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Sterling Consolidated Posts 51% Sales Growth through September 2022

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 
  • 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 [email protected].

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.

Written by Tenner Smith

Tenner Smith - I have experience in financial intelligence and automated intelligence. In industry I have worked on artificial intelligence and machine learning. Tenner Smith is a reporter at DF media.

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