St. Louis, MO—Siboney Corporation (OTC BB) announced today results of operations for the third quarter and nine month period ended September 30, 2001.
For the nine months ended September 30, 2001, the Company reported that revenues were $6,370,795, an increase of $2,078,386 or 48.4% compared to $4,292,409 reported for the first nine months of 2000. Net income for the nine-month period was $1,286,721, a decrease of $29,257 or 2.2% from net income for the first nine months of 2000.
Revenues for the third quarter ended September 30, 2001 were $1,951,063, an increase of $458,943 or 30.8%, compared to $1,492,120 in the third quarter of 2000. Net income for the quarter was $19,035 compared to $280,231 reported for the third quarter of 2000.
Bodie Marx, President, commented: “After a very strong start to the quarter, our sales slowed down a bit in September due to the American economy and its impact on school funding. We believe that our current products provide a great value for schools and that our soon-to-be released new titles and series will offer schools an even more comprehensive and cost-effective product offering.”
Tim Tegeler, Chairman and CEO, added: “Our third quarter, much like our second quarter, reflects our strategic efforts to build a premier educational software development company. Our revenue growth has continued while we absorb the cost, both in terms of financing and operations, of the three acquisitions we have made in the last 18 months. We are very proud of the team we have assembled which has enabled us to achieve these results.”
| Nine Months Ended September 30 | |||
|---|---|---|---|
| 2001 | 2000 | % Change | |
| Revenues | $6,370,795 | $4,292,409 | 48.4% |
| Cost of Product Sales | 1,044,799 | 603,059 | 73.3% |
| Selling, General, & Admin. Expenses | 3,974,002 | 2,376,929 | 67.2% |
| Income from Operations | 1,351,994 | 1,312,421 | 3.0% |
| Net Income | 1,286,721 | 1,315,978 | -2.2% |
| Weighted Average Shares Outstanding | 16,683,274 | 16,534,633 | 0.8% |
| Income per Common Share | $0.08 | $0.08 | 0.0% |
| Total Assets | $5,514,827 | $3,299,612 | 67.1% |
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.