Sterling Sugars, Inc. - SSUG- Profile

Sterling Sugars, Inc.. The Company's principal activities are to grow and process sugarcane from which raw sugar and blackstrap molasses are produced. The Company sells all of its raw sugar production to a few major sugar refiners and a candy manufacturer and all of its molasses production to a molasses distributor under sales contract. The Company is also into mineral leases and royalties. The Company currently has two oil and gas leases in effect covering 370 acres. Leases are granted solely for the purpose of exploring, developing and producing oil, gas and other liquid and hydrocarbon minerals. The Company's activities with respect to oil and gas are limited to the granting of leases and the collection of bonuses, delay rentals and landowner royalties. Sugar and molasses sales accounted for 95% of fiscal 2002 revenues; Rental property, 3%; Mineral leases and royalties, 1% and Other, 1%.