Bullet reports fiscal 1997 second quarter results.SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE)--Oct. 11, 1996--Bullet Sports International Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PARR) Friday reported its operating results for the second quarter of its fiscal year ending Feb. 28, 1997. Revenues for the three months ended Aug. 31, 1996, were $1,730,000, compared with $4,272,000 for the same period of the prior year. Net loss for the three months ended Aug. 31, 1996, was $1,480,000, or 41 cents per common share net of the provision for preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends, compared with a net loss of $741,000, or 29 cents per common share for the comparable prior year. Per share data is based on 4,086,000 and 2,717,000 weighted average common and common equivalent shares, respectively, outstanding during the current and prior year's fiscal quarter. Revenues for the six months ended Aug. 31, 1996, were $4,174,000, compared with $8,895,000 for the same period of the prior year. Net loss for the six months ended Aug. 31, 1996, was $2,233,000, or 64 cents per common share net of the provision for preferred stock dividends, compared with a net loss of $842,000 or 53 cents per common share in the same period of the prior year. Per share data is based on 3,918,000 and 1,794,000 weighted average common and common equivalent shares, respectively, outstanding during the current and prior year six month periods. The company noted that its level of marketing activities continued to be unfavorably impacted during the second quarter as a result of restrictions in its principal lending agreement Lending agreement A contract regarding funds transferred between a lender and a borrower. limiting available working capital. The company continues to pursue alternative financing sources. Additionally, substantial charges were accrued during the second quarter relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc certain payments which may be claimed by various preferred stockholders holding registration rights relating to convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". issued during the first quarter, as the company did not meet certain deadlines with respect to filling and gaining effectiveness of a "shelf" registration statement with the Securities and Exchange Commission, covering the shares of common stock underlying the convertible preferred stock. Unless the company is successful in getting these payment obligations waived or substantially reduced, additional charges will be incurred during the third quarter of the current fiscal year, until the requisite registration statement becomes effective with the SEC. The registration statement is anticipated to be filed within a few days, but no assurance can be given as to the time of effectiveness with the SEC. The company also noted that it had received a favorable response at the Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. International PGA (1) (Professional Graphics Adapter) An early IBM PC display standard for 3D processing with 640x480x256 resolution. It was not widely used. (2) (Programmable Gate Array) See gate array and FPGA. trade show in September 1996 of a new golf product incorporating "The Shaft," an advanced technology graphite shaft manufactured by Aldila. Orders for the new product are now being taken, for delivery in November and thereafter. The company believes that the impact of sales of the new product will not be seen until after the PGA show in Orlando, Fla. in January 1997, at the beginning of the 1997 golf season. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for certain qualifying forward-looking statements. Certain information included in this news release and other materials filed or to be filed by the company with the Securities and Exchange Commission (as well as certain information included in oral statements or the written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to projected financial items and results, plans for future expansion and other business development activities, capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. or financing sources, capital structure and the effects of regulation and competition. Such forward-looking information involves important risks and uncertainties that could significantly impact anticipated results in the future and, accordingly, such results may materially differ from those expressed in any forward-looking statements by or on behalf of the company. Bullet Sports International has headquarters in Santa Ana. The company is a full-line manufacturer and distributor of golf equipment and accessories, which include clubs, bags and golf balls. CONTACT: Bullet Golf International John Haas, 714/966-0310 |
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