Sterling Consolidated Posts 2019 Revenue Increase of 35% to $9.6 Million and Net Income of $212 Thousand
NEPTUNE, NJ / ACCESSWIRE / November 3, 2020 / Sterling Consolidated Corp. (OTC PINK:STCC), a supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, reported its results for the year ended December 31, 2019.
Key Highlights for the 2019 results were:
- Total revenues were the company's highest ever at
$9.6 million - Revenue growth of
35% from 2018 to 2019 - Net income was
$212 thousand
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "The results of operations indicate that we have successfully integrated our most recent acquisition, F&S Distributors, Inc. We retained the customer list, already satisfied the note to the seller and continue to amplify these results in 2020. While there are significant costs to an acquisition, the company actually significantly improved profitability. We intend to build on that improvement each quarter."
The company continues to focus on cost efficiencies and improving the net income in 2020.
To be added to the Sterling Consolidated investor email list, please email Darren DeRosa at dderosa@sterlingseal.com.
About Sterling Consolidated Corp.
Currently serving more than 3,500 customers, Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply Inc., has been a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for more than 50 years.
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
| For the Years Ended December 31, | ||||||||
| 2019 | 2018 | |||||||
Revenues | ||||||||
O-rings and rubber product sales | $ | 9,407,123 | $ | 6,924,783 | ||||
Freight services | 191,514 | 185,739 | ||||||
Total revenues | 9,598,637 | 7,110,522 | ||||||
Cost of sales | ||||||||
Cost of goods | 7,061,562 | 4,694,207 | ||||||
Cost of services | 302,240 | 260,216 | ||||||
Total cost of sales | 7,363,801 | 4,954,423 | ||||||
Gross profit | 2,234,836 | 2,156,099 | ||||||
Operating expenses | ||||||||
Sales and marketing | 155,250 | 238,357 | ||||||
General and administrative | 1,621,203 | 1,495,767 | ||||||
Research and development | 26,000 | 112,500 | ||||||
Total operating expenses | 1,802,453 | 1,846,624 | ||||||
Operating income | 432,383 | 309,475 | ||||||
Other income (expense) | ||||||||
Other | (22,456 | ) | 4,523 | |||||
Gain/(loss) on interest rate swap | - | 2,176 | ||||||
Loss on disposal of software | - | (20,498 | ) | |||||
Interest expense | (194,291 | ) | (138,341 | ) | ||||
Total other expense | (216,747 | ) | (152,140 | ) | ||||
Income (loss) before provision for income taxes | 215,636 | 157,335 | ||||||
Provision for income taxes | 3,456 | 224,061 | ||||||
Net income (loss) | $ | 212,180 | $ | (66,726 | ) | |||
Net income (loss) per share of common stock: | ||||||||
Basic and diluted | $ | 0.00 | $ | (0.00 | ) | |||
Weighted average number of shares outstanding | ||||||||
Basic and diluted | 46,528,787 | 41,167,047 | ||||||
SOURCE: Sterling Consolidated Corp.
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