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Gold/Mining/Energy : Carbite Golf Inc. Vancouver-CAB -- Ignore unavailable to you. Want to Upgrade?

To: Mark Hollenbeck who wrote (153)	4/5/1999 11:41:00 AM
From: Gordo	Respond to of 209

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.'' << 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. >> 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 -30- For further information: Investor Relations: John Pierandozzi of Carbite Golf Inc., (619) 625-0065; Web site: carbitegolf.com

To: Mark Hollenbeck who wrote (153)	4/6/1999 6:41:00 PM
From: David Michaud	Read Replies (1) \| Respond to of 209

When questioned about CAB's performance, here is what Grant Robertson responded: Carbite was rated 3.5 stars at a price of $0.77 (original feature price was $0.58 in September 1998). The stock subsequently rallied to $1.16. With the exception of an unquestionably poor year in 1997, which you have highlighted, the company has demonstrated consistent growth over the past 5 years. Not only did the company resume its growth in 1998, it surpassed both 1997 and 1996 levels. The poor performance in 1997 was due to a loss of sales focus due to the protracted delays in completing the merger with its subsidiary and the resulting delay in the launch of new products, primarily the polar balanced putter. We are presently examining the complete audited 1998 financial results and will provide full commentary shortly. The following factors contributed to the rating: 1. Strong revenue and earnings growth (month over month growth last summer following launch of putter) and resumption of pre-1997 growth trend 2. healthy balance sheet 3. expanded marketing budget and new infomercial 4. extremely strong response to putter at recent trade shows (demonstrated through sales) 5. There is a reason the Taylor Made and Orlimar, two of the biggest names in golf, license Carbite technology... it works. _________________ repost from www.stockdepot.com (BuyLowSellHigh) Grant R. ________________ It's a buy. That's what I say. DM