WARRENVILLE, Ill., Aug. 23, 2017 (GLOBE NEWSWIRE) -- Sports Field Holdings, Inc. (the “Company” or “Sports Field”) (OTCQB:SFHI), through its wholly owned subsidiary FIRSTFORM, Inc. (“FirstForm”), announced its financial results for the quarter ended June 30, 2017.
The Company’s Statement of Operations reflects continued progression toward profitability and positive earnings.
Highlights for the months ended June 30, 2017
- Q2 2017 Revenues of $1,143,823 as compared to $467,483, an increase of $676,340 or 144%, with YTD revenue of $2,289,567, an increase from $1,278,558 or a 79% improvement due to multiple projects under construction in the first half of 2017;
- Sales backlog of over $11 million in signed contracts for construction in 2017;
- 2017 YTD gross profit of $397,116 resulting in a gross profit margin of 17.5%, as compared to a negative gross profit of $(57,737) and a negative gross profit margin of (12.3%), during the same period in 2016, this improvement occurred as a result of reducing our cost or good sold and operating expenses;
- Selling, general and administrative expenses, adjusted for non-cash expenses, decreased 14% to $1,510,152 from $1,771,603 during the first 6 months of 2017;
- YTD 2017, improved margins and reduced expenses resulted in a reduced net loss from ($2,144,962) to ($1,172,460) or a 45% reduction in net operation loss;
- Through June 30, 2017, the Company completed three athletic field projects and a portion of our largest facilities project; all with profitable results;
- Company has entered into the running track market with a contract for its first PrimePlay™ Accel™ polyurethane running track, which will be installed in California later this year;
- Signed first contract for playground surfacing project, entering an additional large revenue opportunity for the Company in the parks and recreation market;
Jeromy Olson, the CEO of Sports Field Holdings commented “We are very excited about the first half of 2017. We have doubled 2016’s mid-year’s revenue pace. We have had three consecutive quarters with increased gross margins. With $11.2 million in backlog, we believe that we could finish 2017 as our strongest year to date."
Mr. Olson continued, “Our western expansion, especially California, has opened up numerous opportunities as our safety focused, carcinogen free products are highly sought. We have the infrastructure in place to increase our workload with minimal impact on SG&A and are committed to maintaining increased margins and product quality while driving revenues moving forward.
"With the American economy continuing to improve and the need for major infrastructure improvements to high schools, colleges and universities around the country, we believe the Company is well positioned to capitalize on the anticipated growth.”
New Market Opportunities
The Company has entered both the recreational playground and running track markets, two new markets which we believe could present attractive growth opportunities. Importantly, these two markets are within the synthetic turf and facilities arena, thus allowing the Company to remain focused on its vision -- to build the #1 athletic facilities design build company that is dedicated to athlete safety and performance in America.
About Sports Field Holdings, Inc.
Sports Field Holdings, Inc., through its wholly owned subsidiary FIRSTFORM, Inc., is a product development, engineering and design-build construction company, engaged in the design, engineering, constructing, and construction management of athletic facilities and sports complexes. Construction management of sports facilities and synthetic turf sales are the two primary lines of business. These lines of business can be categorized as design, development, and manufacturing of sports surfacing products and associated pre-engineered construction systems.
To learn more about Sports Field Holdings, Inc. please visit http://ir.firstform.com/.
Safe Harbor Statement
Any statements that are not historical facts contained in this press release are "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing or required licenses, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
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