ST. CHARLES, Ill., Aug. 21, 2018 (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, 2018.
Financial Highlights for the quarter ended June 30, 2018
- Gross margins remain robust at 17% in Q2 2018
- 15% reduction in operating expenses down over $113,000 as compared to Q2 2017
- Closed on over $4MM in sales contracts during Q2
Operational Highlights from Q2 2018
- Contracted for projects in the two largest school districts in the U.S. (NYC & L.A.)
- Approved for our first line of bonding at market rates
- Increased sales backlog to nearly $13M
- Renegotiated major service contracts saving tens of thousands in annual expenses
The second quarter, while an improvement on prior year second quarter, showed very modest growth. Due to extreme weather delays caused by record breaking rainfall in the NE and SE U.S., work on new projects, did not begin in earnest until the very end of the quarter. This is common for the first half of the year historically; however, we continue to press hard to move these time lines forward. Against this backdrop, there are several positives. First, while the company experienced project delays, there were no lost projects, many in fact are now up and running at or ahead of schedule which is expected to provide for a solid third quarter. The Company closed on nearly $4MM in new project contracts during the second quarter, which speaks directly to the traction being gained in the market. These projects include PrimePlay® turf, tracks and facilities, showing that the entire portfolio of products is increasing in popularity and acceptance.
Jeromy Olson, the CEO of Sports Field, said: “Of huge import, is the fact that we were able to secure a much-needed line of bonding through a reputable insurer at market rates, we anticipate this to allow us to bid on far more public projects, as we have success with these projects, our limits will be increased. Since 70% to 80% of facilities projects require bonds, this increases our total market opportunity tremendously. Additionally, as can be witnessed over our last 4 to 5 quarters, we have stabilized and continue to see strong profitability and reduced expenses. We consistently push to create the most lean and profitable efficiency we can without sacrificing quality or delivery”. He went on to say, “We are very optimistic about the remainder of 2018 as we are already near $2MM in revenue for the third quarter at the half way point. With a backlog of nearly $13MM we are on pace to achieve revenues nearing or exceeding $20MM over the next 12-months.”
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 Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the Securities and Exchange Commission (“SEC”) on April 2, 2018, our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2018, filed with the SEC on May 15, 2018 and our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2018, filed with the SEC on August 20, 2018 and in other documents we file with the SEC. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
Copyright © 2017 GlobeNewswire. All Rights Reserved