221% Revenue Increase vs. Q1 2018;
Operating Expenses Reduced by 17.2%;
Profit from Operations Improved by Approximately $508,000
ST. CHARLES, Ill., May 23, 2019 (GLOBE NEWSWIRE) -- Sports Field Holdings, Inc. (OTCQB:SFHI), engaged in the design, engineering, construction, and construction management of athletic facilities and sports complexes through its FirstForm, Inc. wholly-owned subsidiary, today announced financial results for the quarter ended March 31, 2019.
Q1 2019 Highlights Include:
- Highest Q1 revenues in company history at $2,448,258; 221% increase over prior year Q1 total of $762,546;
- Highest gross profit margin of 21.7%; an increase of 1.9 percentage points over prior year Q1 total of 19.8%;
- 17.2% decrease of Operating Expenses versus Q1 2018;
- Experienced a Profit from Operations of $22,391 versus a Loss from Operations of ($485,595) in Q1 2018;
- Completed construction of football facility in the heart of Miami, FL, for St. Brenden High School.
Jeromy Olson, Chief Executive Officer of Sports Field Holdings, Inc., said, “We are off to a very strong start in 2019. During the quarter, we experienced several historical bests with regards to quarterly revenue totals and profit, including both dollars of profit and percentage or gross profit. We are particularly pleased with a 21.7% gross margin, where the typical construction industry gross margin is in the 10% range. We are clearly executing our projects in a highly efficient manner, and that bodes well as we proceed in 2019 and the years ahead. I believe these indicators provide key insights into the viability and growth potential for Sports Field Holdings, Inc. going forward.”
“Although the bottom-line is not yet in positive territory, we are making consistent progress by expanding our backlog, managing our operating expenses and executing on our projects in a highly efficient manner producing improving gross margin. We are excited with the opportunities ahead.”
“With several projects currently under construction and a strong backlog of contracts, we are working to sustain this positive momentum. The sales pipeline is robust, and we look to add to our backlog during the coming quarters of 2019.”
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
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Any statements that are not historical facts contained in this press release are also "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA). Such 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 Reports on Form 10-K for the fiscal years ended December 31, 2018 and 2017, filed with the Securities and Exchange Commission (“SEC”), as well as our Quarterly Reports on Form 10-Q filed with the SEC, 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, Securities Act and Securities Exchange Act.
Contact: Sports Field Holdings, Inc.
Ed Capko
Investor Relations
815-942-4645