ST. LOUIS—August 1, 2001—Siboney Corporation (OTCBB:SBON) announced today results of operations for the second quarter and six month period ended June 30, 2001.
For the six months ended June 30, 2001, the Company reported that revenues were $4,419,732, an increase of $1,619,443 or 57.8% compared to $2,800,289 reported for the first six months of 2000. Net Income for the six-month period was $1,267,686, an increase of $231,939 or 22.4% over net income for the first six months of 2000.
Revenues for the second quarter ended June 30, 2001 were $2,418,432, an increase of $625,270 or 34.9%, compared to $1,793,162 in the second quarter of 2000. Net Income for the quarter was $790,988 compared to $862,460 reported for the second quarter of 2000.
Bodie Marx, President, commented: "We just completed our best quarter of sales ever and enjoyed our first million dollar plus month of net sales in June. Orchard sales continue to lead the way with strong performances by several key dealers, our direct sales reps and our special sales distributor. Educational Activities has already made substantial contributions to our top line and bottom line success. We continue to work very hard and well to upgrade and launch our recently acquired Journey product line and to upgrade several series acquired through our Teacher Support Software acquisition. The entire Siboney Learning Group team remains very proud of what we have accomplished during the past few years and is eager to build upon those accomplishments in the future."
Tim Tegeler, Chairman and CEO, added: “During the first six months of this year and particularly in the second quarter, we continued our commendable growth in revenues while absorbing costs associated with building for the future. We believe the acquisitions we made in the first six months of the year will assure and greatly enhance growth in the future. We are confident that the money we have invested in new products as well as existing product upgrades is well spent.”
| Six Months Ended June 30 | Three Months Ended June 30 | |||
|---|---|---|---|---|
| 2001 | 2000 | 2001 | 2000 | |
| Revenues | $ 4,419,732 | 2,800,289 | 2,418,432 | 1,793,162 |
| Cost of Product Sales | $ 610,682 | 347,844 | 312,371 | 214,875 |
| Selling, General, & Admin. Expenses | $ 2,491,907 | 1,419,482 | 1,286,986 | 717,786 |
| Income from Operations | $ 1,317,143 | 1,032,963 | 819,075 | 860,501 |
| Net Income | $ 1,267,686 | 1,035,747 | 790,988 | 862,460 |
| Weighted Average Shares Outstanding | 16,670,850 | 16,530,144 | 16,676,514 | 16,530,444 |
| Income per share | $ .08 | $ .06 | $ .05 | $ .05 |
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.