Tuesday, November 26, 2013

Sterling Consolidated Corp. (STCC) Grows Revenues in Q3 2013

Sterling Consolidated Corp., a supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, reports its 2013 third-quarter results.

Revenues for the third quarter of 2013 were $1.6 million, up 12.1 percent compared to $1.4 million for the same period in 2012. Gross profit for the third quarter of 2013 increased 40.0 percent to $0.39 million from $0.28 million for the same period a year ago.

Net income 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. The company notes that net income was affected by costs associated with the acquisition of Superior Seals, bank financing, and general costs attributed to being publicly traded company.

“The third quarter was very successful as we increased revenues, controlled costs and secured financing for our future growth,” Sterling CEO Darren DeRosa stated in the news release. “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.”

For more information visit www.sterlingconsolidated.com

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