St. Louis, MO—Siboney Corporation (OTC BB:SBON—news) announced today continued improvements in their results of operations for the third quarter and nine month period ended September 30, 2000.
Revenues for the third quarter ended September 30, 2000 were $1,492,120 compared to $729,149 for the same period last year, representing an increase of 105%. Net income for the period rose 158% to $280,231 from $108,648.
For the nine month period, revenues were $4,292,409 versus $2,647,766, an increase of 62%. Net income for the nine months was $1,315,978 as compared to $508,785, which represented an increase of 159% over the same period last year.
Bodie Marx, President of Siboney Learning Group, remarked, “Orchard Teacher’s Choice Software continues to be our main engine for rapid sales growth. The addition of assessment options and new content makes Orchard a very attractive product for schools looking for more comprehensive and effective instructional solutions. In addition, our GAMCO and Teacher Support Software product lines continue to perform as expected.”
Tim Tegeler, Chairman and CEO of Siboney Corporation added: “Once again, we have achieved very commendable levels of increased sales and profitability. We are pleased by the acceptance of our products in schools throughout the United States and are extremely gratified by the repeat business that has resulted following initial sales. This speaks well to both our products and service. Management is pleased to report these successes to our many stockholders and interested parties.”
| Nine Months Ended September 30 | Three Months Ended September 30 | |||
|---|---|---|---|---|
| 2000 | 1999 | 2000 | 1999 | |
| Revenues | $ 4,292,409 | 2,647,766 | 1,492,120 | 729,149 |
| Cost of Product Sales | $ 603,059 | 401,287 | 255,215 | 111,345 |
| Selling, General, & Admin. Expenses | $ 2,376,929 | 1,775,524 | 957,447 | 586,822 |
| Income from Operations | $ 1,312,421 | 470,955 | 279,458 | 30,982 |
| Other Income (Expenses) | $ 3,557 | 37,830 | 773 | 77,666 |
| Net Income | $ 1,315,978 | 508,785 | 280,231 | 108,648 |
| Weighted Average Shares Outstanding | 16,534,633 | 16,525,344 | 16,534,633 | 16,525,344 |
| Income per share | $.08 | $.031 | $.02 | $ .007 |
Contact:
Siboney Corporation, St. Louis
Bodie Marx, 314/909-1670 x110
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.