Finally, Year end results are out:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: CARBITE GOLF INC.
VSE SYMBOL: CAB
FEBRUARY 27, 1997
Carbite Incorporated Reports 350 Percent Growth in 1996
VANCOUVER, BRITISH COLUMBIA--Carbite Golf Inc. reports its
subsidiary Carbite, Inc. of San Diego has recorded consolidated
sales of $10.5 million US, for the fiscal year ending December 31,
1996. According to Carbite, Inc., consolidated sales have grown
350 percent compared to the same period in 1995 and more than
1,200 percent for the same period in 1994. "We are seeing strong
financial gains as more and more professional and amateur golfers
are realizing the real benefits they derive from our patented
metallurgical technology", announced Michael Spacciapolli,
president of Carbite, Inc.
According to Spacciapolli, consolidated operating income for the
year ending December 31, 1996 was $1.05 million US compared to
$21,000 US for the same period in 1995. Additionally, Carbite
Golf Inc. is in the process of acquiring 49 percent interest in
Viper Bite, as announced in a September 26, 1996 press release.
Carbite Golf Inc. further reports the Merger Documentation
referenced in a January 2, 1997 press release is waiting approval
from the Vancouver Stock Exchange.
Carbite, Inc. manufactures wedges, putters and iron sets under the
trademarks Check-Mate, Tru-Spin, Viper Bite, Dual-Density and
Diatanium.
ON BEHALF OF THE BOARD
RONALD L. REIMER, President and Director
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Not bad. $1,050,000/18MM shares = U.S.$0.0583/shre or Cdn$0.0787/shr.
At Cdn.$2.15 that's a multiplier of 27.3 on TRAILING EARNINGS.
Onward and upward.
Bill |
