WARRENVILLE, Ill., Aug. 20, 2015 /PRNewswire/ -- Sports Field Holdings, Inc. (SFHI) ("Company"), an innovative product development company engaged in the design, engineering and construction of athletic facilities and sports complexes, today reported financial results for the second quarter ended June 30, 2015 ("Q2 2015").
Highlights for the second quarter 2015 include:
- Revenues increased 241% year-over-year
- Sales contracts signed totaled $2.03 Million, an increase of $994,000 year-over-year
- Current sales contracts backlog of $2.37 Million
- Direct Sales presence added in Texas to increase winter project opportunities
Revenue for the second fiscal quarter 2015 was $896,034, as compared to $203,452 in the comparable period in 2014, an increase of $692,852 or 241%. The increase in revenue was primarily due to the Company's aggressive sales and marketing plan which is beginning to bear the fruit that we anticipated. We have continued to increase the sales team by adding additional direct sales resources in the southern tier of the United States which will allow for sales and projects to be completed year round. This will help to minimize and potentially eliminate the seasonal nature of revenue streams that are typical for region enterprises in our industry. The several large sales contracts with substantial work completed on two of those projects in Q2 2015 are a testament to the sales and marketing plan effectiveness.
Operating expenses for Q2 2015 were $780,101, compared to $793,559 in the comparable period in 2014, an improvement of $13,458. The Company continues to make progress on fixed and variable cost reductions as well as reductions in the raw material costs which will allow for improved gross margin and overall profitability.
The net loss for the second quarter 2015 was ($968,461), or ($0.07) per basic and diluted share, as compared to a net loss of ($845,026), or ($0.06) per basic and diluted share for the comparable period in 2014. The net loss is attributed to aggressive pricing that would allow for strategic placement of showcase fields as references which we believe will ultimately lead to additional sales opportunities.
"Q2 marked the 3rd consecutive quarter with increased revenues over prior quarter. Our business development initiatives are proving successful and we continue to grow and improve on our strategic sales opportunities. The increase in revenue by 239% in the first half of 2015 compared to the same period last year demonstrates that our methodical planning and budgeting is working. Operationally we made tremendous progress in the second quarter. Since the addition of a new Director of Project Management, we have completed our first 2 major projects with tremendous customer satisfaction and both projects were both delivered early, under the allotted time frame. With the right team members in place, some excellent reference accounts and a much improved operations team, we expect to continue improving operationally, improve margins and deliver on our profitability metrics moving forward," said Jeromy Olson, Chief Executive Officer. "Additionally, our partnership with Former NFL Superstar Ray Lewis has aided in raising awareness to the Company's turn-key solutions in the multi-billion dollar turf industry as well as the turf performance and athlete safety of our Replicated Grass product. We are already bearing fruit from this relationship and we look forward to further capitalizing on Ray's extensive network of personal relationships within sports organizations, at both pro and collegiate levels."
About Sports Field Holdings, Inc.
Sports Field Holdings, Inc., through its wholly owned subsidiary Sports Field Engineering, 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.
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.
Sports Field Holdings, Inc.
SOURCE Sports Field Holdings, Inc.