St. Louis—(Business Wire)—May 17, 2005—Siboney Corporation (OTC BB: SBON) announced today results of operations for the first quarter ended March 31, 2005.
Revenues for the first quarter were $1,773,875 a decrease of $883,000 compared to $2,656,853 million in the first quarter of 2004. Net loss for the quarter was $361,303 ($0.02 per share) after income tax benefit of $502,000 compared to net income of $222,200 ($0.01 per share) after income tax expense of $144,290 reported for the first quarter of 2004.
Tim Tegeler, Chairman and CEO, commented: “The decrease in revenues for the first quarter was primarily due to two large district-wide orders which were sold in the first quarter of 2004 and accounted for approximately $750,000 in revenue in that quarter. During the second quarter of 2005, we released the Orchard Gold Star 4.0 product and believe that some customers may have postponed their orders in anticipation of acquiring this enhanced version of Orchard.”
| Three Months Ended March 31 | ||
|---|---|---|
| 2005 | 2004 | |
| Revenues | $1,773,875 | $2,656,853 |
| Cost of Product Sales | $443,153 | $536,239 |
| Selling, General & Administrative Expenses | $2,192,322 | $1,754,306 |
| Income (Loss) from Operations | ($861,600) | $366,308 |
| Income Tax (Expense) Benefit | $502,000 | ($144,290) |
| Net Income (Loss) | ($361,303) | $222,200 |
| Earnings (Loss) per Common Share—Basic | ($0.02) | $0.01 |
| Earnings (Loss) per Common Share—Diluted | ($0.02) | $0.01 |
| Weighted Average Number of Common Shares Outstanding—Basic | 17,357,266 | 17,591,461 |
| Weighted Average Number of Common Shares Outstanding—Diluted | 17,820,076 | 17,706,704 |
| Total Assets | $6,216,772 | $6,464,179 |
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.