WARRENVILLE, Ill., Nov. 17, 2017 (GLOBE NEWSWIRE) -- Sports Field Holdings, Inc. (the "Company" or "Sports Field") (OTCQB:SFHI), through its wholly owned subsidiary, FIRSTFORM®, Inc. (“FirstForm”), today announced the best financial quarter ever in the history of the Company.
Sports Field’s CEO Jeromy Olson stated, “I am pleased to announce the Company has posted its best quarter since the founding of the organization. This is a milestone for the Company and marks our continued progress toward profitability and positive EBITDA. We believe that this trend will continue into 2018.”
Highlights for the period ended September 30, 2017 include:
- Q3 2017 Revenues of $2,466,253 as compared to $669,953 for Q3 2016, an increase of $1,796,300 or 268%;
- Revenues for the first nine months of 2017 of $4,755,820, an increase from $1,948,511 for the first nine months of 2016, or a 144% improvement due to multiple projects under construction in the third quarter of 2017;
- Gross profit for the first nine months of 2017 of $803,543 resulting in a gross profit margin of 17.0%, which equates to an 809% increase in gross profit as compared to $88,396 during the same period in 2016. This improvement over the comparable nine-month periods occurred as a result of higher revenues and reducing our cost of goods sold and operating expenses;
- Improved margins and increased revenues resulted in a reduced net loss from ($2,882,280) for the first nine months of 2016 to ($1,388,103) for the first nine months of 2017, or a 52% reduction in net loss versus the comparable prior year period;
Mr. Olson further commented, “Our 3rd quarter revenues for 2017 increased by 268% over the same quarter in 2016 representing strong growth due to expanding operations nationally. We believe our technically advanced athletic field systems and our turn-key architectural and engineering services are enabling the Company to gain market share in the United States.”
“While sales and revenues increased substantially over the three and nine-months ended September 30, 2017 as compared to the comparable periods in 2016, we continue to reduce our cost of goods sold and operating expenses to drive more and more revenue to the bottom line as we operate the Company on a more efficient basis. We believe the reductions we have gained are sustainable and have resulted in a gross profit margin of 17.0%."
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.
Contact:
Sports Field Holdings, Inc.
Ed Capko
Investor Relations
815-942-4645