Let's try this thing again:
CARBITE GOLF INC.
Summary of Report by Canaccord Capital Corp. 30 July 1996
Stats:
52 week high low C$0.54 - $1.95
Shares o/s 14.5MM
Fully diluted 17.5MM
Float (approx.) 5.0 MM
Market Cap. C$20.3
Major shareholders Mgmnt.-35%
Weekly trading vol. 200,000
Y/E 31 Dec Rev EPS
1994 A US$0.85MM US$(0.02)
1995 A US$2.90MM US$(0.01)
1996 E US$8.90MM US$0.07
(1st half 96 A US$6.37MM ÝUS$0.05
1997 E US$14.1MM US$0.10
Highlites:
Carbite Golf uses a proprietary technology for improved club performance in the manufacture of its clubs. Club face inserts and its new Dual Density putter are its main products.
Carbite licenced its initial technology for the inserts to Taylor Made which is used by more than 15 professional golfers on the Nike, LPGA, PGA and Senior PGA tours. In 1997 Carbite will develop its own brand name along with new and improved products. The launch of the new products should fuel growth for the next several years.
1995 sales of US$2.9MM grew 241% over 1994, and Q1/96 sales of US$2.1MM were 10 times higher than Q1/95. It is thought that the market has not yet factored Carbite's high growth factor into its valuation.
New Technologies:
The company's new technologies are state of the art in the US$4Billion golf-product market. Carbite's products are designed to significantly enhance performance and are not gimmicks or novelty items.
Diamond Face Clubs
Carbite is finishing development of its next generation of club-face inserts, combining titanium and industrial diamonds to make club face roughness almost constant throughout the club's life. The lightness of the titanium will permit better weighting of the club head, further improving performance. Diamond face clubs will be introduced to the industry in the fall, with full production expected in 1997.
Dual Density Putter
The putter, introduced in January 1996, uses a light titanium centre fused between a heavy tungsten toe and heel. Since 70% of the putter's weight is in the outer edges, the “sweet spot” area is increased, making the putter more tolerant to off-centre hits and increasing the probabilityof successful putts.
Financial Highlights
US $000's
Year End 31 Dec 1994A 1995A 1996E 1997E
Revenues 828 2,893 8,897 14,105
EBIT (133) (130) 1,058 1,789
Net Income (146) (122) 1,058 1,610
Weighted Ave.Shrs. O/S (MM) 6.5 8.3 14.5 16.5
EPS (0.02) (0.01) 0.07 0.10
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Sorry about the presentation here Tara, but I'm copying a Word file and it doesn't seem to want to copy too well. Let me know if you cannot follow the columns.
Hurricane Hortense went through here in Halifax last night.....no power for 10 hours. It was pretty windy and wet but not too bad......
overandout for now
Bill |
