Exhibit 99.1

BALTEK CORPORATION AND SUBSIDIARIES

UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2001
(Dollars in thousands, except per share data)

				Historical as Reported			Adjustments (a)			Pro Forma
NET SALES				$	78,068		$	20,197		$	57,871
COST OF PRODUCTS SOLD					59,709			21,520			38,189
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES					15,085			737			14,348
		Operating income			3,274			(2,060	)		5,334
OTHER INCOME (EXPENSE):
	Interest expense				(1,000	)		(162	)		(838	)
	Foreign exchange gain (loss)				53			—			53
	Interest income				7			—			7
	Other, net				(11	)		—			(11	)
		Total			(951	)		(162	)		(789	)
INCOME BEFORE TAXES					2,323			(2,222	)		4,545
INCOME TAX PROVISION/(BENEFIT)					741			(709	)		1,450
NET INCOME				$	1,582		$	(1,513	)	$	3,095
BASIC AND DILUTED EARNINGS PER COMMON SHARE				$	0.64		$	(0.61	)	$	1.25
WEIGHTED AVERAGE SHARES OUTSTANDING					2,468,472			2,468,472			2,468,472

See notes to unaudited pro forma financial statements.

BALTEK CORPORATION AND SUBSIDIARIES

UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2002
(Dollars in Thousands, except per share data)

			Historical as Reported			Adjustments (b)			Pro Forma
ASSETS
Current Assets:
	Cash and cash equivalents		$	1,932		$	250		$	2,182
	Accounts receivable, net			8,021			0			8,021
	Inventories			19,741			0			19,741
	Prepaid expenses			275			0			275
	Other			2,725			0			2,725
	Assets of discontinued operations offered for sale			2,010			(2,010	)		0
	Total current assets			34,704			(1,760	)		32,944
Property, plant and equipment, net				5,843			0			5,843
Timber and timberlands				10,537			0			10,537
Other assets				922			0			922
	Total Assets		$	52,006		$	(1,760	)	$	50,246
LIABILITIES
Current Liabilities:
	Notes payable		$	8,800		$	0		$	8,800
	Accounts payable			2,375			0			2,375
	Income tax payable			438			0			438
	Accrued salaries, wages and bonuses payable			861			0			861
	Accrued expenses and other liabilities			2,499			0			2,499
	Current portion of long term debt			304			0			304
	Liabilities of discontinued operations offered for sale			84			(84	)		0
	Total current liabilities			15,361			(84	)		15,277
Long-term debt				1,056			0			1,056
Union employee termination benefits				255			0			255
	Total Liabilities			16,672			(84	)		16,588
STOCKHOLDERS' EQUITY
Preferred stock, $1.00 par; 5,000,000 shares authorized and unissued				—			—			—
Common stock, $1.00 par; 10,000,000 shares authorized, 2,523,261 issued				2,523			0			2,523
Additional paid-in capital				2,157			0			2,157
Retained earnings				31,728			(1,676	)		30,052
Accumulated other comprehensive loss				(99	)		0			(99	)
Treasury stock, at cost: 132,878 shares at September 30, 2002				(975	)		0			(975	)
	Total Stockholders' Equity			35,334			(1,676	)		33,658
	Total Liabilities and Stockholders' Equity		$	52,006		$	(1,760	)	$	50,246

See notes to unaudited pro forma financial statements.

Notes to Unaudited Pro Forma Financial Statements

1)

The unaudited pro forma financial statements reflect the following:

(a) These adjustments eliminate the financial results of the shrimp business for the year ended December 31, 2001 in order to reflect the results of continuing operations of the Company.

(b) These adjustments reflect the application of $250,000 in cash received by the Company from the purchasers, as well as the estimated loss upon disposal of the assets and changes in net assets through the date of sale.

2)

The estimated loss was calculated assuming the proceeds received to date are the only cash proceeds received by the Company. As described in Item 2, the purchaser has the option of paying an additional $750,000 in cash by March 14, 2003 or paying $1,150,000 in four equal semi-annual installments. If the purchaser makes any additional cash payments, the loss would be reduced by the amount of the payment.