$STCC 3rd Q Results of Operations (small float)..Sterling Consolidated Corp., through its subsidiary, Sterling Seal and Supply Inc., distributes and sells O-rings and other rubber products worldwide. The company provides O-rings, rubber seals, oil seals, custom molded rubber parts, custom Teflon parts, Teflon rods, O-ring cords, bonded seals, O-ring kits, and stuffing box sealant products for use in automotive, pump, transmission, oil and energy, machinery, and packaging industries. It serves smaller distributors and original equipment manufacturers. The company, through its other subsidiaries, offers freight forwarding and related services; and rents commercial space to third parties.
Outstanding Shares 41,429,040 a/o Nov 01, 2017
Float 5,750,333 a/o Mar 04, 2015
Results of Operations
Comparison for the three months ended September 30, 2017 and 2016
Net Revenue
Net revenue increased by approximately $202,701 or approximately 14.6%, from $1,384,248 for the three months ended September 30, 2016 to $ 1,586,949 for the three months ended September 30, 2017. This increase was due primarily to increased demand from the industrial sector.
Total Cost of Sales
Cost of sales increased by $485,274 or approximately 15%, from $3,136,832 for the nine months ended September 30, 2016 to $3,622,106 for the nine months ended September 30, 2017. The increase in cost of sales was attributed to a commensurate increase in sales.
Gross profit
Gross profit decreased by $93,718 or approximately 20.2%, from $ 463,934 for the three months ended September 30, 2016 to $370,216 for the three months ended September 30, 2017. This decrease was due primarily to the above described increase in higher labor due to increased warehouse headcount in the current quarter.
Net Income
As a result of the above factors, the Company showed a net income of $83,161 for the three months ended September 30, 2017, as compared to a net loss of $13,888 for the three months ended September 30, 2016. This increase of $97,049or approximately 699% is primarily attributed to the above described increase in sales coupled with an increase in other income of $99,694 composed of a write-off of a vendor payable of $78,973 plus a refund on a copier lease of $20,547. Additionally, general and administrative costs decreased by $30,449 over the same period which was primarily attributed to a decrease of $21,431 in legal and accounting costs coupled with a decrease of approximately $17,000 in payroll due to decreased administrative headcount.
Comparison for the nine months ended September 30, 2017 and 2016
Revenue
Revenue increased by approximately $517,278 or approximately 12%, from $4,422,717 for the nine months ended September 30, 2016 to $4,939,995 for the nine months ended September 30, 2017. This increase is due to increased demand for o-rings in the industrial sector.
Total Cost of Sales
Cost of sales increased by $485,274 or approximately 15%, from $3,136,832 for the nine months ended September 30, 2016 to $3,622,106 for the nine months ended September 30, 2017. The increase in cost of sales was attributed to a commensurate increase in sales.
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Gross profit
Gross profit increased by approximately $32,004 or approximately 2%, from $1,285,885 for the nine months ended September 30, 2016 to $1,317,889 for the nine months ended September 30, 2017. This increase can be attributed to the above described changes in revenue and cost of sales.
Net Loss
As a result of the above described changes in revenue and cost of sales, our net income was $157,662 for the nine months ended September 30, 2017, as compared to a net loss of $87,120 for the nine months ended September 30, 2016. This was an increase of $244,782 or approximately 281%. This increase can be explained by increased sales coupled with the previously described reduced general and administrative costs and increase of $99,521 increase in other income in the third quarter.
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Sterling Consolidated Corp
https://www.otcmarkets.com/stock/STCC/profile
http://www.sterlingseal.com
http://www.sterlingconsolidated.com
AMAZON
https://www.amazon.com/s/ref=bl_dp_s_web_0?ie=UTF8&search-alias=aps&field-keywords=Sterling+Seal+%26+Supply
Oct. 2017 interview
https://upticknewswire.com/featured-interview-ceo-angelo-derosa-of-sterling-consolidated-corp-otcpink-stcc-2/
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