Record Revenues in First Quarter 1999 Up 180% Percent from First Quarter in Prior Year
04/29/1999 13:11:00 / CARBITE GOLF INC
CARBITE GOLF INC ("CAB-V;CBGFF-L")
- Record Revenues in First Quarter 1999
- Up 180% Percent from First Quarter in Prior Year
Carbite Golf Inc. announced that consolidated revenues totaled $4.11 million in the first quarter of 1999, compared to $1.46 million in the same period in 1998. Net operating income for the first quarter this year was $625,678 compared to a loss of $138,202 in the same period last year.
"We are pleased with the first quarter results," said Michael Spacciapolli, President and CEO. "The first quarter is traditionally difficult for golf manufacturers. We exceeded our projections in sales and net income. Our sales of Polar Balanced Putters continue to grow dramatically as more golfers discover Carbite Technology improves their scores."
Financial Highlights (Stated in US Dollars)
Three Months Ended March 31
1999 1998
Revenues $4,115,129 $1,464,491
Net Operating Income (Loss) 625,678 (138,202)
Research and Development 115,780 63,024
Amortization of Goodwill & Def Costs 101,628 99,074
Other Expenses 1,209 3,500
Net Income (Loss) before Taxes 407,061 (286,894)
Provision for Income Taxes 209,843 --
Net Income (Loss) after Taxes 197,218 (286,894)
Earnings Per Share $.01 ($.016)
Average Shares Outstanding 21,072,338 17,577,408
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.
Its Polar Balanced Putters are resistant to twisting, significantly reducing the chance that a putt will go in the wrong direction or lose distance. 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.
TEL: 619-625-0065 Investor Relations: John Pierandozzi for Carbite Golf
WEB SITE at carbitegolf.com
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