St. Louis, MO—Siboney Corporation (OTCBB:SBON—news) has filed its annual 10K with the Securities and Exchange Commission and released its audited results for the year ended December 31, 2000.
Revenues for 2000 increased 63% to $5,401,070, compared to $3,309,021 for 1999.
Net Income for 2000 increased 142% to $1,317,530 compared to $543,783 for 1999.
Basic Income per Common Share for the year ended December 31, 2000 was $.08 per share as compared to $.03 per share for 1999.
Tim Tegeler, Chairman of Siboney Corporation, commented: “The substantial improvement in our operating results are a testimonial to our staff and their superb efforts, to our products and their acceptance in the educational community, and to the awareness in the United States that we must improve the quality of education of our children.”
The Company’s performance was achieved as a result of the operations of its Siboney Learning Group subsidiary, which publishes and distributes educational software.
Tegeler added: “The success we achieved in 1999 and 2000 was primarily generated internally by improving existing software titles, adding new titles, and implementing very effective marketing strategies. As a result of this success, we had the opportunity to enhance our growth on growth goals by recently acquiring two very well known and respected product lines, Teacher Support Software and Educational Activities Software. We look forward to their contribution to our continued successes in the coming years.”
Bodie Marx, President of Siboney Learning Group, remarked: “These outstanding operating results were a total team effort led by another great year for our Orchard Teacher’s Choice Software product line. Our entire team and our many valuable partners remain excited about our growth in market share and the potential that lies ahead as we continue to publish and sell aggressively our educational software products.”
| For the Year Ended December 31 |
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|---|---|---|---|
| 2000 | 1999 | % Change | |
| Revenues | $5,401,070 | $3,309,021 | 63% |
| Cost of Product Sales | 895,580 | 476,237 | 88% |
| Selling, General, & Admin. Expenses | 3,391,160 | 2,517,597 | 35% |
| Income from Operations | 1,114,330 | 315,187 | 253% |
| Other Income | 14,200 | 92,596 | -84% |
| Credit for Income Tax | 189,000 | 136,000 | 39% |
| Net Income | 1,317,530 | 543,783 | 142% |
| Income per Common Share | $0.08 | $0.03 | 166% |
| Weighted Average Shares Outstanding | 16,658,344 | 16,529,844 | 1% |
| Total Assets | $3,427,112 | $1,601,114 | 114% |
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.