$STCC ~ news out ~ Sterling Consolidated Announces Third Quarter 2013 Results
NEPTUNE, N.J., Nov. 25, 2013 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (STCC), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, today reported its results for the third quarter ended September 30, 2013.
Key Highlights:
Completed acquisition of Superior Seals and Service in High Point, NC;
Revenues increased to $1.6 million, up 12.1% year over year;
Operating income of $52,021, an increase of $41,037;
Secured $2.45 million senior bank debt to provide access to working capital for future acquisitions and related costs
Revenues for the third quarter of 2013 were $1.6 million, up slightly compared to $1.4 million for the same period in 2012. Gross profit for the third quarter of 2013 was $0.39 million, a 40.0% increase from $0.28 million for the same period in 2012.
The Company's operating income for the third quarter of 2013 was $52,021 compared to operating income of $10,984 in the third quarter of 2012, an increase of $41,037. Net income for the period was $4,723, or $0.0001 per diluted share, compared to net income of $1,046, or $0.00003 per diluted share, in the comparable period in 2012. Net income was affected this quarter by costs associated with Superior Seals acquisition, bank financing and general costs attributed to being public.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "The third quarter was very successful as we increased revenues, controlled costs and secured financing for our future growth. After becoming a public company our goal was to consolidate the highly fragmented O-ring distributor market. We began to execute on this objective with the acquisition of Superior Seals and Service in the third quarter, which was completed earlier than expected. Our acquisition committee has ramped its efforts to expand our addressable targets, and there are a number of regionally strategic and well run companies along the East Coast that we are in advanced discussions with. We expect to close additional acquisitions over the coming quarters that will immediately add to our top and bottom line."
