Sheets
|
March 31,
2009
|
December 31,
2008
|
|||||||
Assets
|
(Unaudited)
|
|||||||
Current
Assets:
|
||||||||
Cash and cash
equivalents
|
$ | 244,132 | $ | 180,578 | ||||
Accounts receivable,
net
|
6,491,221 | 5,821,593 | ||||||
Inventories,
net
|
10,267,516 | 10,504,769 | ||||||
Other current
assets
|
1,326,691 | 1,181,097 | ||||||
Total current
assets
|
18,329,560 | 17,688,037 | ||||||
Property, plant and equipment,
net
|
10,284,662 | 10,575,982 | ||||||
Other
assets
|
1,663,971 | 1,724,172 | ||||||
Total
Assets
|
$ | 30,278,193 | $ | 29,988,191 | ||||
Liabilities &
Equity
|
||||||||
Total current
liabilities
|
$ | 16,735,655 | $ | 16,222,180 | ||||
Long term debt, less current
maturities
|
5,816,509 | 6,018,655 | ||||||
Stockholders'
equity
|
7,712,039 | 7,734,600 | ||||||
Noncontrolling
interest
|
13,990 | 12,756 | ||||||
Total Liabilities &
Equity
|
$ | 30,278,193 | $ | 29,988,191 |
Consolidated Statements of
Operations
|
Three Months Ended March
31
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Net sales
|
$ | 9,603,422 | $ | 10,734,701 | ||||
Cost of
sales
|
7,536,919 | 8,403,022 | ||||||
Gross
profit
|
2,066,503 | 2,331,679 | ||||||
Operating
expenses
|
1,604,755 | 1,691,974 | ||||||
Income from
operations.
|
461,748 | 639,705 | ||||||
Other (expense)
income:
|
||||||||
Net Interest
expense
|
(295,551 | ) | (270,261 | ) | ||||
Other
|
(21,598 | ) | 30,322 | |||||
Income before income taxes and
noncontrolling interest
|
144,599 | 399,766 | ||||||
Income tax
expense
|
50,158 | 120,657 | ||||||
Income before noncontrolling
interest
|
94,441 | 279,109 | ||||||
Noncontrolling interest income of
subsidiary
|
1,234 | 288 | ||||||
Net income
|
$ | 93,207 | $ | 278,821 | ||||
Basic income per common and common
equivalent shares
|
$ | 0.03 | $ | 0.10 | ||||
Diluted income per common and
common equivalent shares
|
$ | 0.03 | $ | 0.10 | ||||
Weighted average number of shares
and equivalent shares
|
||||||||
of common stock
outstanding:
|
||||||||
Basic
|
2,808,720 | 2,662,267 | ||||||
Diluted
|
2,825,482 | 2,797,374 |