ST. LOUIS—(BUSINESS WIRE)—Feb. 23, 2000—Siboney Corporation (OTC BB:SBON—news) today announced a 37.5% increase in revenues for 1999, with revenues growing to $3,309,021 versus $2,406,759 in 1998.
In addition, preliminary results indicate that net income is anticipated to be $500,000 or more for 1999 versus a loss of $124,749 in1998. The Company’s audited results and 10K report will be released prior to March 31, 2000.
The Company’s Siboney Learning Group (SLG) subsidiary led the way with a 38.6% sales increase in its sales of educational software to schools. SLG enjoyed sales of $3,277,085 for the year ending December 31, 1999 versus $2,364,013 for the year ended December 31, 1998.
Siboney Learning Group sells educational software to schools through its GAMCO Educational Software product line and its Orchard: Teacher’s Choice Software product line. GAMCO offers highly motivational single titles and series which help students master skills stressed in textbooks and on standardized tests. Orchard offers schools a more comprehensive solution with universal management and strong correlations to state and national tests.
Sales of Orchard titles increased by 103%, the third straight year that sales of Orchard have more than doubled. Sales of Gamco titles increased by 19.5% as the Company benefited from an increased number of Windows/Macintosh CD-ROM titles which are compatible with most computers used in schools today.
Tim Tegeler, Chairman of Siboney Corporation, stated: “We could not be more pleased by our results in 1999. After investing a considerable amount of money in new product and the development of our multiple sales channels, we have achieved our very ambitious goals.”
Bodie Marx, President of Siboney Learning Group, added: “SLG broke our annual sales record on August 20th and never stopped. Both our product lines are enjoying great sales growth and success in the classroom as they help students master skills. I am very proud of our entire team as everyone has contributed to our sales growth.”
Contact:
Siboney Corporation, St. Louis
Tim Tegeler, 314/725-6141
http://www.siboney.com/
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.