Siboney Corporation (OTCBB: SBON) announced today its results of operations for the second quarter and the six months ended June 30, 2007.
Revenues for quarter ended June 30, 2007 were $1,930,896, a decrease of $302,883 or 13.6% compared to $2,233,779 for the second quarter of 2006. Income from operations for the quarter ended June 30, 2007 was $294,959, an increase of $185,135 or 169% compared to income from operations of $109,824 for the quarter ended June 30, 2006.
Due to a decrease in costs, the Company reported higher net income for the second quarter of 2007 compared to the second quarter of 2006. Net income for the second quarter of 2007 was $137,600 (or $0.01 per basic and diluted share) after income tax expense of $99,000, an increase of 85%, compared to $74,273 (or $0.00 per basic and diluted share) after an income tax benefit of $7,000 for the second quarter of 2006.
For the six months ended June 30, 2007, the Company reported revenues of $3,118,160, a decrease of $611,023 or 16.4% compared to the first six months of 2006. Loss from operations for the six months ended June 30, 2007 was $38,598, compared to a loss from operations of $469,816 for the six months ended June 30, 2006. Net loss for the recently completed six-month period was $112,029 (or $0.01 per basic and diluted share) after an income tax benefit of $37,000, compared to a net loss of $291,855 (or $0.02 per basic and diluted share) after an income tax benefit of $250,000 for the six months ended June 30, 2006.
Any forward-looking statement is necessarily subject to significant uncertainties and risks. The words "believes,""anticipates," "intends,""expects" and similar expressions are intended to identify forward-looking statements. Actual results could be materially different as a result of various uncertainties. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: (1) risks related to our customers' dependence on government funding to purchase the Company's products; (2) risks associated with our ability to access capital to finance our business; (3) risks associated with our ability to compete with well-established and well-funded competitors; (4) risks associated with the constant changes in the technologies used to build and deliver the Company's products; (5) the Company's ability to retain key personnel; (6) the Company's ability to motivate its independent dealer representatives to sell the Company's products; (7) changes in the market acceptance and demand for curriculum-based educational software, including the effects of possible changes to NCLB requirements; (8) risks associated with acceptance of statistical studies; and (9) risks that we may not receive payment under coal leases or monetize the value, if any, in our oil and gas interests that were nationalized by the Cuban government. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Financial Highlights | Â | Â | Â | Â | |||||||||||
| Â | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| Â | 2007 | 2006 | 2007 | 2006 | |||||||||||
| Revenues | $ | 1,930,896 | Â | $ | 2,233,779 | $ | 3,118,160 | Â | $ | 3,729,183 | |||||
| Cost of Product Sales | $ | 442,199 | Â | $ | 506,810 | $ | 870,072 | Â | $ | 940,082 | |||||
| Selling, General and Administrative Expenses | $ | 1,193,738 | Â | $ | 1,617,145 | $ | 2,286,686 | Â | $ | 3,258,917 | |||||
| Income (Loss) from Operations | $ | 294,959 | Â | $ | 109,824 | $ | (38,598 | ) | $ | (469,816 | ) | ||||
| Income Tax Benefit (Expense) | $ | (99,000 | ) | $ | 7,000 | $ | 37,000 | Â | $ | 250,000 | |||||
| Net Income (Loss) | $ | 137,600 | Â | $ | 74,273 | $ | (112,029 | ) | $ | (291,855 | ) | ||||
| Loss per Share - Basic | $ | 0.01 | Â | $ | - | $ | (0.01 | ) | $ | (0.02 | ) | ||||
| Weighted Average Number of Shares - Basic | Â | 16,920,419 | Â | Â | 16,930,419 | Â | 16,920,419 | Â | Â | 16,930,419 | |||||
| Loss per Share - Diluted | $ | 0.01 | Â | $ | - | $ | (0.01 | ) | $ | (0.02 | ) | ||||
| Weighted Average Number of Shares - Diluted | Â | 17,150,904 | Â | Â | 16,948,209 | Â | 16,920,419 | Â | Â | 16,930,419 | Â | ||||
