WARRENVILLE, IL–(Marketwired – March 15, 2016) – Sports Field Holdings, Inc. (“Sports Field” or the “Company”) (OTCQB: SFHI) today released its annual letter to shareholders. The highlights of the letter are as follows:
- Fiscal Year 2015 revenues are expected to be at least $4,000,000, representing 220% year-over-year growth;
- Year to date in 2016 we have $10,700,000 in projects under contract;
- Year to date in 2016 we have received a letter of intent representing an additional $3,800,000 in new business for total year to date revenue of approximately $14,500,000;
- The Company is positioned to report positive EBITDA for 2016 with a robust pipeline of potential projects;
- We are continuing to grow our sales footprint, led by our football ambassador and NFL legend Ray Lewis; and
- We continue to close on long-term capital to support our growth objectives and capitalize on increasing demand for our proprietary Organite rubberless turf infill.
Jeromy Olson, President and CEO of Sports Field, commented, “In 2015 we demonstrated the viability and acceptance of our synthetic turf system — Replicated Grass™ — to compete in the multi-billion dollar Athletic Facilities Construction Market. Amid growing public concern over field safety and performance, we continue to provide our clients with a turnkey solution delivering optimal player safety and product quality. In 2016 we are positioned to further capitalize on a robust pipeline of potential projects and deliver tangible results to our shareholders. On behalf of all of us at Sports Field, we would like to thank each and every shareholder for their loyalty, support and belief in our ability to disrupt the sports field industry. In 2016 we are poised to do exactly that.”
Growing Executive Team
Our executive team has grown to include a Director of Operations, a Director of Sales and Marketing, and a Director of Project Management, all of whom are well positioned to drive operational improvement and shareholder value.
Ramp Up in Sales and Marketing Efforts
2015 was critical in building a foundation that increased the Company’s ability to generate future sales. We have grown our sales team to 6 representatives that cover every corner of the United States. Additionally, Sports Field’s ambassador program, which began with our football ambassador and future Hall of Famer Ray Lewis, added 12-year Major League Soccer veteran Chris Wingert and a new Baseball ambassador, former MLB pitcher and current L.A. Dodgers Pitching Coach Rick Honeycutt.
We are leveraging strategic distribution partners located in the Midwest, Southern and Western territories as lead generators that can introduce us to business flow. Finally, we partnered with ESPN’s Emmy Award-winning TV series “SportScience” and installed the turf in the Base Production studios in Burbank, CA. This project will allow us to gain exposure to ESPN’s massive viewership, show off our state-of-the-art turf and establish additional relationships with athletes.
Using Customer Satisfaction to Drive Operations
The quality of our service was our main focus in 2015. This was a differentiating factor that allowed us to win bids over competitors. To date, every completed project has been approved and accepted and all of our clients are being used as positive references for prospective new projects.
In 2015, we added two independent members to our Board of Directors: Glenn Appel, current Chief Executive Officer and President of Campania International, Inc.; and Glenn Tilley, who brings over 30 years of experience in Sports Management and Sports and Entertainment Marketing.
Together with myself and independent board member Tracy Burzycki, we now have a solid and professional board of directors in place. This takes us one step closer to our short-term goal of listing Sports Field on a national stock exchange such as NASDAQ.
Thus far in 2016, we have over $10,700,000 in fully executed contracts and purchase orders and have also received a letter of intent on an additional project worth approximately $3,800,000. In just the first three months of 2016, these projects represent revenues totaling over $14,500,000 in year to date contracted sales.
In addition, we are focused on total cost management. Our Operating Expenses during the first 9 months of 2015 were reduced over 28% year-over-year because of lower expenses related to becoming a publicly traded company. We have also increased pricing on our average quotation by 13% in 2015, based on our average price per square foot calculations. The combinations of cost savings and pricing improvements have helped support our triple-digit top-line growth and position us for profitability in 2016.
We are also focused on completing a private financing that will allow us to repurchase balance sheet debt and improve our working capital to support growing contract revenue.
Brand Discovery and Unveiling
We have engaged a professional branding firm to distinguish Sports Field as the leading turn-key player of synthetic non-rubber turf and athletic facilities. These ramped up branding efforts will include a modern website, investor portal and media placements to increase industry awareness around our innovative offerings. We are very excited about this new brand direction and are anxiously anticipating the launch in the coming weeks. Come and check it out at www.sportsfieldengineering.com.
All my best,
President and CEO
Sports Field Holdings, Inc.
Sports Field Holdings, Inc.