NEPTUNE, N.J., Oct. 20, 2014 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (OTCBB:STCC), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, is announcing 6-month earnings growth as disclosed in its June 30, 2014 10Q.
- Completed acquisition of RG Sales Inc. in western Pennsylvania on April 1, 2014. This is the Company's second acquisition since going public in February 2013.
- Revenues of $3.623 million are up $482K, or 15.4%, for the 6-months ended June 30, 2014 compared to the 6-months ended June 30, 2013.
- Operating income of $249K is up $192K, or 335%, for the 6-months ended June 30, 2014 compared to the 6-months ended June 30, 2013.
- Net income of $128K is up $125K, or 3,576%, for the 6-months ended June 30, 2014 compared to the 6-months ended June 30, 2013.
The revenue growth is primarily attributed to increase in incremental sales from the Company's recent acquisitions of RG Sales Inc. and Superior Sales Inc. in North Carolina.
The operating income and net income growth is largely attributed to incremental sales from acquisitions coupled with reduced cost of goods sold due to more efficient purchasing.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "The first six months of 2014 has shown increased demand for 0-rings and we are beginning to see the results from our acquisitions reflected in our revenues and earnings. After becoming a public company our goal was to consolidate the highly fragmented o-ring distributor market and we continue to actively seek out attractive acquisition targets in the marketplace to meet this goal."
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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.
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||For the Six Months Ended|
|June 30,||June 30,|
|O-rings and rubber product sales||$ 1,839,616||$ 1,448,750||$ 3,552,450||$ 3,076,636|
|Total revenues||1,884,511||$ 1,490,789||3,623,660||$ 3,140,889|
|Cost of sales|
|Cost of goods||1,197,065||1,014,482||2,275,045||2,114,304|
|Cost of services||53,054||36,419||109,380||96,902|
|Total cost of sales||1,250,119||1,050,901||2,384,425||2,211,206|
|Sales and marketing||48,229||46,356||99,764||94,977|
|General and administrative||501,067||519,213||890,087||777,477|
|Total operating expenses||549,296||565,569||989,851||872,454|
|Operating income (loss)||85,096||(125,681)||249,384||57,229|
|Other income and expense|
|Other income (expense)||118||(11,625)||13,901||(9,277)|
|Total other expense||(32,202)||(44,479)||(53,386)||(71,511)|
|Income (loss) before provision for income taxes||52,894||(170,160)||195,998||(14,282)|
|Provision for income taxes||11,157||(62,709)||68,399||(17,753)|
|Net income (loss)||41,737||(107,451)||127,599||3,471|
|Other comprehensive income|
|Unrealized gain/(loss) on interest rate swap contract||--||4,622||--||(12,984)|
|Comprehensive income||$ 41,737||$ (102,829)||$ 127,599||$ (9,513)|
|Net income 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||39,618,062||37,097,521||38,811,631||37,074,040|
CONTACT: Investor Contact: Scott R. Chichester 646-388-2495 firstname.lastname@example.orgSource:Sterling Consolidated Corporation