St. Louis, MO—Siboney Corporation (OTC: SBON—news) has filed today its 10Q report with the Securities and Exchange Commission and released its results for the first quarter ended March 31, 2000.
Revenues increased 19.5% to $1,007,127, compared to $842,854 for the first quarter of 1999.
Net income was $173,287 versus $72,472 for the first quarter last year.
These increases were due to the improved performance at the companys Siboney Learning Group subsidiary, which publishes and distributes educational software.
Siboney Learning Group products include the GAMCO educational software line and its Orchard: Teacher Choice Software line. GAMCO offers motivational single title and series which help students with skills stressed in textbooks and on standardized tests, while the Orchard products offer schools a more comprehensive solution with universal management and strong correlations to state and national tests.
GAMCO sales increased by 9.4% year to year and Orchard sales increased 49.5%.
| For the Quarter Ended March 31 | ||
|---|---|---|
| 2000 | 1999 | |
| Revenues | $ 1,007,127 | 842,854 |
| Cost of Product Sales | $ 132,969 | 149,117 |
| Selling, General, & Admin. Expenses | $ 701,696 | 615,327 |
| Income (loss) from Operations | $ 172,462 | 78,410 |
| Other Income (Expenses) | $ 825 | (5,938) |
| Net Income (loss) | $ 173,287 | 72,472 |
| Weighted Average Shares Outstanding | 16,529,844 | 16,518,344 |
| Income per share | $ 0.011 | $ 0.004 |
Contact:
Siboney Corporation, St. Louis
Bodie Marx, 314/725-6141
Any forward-looking statement is necessarily subject to significant uncertainties and risks. The words “believes”, “anticipates”, “intends”, “expects” and similar expressions are intended to identify forward-looking statements. Actual results could be materially different due to various factors, including the level of education funding provided by federal and state governments, regulatory developments, product development and pricing strategies undertaken by our competitors and our ability to attract and retain key personnel. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.