Sterling Consolidated Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
December 08, 2014 at 10:29 am
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Sterling Consolidated Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $1,642,455 against $1,587,392 a year ago. Operating loss was $9,052 against operating income of $36,037 a year ago. Loss before provision for income taxes was $19,932 against income before provision for income taxes of $25,913 a year ago. Net loss was $11,616 against net income of $4,723 a year ago.
For the nine months, the company reported total revenues of $5,266,115 against $4,728,281 a year ago. Operating income was $240,332 against $92,363 a year ago. Income before provision for income taxes was $176,066 against $11,631 a year ago. Net income was $115,983 against $8,194 a year ago. The revenue growth is primarily attributed to increase in incremental sales from the company's recent acquisitions of RG Sales Inc. and Superior Sales Inc. in North Carolina. The operating income and net income growth is largely attributed to incremental sales from acquisitions coupled with reduced cost of goods sold due to more efficient purchasing.
Sterling Consolidated Corp., through its subsidiary, Sterling Seal & Supply, Inc. (Sterling Seal), which is primarily engaged in the distribution and sale of O-rings, rubber seals, oil seals, custom molded rubber parts, custom Teflon parts, Teflon rods, O-ring cord, bonded seals, O-ring kits, and stuffing box sealant. The Company also owns real property through its subsidiary ADDR Properties, LLC (ADDR). ADDR owns an approximately 28,000 square foot facility in Neptune, New Jersey, which is used by Sterling Seal & Supply, Inc. In addition, its subsidiary Integrity Cargo Freight Corporation (Integrity) is a freight forwarding business. Integrity shares a facility with Sterling Seal & Supply, Inc. and manages the importation of Sterling Sealâs products and exports products on behalf of Sterling Seal to various countries. 90% of Sterling Sealâs imports come from Asia, and 10% of the Companyâs sales are exported to various countries.