NEPTUNE, N.J., Jan. 10, 2014 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (OTCBB:STCC), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, today announced that following its acquisition and ongoing growth, the Company's customer base increased 5% during the full year of 2013.
Sterling Consolidated has continued to expand its O ring distribution network in the Northeast which has led to a significant increase in its customer base. Management is confident that their competitive offerings have positioned the Company for continued growth and expect similar, if not greater results in 2014.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, stated, "Our aggressive sales efforts coupled with our superior product pricing have driven growth as we continued to expand our footprint in the Northeast region. Throughout 2013, we focused on growing our business organically, and ultimately, our customer base grew 5%. During 2013, one of our potential acquisition targets decided to expand our relationship by becoming a customer, which validated the industry-leading value of our distribution offerings. We plan to continue to execute upon our business strategy and stimulate top line revenue growth for the future."
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply has been a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for more than 40 years. Through a combination of leveraging its logistical expertise and sophisticated, experienced management, the company intends to be an active and strategic consolidator of small- and mid-sized businesses within the highly-fragmented, multi-billion dollar seal industry. Currently serving more than 3,000 customers, Sterling offers acquisition targets a unique growth opportunity and competitive advantage through logistical expertise, strong regional branding and industry-specific distribution centers.
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
CONTACT: Communications Contacts: Todd Fromer / Phil Carlson KCSA Strategic Communications Phone: 212-896-1215 / 212-896-1233 Email: firstname.lastname@example.org / email@example.com
|Sterling Financial Corporation of Spokane, Wash., Reports 2013 Earnings and Declares Quarterly Cash Dividend (2014/1/30)|
|Sterling Consolidated Announces Selection Criteria for Acquisition Targets (2013/9/16)|
|Sterling Consolidated Acquisition Committee Provides Update (2013/10/30)|
|Chairman Letter to Sterling Consolidated Shareholders ()|
|Sterling Consolidated Announces Letter of Intent to Acquire Specialized Industrial Distributor (2014/1/13)|
|Sterling Consolidated Announces Second Quarter 2013 Results ()|
|Sterling Consolidated Fully Integrates Superior Seals and Service ()|
|Sterling Consolidated Acquisition Committee Announces Continued Progress with Acquisition Targets ()|
|Sterling Consolidated Announces Third Quarter 2013 Results (2013/11/25)|
|Sterling Consolidated Acquires Superior Seals and Service ()|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.