FEEL NEWS Feel Golf Co., Inc. Announces Q2 Financial and Operating Results
5 minutes ago - Marketwire via Comtex
MarketwireFeel Golf Company, Inc. (OTCQB: FEEL) (PINKSHEETS: FEEL) announced the Company's financial results for the second quarter ended June 30, 2011.
Net sales for the quarter ended June 30, 2011 increased 175% to $411,061, compared with $149,738 for the same period last year. Net loss was $758,327 or $0.00 per share, compared to a net loss of $4,259,837, or $0.10 per share for the same period last year. Gross margin increased $258,317, or 2,232%, as compared to the same three month period in 2010.
The increase in sales is due to the acquisition of Pro Line Sports in February 14, 2011. Sales from the newly acquired golf accessory business for the three months ended June 30, 2011 totaled $371,865, or 91%, of total sales.
Lee Miller, Chief Executive Officer of Feel Golf, Inc., stated, "Feel Golf has made significant progress during the first half of 2011 by reducing combined overhead expenses and streamlining operations. Our initiatives help set the stage for a stronger second half of the year. The Pro Line acquisition has allowed us to expand into the golf accessory niche markets and provide a much larger product line to our customers."
"With our focus on increasing sales and profitability, we feel we are well positioned to make significant improvements in the second half of 2011. Our focus for the remainder of the year will be on increasing our revenues via new product introduction, expanding our service, sales, and following prudent fiscal management. We have a number of growth initiatives that we are preparing to launch in the near term which we believe will strengthen sales efforts," concluded Mr. Miller.
About Feel Golf Company, Inc.
Feel Golf Company (FEEL) is a leading innovator and manufacturer of high performance golf products, and the only golf company whose products are designed, built and backed by PGA members. FEEL's latest innovation is the revolutionary reverse taper Full Release(TM) grip -- the first significant advancement in golf grips since the game's inception. Named the "Top Discovery" at the International PGA Show, Feel's patented grips have been independently tested and validated to increase distance and accuracy.
The Feel Golf Company manufactures and markets golf clubs worldwide including its award winning wedges -- well known by Tour Professionals for over the past 25 years as well as high performance drivers, irons and putters for highly discriminating amateurs.
About Pro Line Sports, and the "IGOTCHA" product line
Established in 1996, Pro Line Sports set out to market a patented golf ball retriever and to become the established leader within the golf industry. Over the past six years, the "Made in America" IGOTCHA(R) Golf Ball Retriever has reportedly become the Number One Selling Golf Ball Retriever in America. With its patented shaft and head design it is available in five different lengths and can be found in golf shops throughout North America. When the golf enthusiast thinks of a golf ball retriever, he or she thinks IGOTCHA(R).
Currently, Pro Line has over twenty-six hundred active accounts in America including all major golf retailers as well as golf shops and country clubs throughout the nation. Pro Line maintains its unique position in the industry with an aggressive sales and marketing strategy combining a nationwide network of over twenty-five veteran golf sales professionals with an inside tele-sales group providing continual service to its' dealers. Additionally, Pro Line has more than eighteen distributors in Canada, Great Britain and Europe giving the IGOTCHA(R) product line worldwide recognition.
Visit www.feelgolf.net or call 877-934-7387.
SAFE HARBOR STATEMENT
Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements.
Investor Relations Contact
Andrew Barwicki
516-662-9461
andrew@barwicki.com
