Element 21 Golf Announces Record 2008 Fiscal Fourth Quarter Revenue
Tuesday July 8, 9:05 am ET
Sales of Golf and Fishing Equipment Expected to Increase Approximately 40% Sequentially
TORONTO--(MARKET WIRE)--Jul 8, 2008 -- Element 21 Golf Company (OTC BB:ETGF.OB - News) (Frankfurt:BJQ.F - News), the leading manufacturer of advanced Scandium Alloy golf and fishing equipment, announced today that it expects to report record 2008 fiscal fourth quarter revenue, for the period ended June 30, 2008, as a result of strong sales of its golf and fishing equipment lines. Net revenue, according to preliminary estimates, is expected to increase approximately 40% compared to the Company's 2008 third fiscal quarter, when Element 21 generated net revenue of $565,630. The fiscal fourth quarter results are expected to represent the sixth consecutive quarterly sequential increase in revenue.
Our growing sales reflect continuing adoption of both our golf and fishing product lines," said Nataliya Hearn, President and CEO of Element 21. "Through increased marketing initiatives and new distribution channels, golfers and fishermen are increasingly recognizing the competitive advantages that our unique technology provides. We expect the increased recognition of our products will continue to drive sales growth in the coming months."
For the nine months ended March 31, 2008, the Company had net revenue of $952,562, an increase of 723% compared to the prior year in which the Company had net revenue of $115,636. Element 21 expects to report fourth quarter and year-end results in October.
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