MANSFIELD, Ohio/PRNewswire/ — Stearns & Lehman, Inc. (Nasdaq: SLHN – news), a multinational manufacturer and distributor of world-class specialty flavoring syrups, smoothies, granitas and other specialty beverage products announced today that sales for the quarter ended October 31, 2001 set another overall quarterly sales record .

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For the quarter ended October 31, 2001, the Company reported a record $6,653,982 in sales. This represents a 25.34% increase over the second quarter of the previous fiscal year. The Company also announced earnings of $465,798 or $0.14 per share for the quarter ended October 31, 2001 compared to $500,105 or $0.15 per share reported for the quarter ended October 31, 2000.


For the quarter ended October 30, 2001, the Company reported sales of approximately $242,000 to a new customer in the United Kingdom, and a 55.3% sales increase to the Company’s major customer. The Company also reported a lower gross profit percentage during the quarter due to a contractual decline in the overall sales prices of products sold to the Company’s major customer and the higher cost of a certain raw materials. In addition for the quarter, the Company reported a $11,964 market loss on the invested funds of a life insurance policy and a $30,905 net foreign currency exchange loss.


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 more than 16 foreign countries, including Australia, Canada, England, Ireland, Israel, Japan, Malaysia, Mexico, New Zealand, Norway, Singapore 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.

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