USA: Stearns & Lehman, Inc. Announces Record Sales and Earnings
The Company indicated that sales for the fourth quarter were the highest in the Company's history. Sales for the quarter ended April 30, 2000 were $4,568,561 compared to $3,457,644 for the fourth quarter ended April 30, 1999. Strong sales of flavoring syrups along with the new specialty frozen beverage products are the major elements behind the 32% increase in sales for the quarter. Net income for the fourth quarter this year was a record $451,123 or $0.14 per share, compared to a net loss of ($128,259) or ($0.04) per share for the comparable period last year.
For the fiscal year ended April 30, 2000, sales increased by over 55% to a record high of $15,880,672 compared to $10,206,832 for the fiscal year ended April 30, 1999. The Company announced a strong 313% increase in net income, with a record $1,081,238 or $0.33 per share reported for the current fiscal year compared to $261,354 or $0.08 per share for the previous fiscal year.
The sales and net income figures are preliminary and are subject to year end adjustments associated with the audit of the Company's financial statements.
Stearns & Lehman, Inc. is engaged in the business of developing, manufacturing and marketing specialty food products, including coffee and espresso flavorings, syrups, oils and toppings, extracts, flavorings, dressings, specialty sugars and specialty frozen beverage products. The Company's customer list includes a number of America's top specialty coffee retailers and restaurants. Stearns & Lehman sells its products throughout the United States and in over 16 foreign countries, including Australia, Canada, China, England, Iceland, Ireland, Israel, Japan, Malaysia, Mexico, New Zealand, Norway and Turkey.
For further information, visit the Company's web site at www.stearns-lehman.com or inquire about the Company at the Nasdaq web site, www.nasdaq.com using its symbol of SLHN.
Except for the historical information herein, the matters set forth in this press release are forward-looking statements within the meaning of "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed in the Company's period reports filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent of obligation to update these forward-looking statements.
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