ST. CHARLES, Ill., May 17, 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 March 31, 2018.
Financial Highlights for the quarter ended March 31, 2018
- Gross margin improved to 19.8% in Q1 2018 as compared to 15.6% in Q1 2017
- 18.9% reduction in operating expenses as compared to Q1 2017
- New architectural design work on two new design build projects with estimated value of over $3M
Operational Highlights from 2017
- Signed a representative agreement with former Buffalo Bill and NFL Hall of Fame running back Thurman Thomas
- Increased sales backlog to over $10M
- Streamlined sales organization and restructured for growth
- Company landed its largest “turf only” project of $1.6M for build out in Q3 2018
As is common in the first quarter, the Company announces slower than anticipated revenues due to three separate project delays, along with weather delays in the Northeast. These projects are currently anticipated to begin in the second and third quarters. Despite a slow start to revenue flow as compared to prior quarters, the Company continued to improve economic efficiency in operations. Profitability increased as net expenses were reduced once again.
The appointment of a new national sales director is paying off as the number of new sales contracts continues to increase, as well as the sales pipeline for 2018 and beyond. These results are a clear signal that the Company’s products and services are continuing to resonate and grow within the industry.
Jeromy Olson, the CEO of Sports Field, said: “While first quarter revenue was disappointing due to the timing of several project schedule delays, the overall theme is still quite positive. Sales are increasing, expenses continue to be reeled in and profitability is at an all-time high. Additionally, we are gaining tremendous traction in the Southeast and Southwest where we can perform work year-round. This should allow us to flatten the seasonal lows we typically see in the first quarter. The Company is also very enthusiastic about the predicted industry growth within our sector, growing to an estimated $11.2B in 2019 (Sports Business: January 2018). These are tremendously positive indicators for our business and our economy as a whole.”
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 www.sportsfieldholdingsinc.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 and our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2018, filed with the SEC on May 15, 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.
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Ed Capko
Investor Relations
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