Carbite Golf Inc. Reports 1998 Revenue Increase of 78% Over 1997
Fourth Quarter Revenue Up 154% from Prior Year
SAN DIEGO, April 5 /CNW/ - Carbite Golf Inc. (Vancouver: CAB), today
announced that consolidated revenues totaled $15.7 million (US$) in 1998, up
from $2.2 million in 1997. Net operating income for 1998 was $1,279,757
compared to a loss of $749,681 in 1997.
The Company's audited financial statements include 1997 operations of the
wholly owned subsidiary, Carbite Inc., the operating golf manufacturer and
distributor, only after the merger which was completed on September 3, 1997.
In a full-year comparison, 1998 revenues increased 78 percent compared to
Carbite Inc.'s full-year revenues of $8.8 million.
''We are pleased by the record sales and also by our return to
profitability,'' said Michael A. Spacciapolli, President and Chief Executive
Officer. ''Our Polar Balanced Putters are quickly gaining a significant market
share.''
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Financial Highlights Twelve Months
(Stated in U.S. Dollars) Fourth Quarter Ended December 31
1998 1997 1998 1997(a)
Revenues 3,493,858 1,373,526 15,662,361 2,230,232
Net Operating
Income 108,664 (503,778) 1,279,757 (749,681)
Net Income (Loss)
after Taxes (b) (350,593) (991,046) 205,401 (1,351,447)
Earnings per share $(.019) $(.074) $.011 $(.101)
EDITDA (c) 67,544 (704,932) 993,875 (1,065,343)
EDITDA per share $.003 $(.053) $.052 $(.08)
Average Shares
Outstanding 20,195,066 17,577,408 19,055,925 13,347,972
(a) Includes operations of Carbite Inc. only after date of merger
September 3, 1997
(b) Includes amortization of merger costs, R&D expenses & disposition of
asset charges
(c) EDITDA is being calculated by taking the Company's net income (loss)
and adding back: income taxes, interest expense and depreciation and
amortization.
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Carbite Golf is the owner of Carbite Technology that uses advanced powder
metallurgy to molecularly bond dissimilar metals. This patented technology
permits golf club designs with a 'material advantage' that dramatically
increases moment of inertia and maintains optimum backspin. For product
information contact Mike Pinckes at Carbite Golf, 6330 Nancy Ridge Dr., Suite
107, San Diego, CA 92123, telephone 800/272-4325 or fax 619/625-0752.
Visit the Company's Web Site at www.carbitegolf.com
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For further information: Investor Relations: John Pierandozzi of
Carbite Golf Inc., (619) 625-0065; Web site: carbitegolf.com |
