St. Louis, MO—Siboney Corporation (OTC BB:SBON) announced today strong improvements in their results of operations for the first quarter ended March 31, 2001.
Revenues for the first quarter ended March 31, 2001 were $2,001,300 compared to $1,007,127 for the same period last year, representing an increase of 98.7%. Net income for the period rose 175% to $476,698 from $173,287.
The growth in revenues was led by continued growth in the Siboney Learning Group that set a record for sales in a quarter. Sales of Orchard Teacher’s Choice Software, the company’s flagship educational software product, increased 179% during the quarter. The company’s two recently acquired companies, Teacher Support Software and Educational Activities Software, are also off to a good start and accounted for approximately 15% of total company sales.
The growth in net income resulted from higher sales volume and gross margins of over 85% as the Company continues to sell a higher percentage of higher margin licenses to its school customers.
Bodie Marx, President of Siboney Learning Group, remarked, “Our first quarter results are simply outstanding on all fronts. Our multi-tiered sales channel strategy, which allows us to sell our segmented product lines at all price points to teachers, educational specialists, school buildings and school districts, is really working well. Educators’ response to Orchard, our managed comprehensive software solution with assessment, continues to amaze us as over 50% of our Orchard sales are from very satisfied Orchard customers. Plus, our two recent acquisitions are performing beyond our expectations. As we enter our peak selling months, we continue to outperform the educational software industry.”
Three Months Ended |
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|---|---|---|---|
| 2001 | 2000 | % Change | |
| Revenues | $2,001,300 | $1,007,127 | 98.7% |
| Cost of Product Sales | 298,311 | 132,969 | 124.4% |
| Selling, General, & Admin. Expenses | 1,204,921 | 701,696 | 71.7% |
| Income from Operations | 498,068 | 172,462 | 188.8% |
| Net Income | 476,698 | 173,287 | 175% |
| Weighted Average Shares Outstanding | 16,665,011 | 16,529,844 | 0.8% |
| Income per Common Share | $0.03 | $0.01 | 200% |
| Total Assets | $4,567,437 | $1,661,729 | 174.9% |
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.