St. Louis—(Business Wire)—November 12, 2003—Siboney Corporation (OTC BB: SBON) announced today results of operations for the third quarter and nine-month period ended September 30, 2003.
Revenues for the third quarter ended September 30, 2003 were $1,548,553, a decrease of $367,088 or 19% compared to $1,915,641 in the third quarter of 2002. Net loss for the quarter was $274,604 compared to net income of $72,688 reported for the third quarter of 2002, representing a decrease of $347,292.
For the nine months ended September 30, 2003, the Company reported that revenues were $6,413,910, a decrease of $443,552 or 6.5% compared to $6,857,462 reported for the first nine months of 2002. Net income for the nine-month period was $276,437, a decrease of $332,390 or 55% from net income of $608,827 reported for the first nine months of 2002.
Bodie Marx, President, commented: “The well-documented
slowdown in school funding certainly had an impact on our business.
We continue to invest in our product development, sales and marketing
programs because we believe that our Orchard for Your State comprehensive
educational software product for schools is a very competitive
solution for schools facing the current and imminent demands for
accountability set forth in the No Child Left Behind Act.”
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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.