NEPTUNE, N.J., Jan. 20, 2023 /PRNewswire/ — Sterling Consolidated Corp. (OTC: STCC), a supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, reported its results for the 3 and 9 months ended September 30, 2022.
Key Highlights for the 3 and 9 months ended September 30, 2022:
- Sales for the 9 months ended came in at $11,498,796, up 51% from 2021
- 3rd quarter sales were $4,728,018, up 79% from 2021
- 9-month net income came in at $100,837
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, “Our results in the third quarter demonstrate that we were able to overcome the challenges from the global supply chain issues. For the 9 months, we achieved increased sales while being challenged to meet demand. This achievement is due to the efforts of the entire organization. We have the strongest workforce in our company’s history.”
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 3,000 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 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.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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For the Three Months Ended |
For the Nine Months Ended |
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September 30, |
September 30, |
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2022 |
2021 |
2022 |
2021 |
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Revenues |
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O-rings and rubber product sales |
$ |
4,370,823 |
2,508,935 |
$ |
10,880,506 |
7,269,029 |
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|
Freight services |
357,195 |
132,041 |
618,290 |
370,186 |
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Total revenues |
4,728,018 |
$ |
2,640,976 |
11,498,796 |
7,639,215 |
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Cost of sales |
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Cost of goods |
3,768,974 |
1,670,126 |
8,838,253 |
5,199,353 |
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Cost of services |
335,767 |
163,088 |
668,119 |
460,913 |
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Total cost of sales |
4,104,741 |
1,833,214 |
9,506,372 |
5,660,266 |
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Gross profit |
623,277 |
807,762 |
1,992,424 |
1,978,949 |
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Operating expenses |
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Sales and marketing |
86,452 |
43,858 |
250,863 |
205,898 |
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General and administrative |
627,142 |
535,887 |
1,543,523 |
1,297,051 |
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Total operating expenses |
713,594 |
579,745 |
1,794,386 |
1,502,949 |
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Operating (loss) income |
(90,317) |
228,017 |
198,038 |
476,000 |
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Other income (expense) |
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Other |
10,228 |
7,502 |
16,150 |
13,464 |
|||||||||||
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Gain on PPP loan forgiveness |
— |
— |
— |
326,100 |
|||||||||||
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Interest expense |
(11,161) |
(21,706) |
(83,698) |
(95,776) |
|||||||||||
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Gain on sale of real estate |
— |
— |
— |
225,330 |
|||||||||||
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Total other income (expense) |
(933) |
(14,204) |
(67,548) |
469,118 |
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Income before provision (benefit) for income taxes |
(91,250) |
213,813 |
130,490 |
945,118 |
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Provision for (benefit from) income taxes |
(19,279) |
(17,693) |
29,653 |
95,765 |
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Net income (loss) |
$ |
(71,971) |
$ |
231,506 |
$ |
100,837 |
$ |
849,353 |
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Net income (loss) per share of common stock: |
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Basic |
$ |
(0.00) |
$ |
0.00 |
$ |
0.00 |
$ |
0.02 |
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Fully diluted |
$ |
(0.00) |
$ |
0.00 |
$ |
0.00 |
$ |
0.01 |
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Weighted average number of shares outstanding |
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Basic |
47,284,689 |
47,284,689 |
47,284,689 |
47,284,689 |
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Fully diluted |
57,584,689 |
57,584,689 |
57,584,689 |
57,584,689 |
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SOURCE Sterling Consolidated Corp.
