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 second quarter ended October 31, 2000.
The quarter ending October 31, 2000 set an overall record in sales for a quarter and also was the fifth consecutive quarter in which the Company set a quarterly record. Total sales were $5,310,076 for the quarter ended October 31, 2000 compared to $4,278,000 to the quarter ended October 31, 1999. This 24% increase in net sales is attributed to an increase in sales of private label brands, OSCAR’S brand of flavoring syrups and specialty frozen beverage products. Net income for the second quarter this year, which set an overall record for a quarter, was $500,105 or $0.15 per share compared to a net income of $400,930 or $0.12 per share for the same period last year.
Net sales for the six month period ending October 31, 2000 increased by 31% to $9,634,236 from $7,351,004 for the comparative six month period last year. Net income for the six month period was up 46.8% compared to last year. Net income was $753,727 or $0.23 per share for the six months ended October 31, 2000 compared to $513,285 or $0.15 per share for the same period last year.
In other Company news, Stearns & Lehman recently announced their intent to purchase the Food Service Syrups & Toppings Business from Bunge Foods Corporation. In addition, the Company continues to pursue additional opportunities to expand its global presence.
Commenting on the record second quarter results, Bill Stearns (CEO) of Stearns & Lehman said, “the achievement of having set five consecutive sales records in their respective quarters helps illustrate the Company’s commitment to continued growth and increased value to our shareholders. We continue to actively pursue other venues of opportunity which will allow us to offer our customer base a variety of marketable specialty products. With the addition of the Bunge syrups and toppings business on the horizon, the Company is focused on making a smooth transition into the sauces and toppings category. Along with this, our ability to serve our customers world wide continues to be an area of focus for our management team.”
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 http://www.stearns-lehman.com or inquire about the Company at the Nasdaq web site, http://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.