Neptune-based Sterling Consolidated Corp., a hydraulic and pneumatic seals provider, announced Monday results for its first quarter that ended March 30.According to the announcement, revenue increased to $1.7 million, up slightly compared with $1.65 million for the same period last year. This results in a 5.4 percent increase year over year.
Gross profits also increased 3.7 percent, to $604,843, compared with last year. In turn, Sterling’s net income for the first quarter was $85,862.
“The first quarter was successful as we increased revenues, improved our gross margins and proceeded with another acquisition. As a public company, our goal is to consolidate the highly fragmented O-ring distributor market,” Darren DeRosa, CEO of Sterling, said in a prepared statement. “We believe that the acquisition of RG Sales, Inc., on April 1, 2014, allows us to work towards this goal. Our acquisition committee continues to negotiate with targets within our region and in the Midwest. We hope to close additional acquisitions over the coming quarters that will allow us to grow and improve our business.”
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