NEPTUNE, N.J., Nov. 28, 2017 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (OTCBB:STCC), a supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, reported its results for the third quarter ended September 30, 2017.
Key Highlights for the Third Quarter 2017:
- Quarterly revenues increased to $1.587 million, up 14.6% from the third quarter 2016 to the third quarter 2017
- Revenues increased by $517,278, up 11.7% for the 9 months ended September 30, 2017 compared to the 9 months ended September 30, 2016.
- Operating income for the 9 months ended September 30, 2017 was $123,197
- Net Income was $83,161 for the third quarter 2017
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, “The strong third quarter results continue to demonstrate how the industrial sector has recovered from a down 2016. This growth places us in a stable position to execute on the Company’s forthcoming strategic plan for expansion.”
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About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply has been a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for more than 40 years. Through a combination of leveraging its logistical expertise and sophisticated, experienced management, the company intends to be an active and strategic consolidator of small- and mid-sized businesses within the highly-fragmented, multi-billion dollar seal industry. Currently serving more than 3,000 customers, Sterling offers acquisition targets a unique growth opportunity and competitive advantage through logistical expertise, strong regional branding and industry-specific distribution centers.
Forward-looking Statements
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
| STERLING CONSOLIDATED CORP AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Revenues | ||||||||||||||||
| O-rings and rubber product sales | $ | 1,537,617 | $ | 1,366,162 | $ | 4,794,900 | $ | 4,333,853 | ||||||||
| Freight services | 49,332 | 18,086 | 145,095 | 88,864 | ||||||||||||
| Total revenues | 1,586,949 | $ | 1,384,248 | 4,939,995 | $ | 4,422,717 | ||||||||||
| Cost of sales | ||||||||||||||||
| Cost of goods | 1,147,433 | 870,203 | 3,423,166 | 2,988,691 | ||||||||||||
| Cost of services | 69,300 | 50,111 | 198,940 | 148,141 | ||||||||||||
| Total cost of sales | 1,216,733 | 920,314 | 3,622,106 | 3,136,832 | ||||||||||||
| Gross profit | 370,216 | 463,934 | 1,317,889 | 1,285,885 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing | 59,312 | 59,553 | 168,126 | 154,048 | ||||||||||||
| General and administrative | 368,147 | 398,596 | 1,026,566 | 1,139,030 | ||||||||||||
| Total operating expenses | 427,459 | 458,149 | 1,194,692 | 1,293,078 | ||||||||||||
| Operating income (loss) | (57,243 | ) | 5,785 | 123,197 | (7,193 | ) | ||||||||||
| Other income and expense | ||||||||||||||||
| Other income | 102,252 | 2,558 | 116,746 | (1,437 | ) | |||||||||||
| Loss on sale of real estate | - | - | (39,910 | ) | ||||||||||||
| Loss on sale of vehicle | - | (2,502 | ) | |||||||||||||
| Gain (loss) on interest rate swap | 2,116 | 8,156 | 9,545 | (1,826 | ) | |||||||||||
| Interest expense | (40,181 | ) | (39,649 | ) | (115,437 | ) | (111,501 | ) | ||||||||
| Total other income (expense) | 64,187 | (28,935 | ) | 8,352 | (154,674 | ) | ||||||||||
| Income (loss) before provision for income taxes | 6,944 | (23,150 | ) | 131,549 | (161,867 | ) | ||||||||||
| Provision (benefit) for income taxes | (76,217 | ) | (9,262 | ) | (26,113 | ) | (74,747 | ) | ||||||||
| Net income (loss) | $ | 83,161 | $ | (13,888 | ) | $ | 157,662 | $ | (87,120 | ) | ||||||
| Net income (loss) per share of common stock: | ||||||||||||||||
| Basic and diluted | $ | 0.00 | $ | (0.00 | ) | $ | 0.00 | $ | (0.00 | ) | ||||||
| Weighted average number of shares outstanding | ||||||||||||||||
| Basic and diluted | 40,715,540 | 40,715,540 | 40,715,540 | 40,715,540 | ||||||||||||
Investor Contact: Scott Chichester schichester@sterlingconsolidated.com