Sterling Consolidated Posts 51% Sales Growth through September 2022

Rhea-AI Summary

Sterling Consolidated Corp. (OTC: STCC) reported significant financial growth for the nine months ending September 30, 2022, with sales reaching $11,498,796, marking a 51% increase from the previous year. The third quarter saw sales of $4,728,018, a remarkable 79% rise compared to 2021. The company achieved a nine-month net income of $100,837. CEO Darren DeRosa highlighted the ability to navigate global supply chain challenges and credited the workforce for these results. The company remains focused on meeting growing demand in the hydraulic and pneumatic seal markets.

Positive

• 51% sales growth in nine months ended September 30, 2022.
• 79% sales increase in the third quarter compared to the same period in 2021.
• Achieved net income of $100,837 for the nine months.

Negative

• None.

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:

Sterling Consolidated Posts 51% Sales Growth

• Sales for the 9 months ended came in at $11,498,796, up 51% from 2021 
• 3^rd 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.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		For the Three Months Ended							For the Nine Months Ended
		September 30,							September 30,
		2022			2021					2022			2021
Revenues
O-rings and rubber product sales		$	4,370,823			2,508,935				$	10,880,506			7,269,029
Freight services			357,195			132,041					618,290			370,186
Total revenues			4,728,018		$	2,640,976					11,498,796			7,639,215
Cost of sales
Cost of goods			3,768,974			1,670,126					8,838,253			5,199,353
Cost of services			335,767			163,088					668,119			460,913
Total cost of sales			4,104,741			1,833,214					9,506,372			5,660,266
Gross profit			623,277			807,762					1,992,424			1,978,949
Operating expenses
Sales and marketing			86,452			43,858					250,863			205,898
General and administrative			627,142			535,887					1,543,523			1,297,051
Total operating expenses			713,594			579,745					1,794,386			1,502,949
Operating (loss) income			(90,317)			228,017					198,038			476,000
Other income (expense)
Other			10,228			7,502					16,150			13,464
Gain on PPP loan forgiveness			—			—					—			326,100
Interest expense			(11,161)			(21,706)					(83,698)			(95,776)
Gain on sale of real estate			—			—					—			225,330
Total other income (expense)			(933)			(14,204)					(67,548)			469,118
Income before provision (benefit) for income taxes			(91,250)			213,813					130,490			945,118
Provision for (benefit from) income taxes			(19,279)			(17,693)					29,653			95,765
Net income (loss)		$	(71,971)		$	231,506				$	100,837		$	849,353
Net income (loss) per share of common stock:
Basic		$	(0.00)		$	0.00				$	0.00		$	0.02
Fully diluted		$	(0.00)		$	0.00				$	0.00		$	0.01
Weighted average number of shares outstanding
Basic			47,284,689			47,284,689					47,284,689			47,284,689
Fully diluted			57,584,689			57,584,689					57,584,689			57,584,689

 

 

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SOURCE Sterling Consolidated Corp.

FAQ

What were Sterling Consolidated's sales figures for the nine months ended September 30, 2022?

Sterling Consolidated reported sales of $11,498,796, reflecting a 51% increase year-over-year.

How much did Sterling Consolidated earn in net income for the nine months ending September 30, 2022?

The net income for Sterling Consolidated for the nine months ended September 30, 2022, was $100,837.

What was the sales growth in the third quarter of 2022 for Sterling Consolidated?

Sterling Consolidated experienced a 79% sales growth in the third quarter of 2022 compared to the third quarter of 2021.