St. Louis, MO—Siboney Corporation (OTC BB:SBON) today announced a 62% increase in revenues for the first quarter. The Company reported revenues of $842,782 for the period ending March 31, 1999 versus $521,682 for the period ended March 31, 1998.
The Company’s Siboney Learning Group division set a quarterly record for sales of educational software to schools.
All of Siboney Learning Group’s sales channels were up for the quarter, including its GAMCO dealer sales, Orchard Teacher’s Choice Software dealer sales and its direct sales of educational software to schools. This represents Siboney Learning Group’s sixth consecutive quarter in which sales increased when compared to the same quarter in the previous year.
Bodie Marx, President of Siboney Learning Group, stated: “We are more than pleased with these sales results. Since the first quarter is not traditionally the strongest quarter for school sales, setting a record in the first quarter is especially meaningful. Our recent investments in new product development, product licensing and expanded distribution are really starting to pay off and accounted for 90% of our sales this past quarter.”
Robin Tinker, Director of Sales, added: “Almost all of our top GAMCO educational software dealers are up over last year and they are doing a great job of selling our new titles. In addition, Orchard dealers continue to increase their sales by selling more of our integrated learning system to our initial Orchard customers, as well as to new prospects.”
Siboney Learning Group sells to schools educational software that helps students master key skills and concepts stressed in textbooks and on standardized tests.
Contact:
Siboney Corporation, St. Louis
Tim Tegeler, 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.