ST. LOUIS—(BUSINESS WIRE)—Nov. 18, 1998—Siboney Corp. (OTC BB:SBON—news) today announced increased revenues and net income for the third quarter and nine months ended Sept. 30, 1998.
Revenues of $596,408 for the quarter represented a 44% increase over revenues of $412,258 for the comparable quarter in 1997. A net loss of $16,576 was reported for the third quarter of 1998, compared to a net loss of $192,488 reported for the third quarter of 1997.
For the nine months ended Sept. 30, 1998, the company reported revenues of $1,918,734 compared to $1,561,480, representing a 22.8% increase. Net income for the nine months was $48,378 compared to a net loss of $349,971 for the same period of 1997.
Tim Tegeler, chairman of Siboney Corp., said: “The Siboney Learning Group continues to perform better than our aggressive plan for 1998. The fact that 77% of our sales during the third quarter resulted from products introduced in the last 15 months certainly bodes well for our future.”
Bodie Marx, president of Siboney Learning Group, said: “Both our Orchard and GAMCO dealer networks are producing sales higher than we projected. These dealers know that they can trust us to publish products that really work for schools trying to improve test scores. In its first full year, Orchard Teacher’s Choice Software has really taken off and is recognized as a very intelligent solution for schools looking for comprehensive educational software that will motivate students to master key skills.”
Siboney Learning Group publishes instructional software for grades K-12 in reading, language arts and mathematics through GAMCO and Orchard Teacher’s Choice Software. The division’s software products are sold to schools through independent dealers, catalogs and its own sales force. All of its software learning products are designed to help teachers teach important skills and concepts that students struggle with in the classroom and which are stressed on standardized tests.
Siboney Corp.’s subsidiaries also own interests in certain natural resource properties, which did not contribute substantially to operating results for the period.
Please refer to the company’s website, www.siboney.com, or call for the full text of the 10Q for the third quarter and nine months ended Sept. 30, 1998.
| Nine Months Ended Sept 30 | Three Months Ended Sept 30 | |||
|---|---|---|---|---|
| 1998 | 1997 | 1998 | 1997 | |
| Revenues | $1,918,734 | 1,561,480 | 596,408 | 412,258 |
| Net income (loss) | $48,378 | (349,971) | (16,576) | (192,488) |
| Averave shares outstanding | 16,518,344 | 16,168,756 | 16,518,344 | 16,168,756 |
| Income (loss) per share | $ .003 | $ (.022) | $ (.001) | $ (.012) |
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.