St. Louis, MO—Siboney Corporation (OTC BB:SBON—news) has filed today its annual 10K report with the Securities and Exchange Commission and released its audited results for the year ended December 31, 1999.
Revenues for 1999 increased 37.5% to $3,309,021, compared to $2,406,759 for 1998.
Net income for the 12 months ending December 31, 1999 was $543,783 versus a loss of $124,749 for 1998.
These increases were due to the improved performance at the company’s Siboney Learning Group subsidiary, which publishes and distributes educational software.
Siboney Learning Group products include the GAMCO educational software line and its Orchard: Teacher Choice Software line. GAMCO offers motivational single title and series which help students with skills stressed in textbooks and on standardized tests, while the Orchard products offer schools a more comprehensive solution with universal management and strong correlations to state and national tests.
GAMCO sales increased by 19.5% year to year and Orchard sales increased 103%, marking the third consecutive year that sales have more than doubled.
In 1999, the Company completed the relocation of all operations to St. Louis, Missouri.
| For the Year Ended December 31 | ||
|---|---|---|
| 1999 | 1998 | |
| Revenues | $3,309,021 | $2,406,759 |
| Cost of Product Sales | 476,237 | 349,052 |
| Selling, General, & Admin. Expenses | 2,517,597 | 2,186,929 |
| Income from Operations | 315,187 | (129,222) |
| Other Income (Expenses) | 92,596 | 4,473 |
| Net Income before credit for Income Tax | 407,783 | (124,749) |
| Credit for Income Tax | 136,000 | 0 |
| Net Income (Loss) | 543,783 | (124,749) |
| Income (Loss) per Common Share | $0.032 | ($0.008) |
| Weighted Average Shares Outstanding | 16,529,844 | 16,518,344 |
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.