St. Louis - (Business Wire) – May 9, 2008 - Siboney Corporation (OTC BB: SBON) announced today its results of operations for the three months ended March 31, 2008.
Revenues for the three months ended March 31, 2008 were $1,238,243 a 4% increase from the $1,187,083 reported during the same period in 2007. Loss from operations for the three months ended March 31, 2008 was $311,394 compared to a loss from operations of $333,669 for the three months ended March 31, 2007.
The Company reported a net loss for the three months ended March 31, 2008 of $349,098 (or $0.02 per basic and diluted share) compared to a net loss of $249,629 (or $0.01 per basic and diluted share) after an income tax benefit of $136,000 for the three months ended March 31, 2007.
| Three Months Ended March 31 | ||
|---|---|---|
| 2008 | 2007 | |
| Revenues | $1,238,243 | $1,187,083 |
| Cost of Product Sales | $421,599 | $427,874 |
| Selling, General & Administrative Expenses | $1,128,038 | $1,092,878 |
| Loss from Operations | $(311,394) | $(333,669) |
| Income Tax Benefit | $- | $136,000 |
| Net Loss | $(349,098) | $(249,629) |
| Loss per Share—Basic and Diluted | $(0.02) | $(0.01) |
| Weighted Average Number of Common Shares Outstanding—Basic and Diluted | 16,920,419 | 16,920,419 |
Contact:
Siboney Corporation, St. Louis
Bill Edwards, 314-822-5615
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 as a result of various uncertainties. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: (1) risks associated with our ability to access capital to finance our business including our ability to meet our obligations under our bank loans; (2) risks related to our customers’ dependence on government funding to purchase our products; (3) risks associated with our ability to compete with well-established and well-funded competitors; (4) risks associated with the constant changes in the technologies used to build and deliver our products; (5) our ability to retain key personnel; (6) our ability to motivate our independent dealer representatives to sell our products; (7) changes in market acceptance and demand for curriculum-based educational software, including the effects of possible changes to NCLB requirements; (8) risks associated with acceptance of statistical studies; (9) risks associated with the launch of our new PracticePlanet™ online test practice product; (10) risks associated with our ability to comply with the requirements of Section 404(a) of the Sarbanes-Oxley Act of 2002; and (11) risks that we may not receive payments from our natural resources interests. 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.