Sports Field Announces 2018 First Quarter Earnings

ST. CHARLES, Ill., May 17, 2018 — 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, 2018Gross margin improved to 19.8% in Q1 2018 as compared to 15.6% in Q1 201718.9% reduction in operating expenses as compared to Q1 2017New architectural design work on two new design build projects with estimated value of over $3MOperational Highlights from 2017Signed a representative agreement with former Buffalo Bill and NFL Hall of Fame running back Thurman ThomasIncreased sales backlog to over $10MStreamlined sales organization and restructured for growthCompany landed its largest “turf only” project of $1.6M for build out in Q3 2018As 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.To learn more about Sports Field Holdings, Inc. please visit www.sportsfieldholdingsinc.comSafe Harbor StatementCopyright © 2017 GlobeNewswire. All Rights Reservedhttps://www.globenewswire.com/newsroom/ti?nf=NjkxODM5MCMxNzg1NDkzIzIwMjk0NTA=Sports Field Holdings, Inc.Ed CapkoInvestor Relations815-942-4645

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About the Author: Marcus Suban

Marcus is a reporter on the Political Capital team focusing on money in politics. Before joining Canadian Business Tribune, he worked as a researcher and writer for the Institute for Northern Studies at Lakehead University in Thunder Bay Ontario and as a freelance journalist in Toronto, having been published by over 20 outlets including CBC, the Center for Media and Democracy,The Huffington Post, Salon, Truthout and VICE.com.

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