St. Louis—(Business Wire)—November 15 , 2004—Siboney Corporation (OTC BB: SBON) announced today results of operations for the third quarter and nine-month period ended September 30, 2004.
Revenues for the third quarter ended September 30, 2004 were $1,930,092, an increase of $381,539 or 25% compared to $1,548,553 in the third quarter of 2003. Net loss for the quarter was $664,677 compared to a net loss of $274,604 reported for the third quarter of 2003.
For the nine months ended September 30, 2003, the Company reported that revenues were $8,235,729, an increase of $1,821,819 or 28% compared to $6,413,910 reported for the first nine months of 2003. Net income for the nine-month period was $463,781, an increase of $187,344 or 68% from net income of $276,437 reported for the first nine months of 2003.
Results for the recently completed three-and nine-month periods included an expense of $615,000 related to an agreement in principle reached by the Company to settle previously reported litigation. The Company decided to settle the litigation to avoid the expense, uncertainty and management distraction of continued proceedings.
| Three Months Ended September 30 | Nine Months Ended September 30 | |||
|---|---|---|---|---|
| 2004 | 2003 | 2004 | 2003 | |
| Revenues | $1,930,092 | $1,548,553 | $8,235,729 | $6,413,910 |
| Cost of Product Sales | $429,001 | $461,819 | $1,654,717 | $1,469,785 |
| Selling, General & Administrative Expenses | $2,003,819 | $1,533,845 | $5,460,332 | $4,476,625 |
| Litigation Settlement Expense | $615,000 | ------------ | $615,000 | ------------ |
| Income (Loss) from Operations | ($1,117,728) | ($447,111) | $505,680 | $467,500 |
| Income Tax Benefit (Expense) | $444,193 | $172,000 | ($271,234) | ($178,000) |
| Net Income (Loss) | ($664,677) | ($274,604) | $463,781 | $276,437 |
| Earnings (Loss) per Common Share—Basic | ($0.04) | ($0.02) | $0.02 | $0.02 |
| Earnings (Loss) per Common Share—Diluted | ($0.04) | ($0.02) | $0.02 | $0.02 |
| Weighted Average Number of Common Shares Outstanding—Basic | 17,560,908 | 17,591,080 | 17,582,348 | 17,259,902 |
| Weighted Average Number of Common Shares Outstanding—Diluted | 18,108,073 | 18,076,311 | 18,008,820 | 17,827,817 |
| Total Assets | $7,002,993 | $5,942,976 | $7,002,993 | $5,942,976 |
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.