Stearns & Lehman, Inc. (Nasdaq: SLHN), a multinational manufacturer and distributor of world-class specialty flavoring syrups, smoothies, granitas and other specialty beverage products announced today record sales and earnings for the first quarter ended July 31, 2000.
The Company reported a 126% increase in net income and a 41% increase in total sales for the quarter ended July 31, 2000 compared to the quarter ended July 31, 1999. Net income for the first quarter this year was $253,622 or $0.08 per share compared to a net income of $112,355 or $0.03 per share for the comparable period last year. Sales for the first quarter this year were $4,324,160 compared to $3,073,044 for the first quarter last year. Strong sales of private label flavoring syrups along with a sharp increase in sales of the specialty frozen beverage products were the major elements behind the increase in sales for the quarter. The Company indicated that both net income and sales for the first quarter were a record for a first quarter. In addition, sales for the first quarter were also the second highest quarter overall in the Company’s history.
According to Bill Stearns (CEO) of Stearns & Lehman, “The strong performance during the first quarter illustrates the progress that the Company has made in improving sales in what has historically been the Company’s weakest quarter. It is also indicative of the success of the Company’s frozen beverage products.”
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.
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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