Sports Field Holdings, Inc. Reports First Quarter 2015 Financial Results

WARRENVILLE, Ill., May 18, 2015 /PRNewswire/ -- Sports Field Holdings, Inc. (OTCQB: 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 first quarter ended March 31, 2015.  

First Quarter Financial Highlights

• Revenues increased 337% year-over-year
• Sales contracts signed totaled $1.7 Million, an increase of $1.6 Million year-over-year
• Current backlog of $1.2 Million
• Significant decrease in net loss

Revenue was $517,860 for the three months ended March 31, 2015, as compared to $118,633 for the three months ended March 31, 2014, an increase of $399,227. The increase in revenue is primarily attributable to the Company's execution of its 2014 sales and marketing initiatives including the hiring of a professional and geographically balanced sales team.

The net loss for the three months ended March 31, 2015 was $329,711, or $0.02 per basic and diluted share, as compared to a net loss of $895,783, or $0.07 per basic and diluted share for the three months ended March 31, 2014. The decrease in the net loss is primarily attributable the increase in revenue resulting from the sales contracts obtained and the decrease of fees associated with going public.

"The first quarter proved transformative for Sports Field Holdings as we made considerable progress and accomplished a number of key strategic objectives," said Jeromy Olson, Chief Executive Officer. "With the expansion of our sales and marketing initiatives, we were able to sign two contracts that drove the 337% increase in revenues year over year.  As the projects for Dean College and St. Joseph by the Sea come to a close, we will be able to recognize the remaining $1.2M in the backlog.  The Company also reduced operating expenses by approximately 49% and will continue to take additional steps to implement operational efficiencies as we continue to execute our growth strategy."

Olson concluded, "By bolstering our salesforce, we were able to expand our reach throughout the United States.  The Company's turn-key solutions and Replicated Grass are being recognized in the industry and being reflected in new contract wins. The billion dollar turf industry is beginning to recognize that safety and performance issues are a high priority in selecting a turf provider.  We are well positioned to benefit from these trends with our carcinogen free, best-in-class turf that is designed to enhance athlete performance and reduce the occurrence and severity of injuries. We are excited about our growth prospects as the pipeline continues to expand and we are very pleased with the momentum gained during the first quarter."

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.

Investor Contacts:
Phil Carlson / Tram Bui
[email protected] / [email protected] 
P: 1 212-682-6300

Tables to Follow

SOURCE Sports Field Holdings, Inc.