St. Louis—(Business Wire)—July 31, 2003—Siboney Corporation (OTC BB: SBON) announced today results of operations for the second quarter and six-month period ended June 30, 2003.
Revenues for the second quarter ended June 30, 2003 were $3,335,929, an increase of $262,338 or 8.5% compared to $3,073,591 in the second quarter of 2002. Net income for the quarter was $793,027 compared to $491,079 reported for the second quarter of 2002, representing an increase of $301,948 or 61%.
For the six months ended June 30, 2003, the Company reported that revenues were $4,865,357, a decrease of $76,464 or 1.6% compared to $4,941,821 reported for the first six months of 2002. Net income for the six-month period was $551,041, an increase of $14,901 or 2.8% from net income of $536,140 reported for the first six months of 2002.
Bodie Marx, President, commented: “We just completed a very
strong quarter in what continues to be a difficult school funding
environment. Our Orchard for Your State product line led the way
and accounted for almost 70% of our total sales during the second
quarter. Its state-specific assessment followed by research-based
and targeted instruction for students in grades K-12 continues to
respond to the tough federal mandates for accountability and student
performance in the No Child Left Behind Act. We believe that Orchard
for Your State is the right product at the right price at the right
time”.
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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.