Velcro Industries

Investment activities for the first quarter resulted in a loss of $21,578,000, compared to a profit of $5,051,000 for the first quarter of 2008. These results reflect the steep stock market decline during the period, which resulted in the Company recording an additional impairment loss of $20,754,000 on assets in the Company's investment portfolio as of December 31, 2008.

Velcro Industries N.V. ("VINV") (NASDAQ: VELC) , holding company of the Velcro companies and the industry leader in hook and loop fasteners, today announced unaudited results for its first quarter ended December 31, 2008.

Sales for the first quarter of fiscal year 2009 were $60,029,000, which was a decrease of 13% from the first quarter of fiscal year 2008. There was an operating loss for the quarter of $1,083,000, compared to an operating profit of $3,871,000 for the first quarter of 2008. The decreases in sales and profit reflect declines in consumer spending, particularly in the North American automotive sector, and adverse global economic conditions.

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