NEPTUNE, N.J., Nov. 20, 2018 /PRNewswire/ -- Sterling Consolidated Corp. (OTCQB: STCC), a supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, reported its results for the 3 months ended September 30, 2018.
Key Highlights for the 3 and 9 months ended:
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "The results of operations indicate a very strong quarter for the Company. We continue to work on our dual strategy of growing through acquisition and endeavoring to introduce Blockchain technology to the o-ring industry with our concept of the DiMO marketplace."
To be added to the Sterling Consolidated investor email list, please email Scott Chichester at [email protected]
About Sterling Consolidated Corp.
Currently serving more than 3,000 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 48 years. They have recently developed their own cryptocurrency, "DiMO" which the Company expects will be distributed in 2019 via a property dividend.
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.
*Note: Adjusted EBITDA is calculated by taking net income and adding back interest, taxes, depreciation, amortization, equity-based compensation, and other non-cash or one-time adjustments.
STERLING CONSOLIDATED CORP AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(UNAUDITED) |
||||||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||||||
Revenues |
||||||||||||||||
O-rings and rubber product sales |
$ |
1,678,243 |
1,537,617 |
$ |
4,913,040 |
4,794,900 |
||||||||||
Freight services |
35,483 |
49,332 |
119,505 |
145,095 |
||||||||||||
Total revenues |
1,713,726 |
$ |
1,586,949 |
5,032,545 |
$ |
4,939,995 |
||||||||||
Cost of sales |
||||||||||||||||
Cost of goods |
1,143,139 |
1,147,433 |
3,518,303 |
3,423,166 |
||||||||||||
Cost of services |
58,840 |
69,300 |
169,831 |
198,940 |
||||||||||||
Total cost of sales |
1,201,979 |
1,216,733 |
3,688,134 |
3,622,106 |
||||||||||||
Gross profit |
511,747 |
370,216 |
1,344,411 |
1,317,889 |
||||||||||||
Operating expenses |
||||||||||||||||
Sales and marketing |
81,898 |
59,312 |
232,535 |
168,126 |
||||||||||||
General and administrative |
343,424 |
368,147 |
1,007,286 |
1,026,566 |
||||||||||||
Research and development |
- |
- |
112,500 |
- |
||||||||||||
Total operating expenses |
425,322 |
427,459 |
1,352,321 |
1,194,692 |
||||||||||||
Operating income (loss) |
86,425 |
(57,243) |
(7,910) |
123,197 |
||||||||||||
Other income (expense) |
||||||||||||||||
Other income (expense) |
(5,553) |
102,252 |
(1,037) |
116,746 |
||||||||||||
Loss on sale of vehicle |
- |
- |
- |
(2,502) |
||||||||||||
Gain on interest rate swap |
(460) |
2,116 |
2,349 |
9,545 |
||||||||||||
Loss on disposal of software |
- |
- |
(20,498) |
- |
||||||||||||
Interest expense |
(33,376) |
(40,181) |
(98,514) |
(115,437) |
||||||||||||
Total other income (expense) |
(39,389) |
64,187 |
(117,700) |
8,352 |
||||||||||||
Income (loss) before provision for income |
47,036 |
6,944 |
(125,610) |
131,549 |
||||||||||||
Provision (benefit) for income taxes |
14,111 |
(76,217) |
(37,683) |
(26,113) |
||||||||||||
Net income (loss) |
$ |
32,925 |
$ |
83,161 |
$ |
(87,927) |
$ |
157,662 |
||||||||
Net income (loss) per share of common |
||||||||||||||||
Basic |
$ |
0.00 |
$ |
0.00 |
$ |
(0.00) |
$ |
0.00 |
||||||||
Fully diluted |
$ |
0.00 |
$ |
0.00 |
$ |
(0.00) |
$ |
0.00 |
||||||||
Weighted average number of shares |
||||||||||||||||
Basic |
41,465,540 |
40,715,540 |
41,308,947 |
40,715,540 |
||||||||||||
Fully diluted |
52,265,540 |
40,715,540 |
41,308,947 |
40,715,540 |
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SOURCE Sterling Consolidated Corp.
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