St. Louis—(Business Wire)—May 11, 2004—Siboney Corporation (OTC BB: SBON) announced today results of operations for the first quarter ended March 31, 2004.
Revenues for the first quarter were $2.7 million an increase of $ 1.1 million or 74% compared to $ 1.5 million in the first quarter of 2003. Net income for the quarter was $222,000 ($0.01 per share) after income tax expense of $144,000 compared to a loss of $242,000 (($0.01) per share) after income tax benefit of $150,000 reported for the first quarter of 2003.
Bodie Marx, President, commented: “We received our two largest school district orders ever for Orchard for Your State during the first quarter. These orders confirm our belief that Orchard is the right product at the right time, as schools face increasing demands to demonstrate Adequate Yearly Progress as mandated by the No Child Left Behind Act. At the same time, our other product lines enjoyed some improvement in sales which probably speaks to improved school funding. We are obviously off to a great start this year.”
Tim Tegeler, Chairman and CEO, added: “In our 2003 Annual Report, we described strategies that we implemented to increase order size and build infrastructure to pursue mid—to larger sized school districts. Those strategies appear to have contributed to our success thus far in 2004. We salute our team for their dedication to better serve the educational community.”
| Three Months Ended March 31 | ||
|---|---|---|
| 2004 | 2003 | |
| Revenues | $2,656,853 | $1,529,428 |
| Cost of Product Sales | $536,239 | $378,134 |
| Selling, General & Administrative Expenses | $1,754,306 | $1,535,978 |
| Income (Loss) from Operations | $366,308 | ($384,684) |
| Income Tax (Expense) Benefit | ($144,290) | $150,000 |
| Net Income (Loss) | $222,200 | ($241,986) |
| Earnings (Loss) per Common Share—Basic | $0.01 | ($0.01) |
| Earnings (Loss) per Common Share—Diluted | $0.01 | ($0.01) |
| Weighted Average Number of Common Shares Outstanding—Basic | 17,591,461 | 16,890,037 |
| Weighted Average Number of Common Shares Outstanding—Diluted | 17,706,704 | 17,225,519 |
| Total Assets | $6,464,179 | $5,319,452 |
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.