Feel Golf Co Inc Announces Year End 2010 Results
April 26 2011 - 8:00AM
Marketwired
Feel Golf Company, Inc. (PINKSHEETS: FEEL) today announced the
Company's financial results for the fiscal year ended December 31,
2010.
Net sales for the year ended December 31, 2010 were down 19% to
$391,594 compared with $485,773 for the year ended 2009. Net loss
was $5.3 million diluted loss per share was $0.09 for the year,
compared with a net loss of $935,599 and diluted loss per share of
$0.06 for the same period last year.
Lee Miller, Chief Executive Officer of Feel Golf, Inc., stated,
"Although we experienced a decrease in revenue in 2010, we are
extremely pleased with the acquisition of Pro Line and the new
product lines that we will be announcing within the next 90 days.
In conjunction with the acquisition of Pro Line, we have made
significant changes to our sales systems and modified our
distribution channels, in order to more effectively serve our
current customers and expand our geographic reach."
"We are very encouraged with the progress we have made over the
last 3 months, specifically the acquisition of Pro Line, completed
the move of our office and warehouse to Florida, enhanced our IT
infrastructure, increased our asset base, and enhanced our sales
and distribution channels. Beginning with the second quarter of
2011, we are looking to focus on revenue growth and increased
profitability, as we leverage the groundwork we laid in 2010,"
stated Mr. Miller.
About Pro Line Sports
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® 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 sizes 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®.
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® Golf Ball
Retriever worldwide recognition.
With both companies now under the same roof, sales channels, and
customer accounts along with International distributors have
doubled, and the overall operating cost is reduced.
About Feel Golf Company, Inc.
Feel Golf Company (PINKSHEETS: FEEL) is a leading innovator and
manufacturer of high performance golf products, and the only golf
company whose products are backed by our staff PGA members. FEEL's
latest innovation is the revolutionary reverse taper Full Release™
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 by PGATour Partners 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.
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.
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Investor Relations Contact Andrew Barwicki 516-662-9461
andrew@barwicki.com