Carlyle Golf Inc. announces fiscal 1994 operating results; fall 1995 line receives excellent response at National PGA Merchandise Show.DENVER--(BUSINESS WIRE)--Feb. 1, 1995--William A. Clymor, chairman and chief executive officer of Carlyle Golf 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 common stock:CRLG, warrants:CRLGW) Wednesday Wednesday: see week. announced the operating results for the fiscal year ended Oct. 31, 1994, the company's first full year of operations. Fiscal 1994 net revenues increased to $1,701,402 as compared with $48,801 for the period from inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. through Oct. 31, 1993. During fiscal 1994 the company experienced a net loss of $1,187,737 or 64 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared with a net loss of $581,981 or 55 cents per share for the period from inception through Oct. 31, 1993. In reviewing operations, Jerre Hause, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the company indicated that the revenue level was a very significant amount given its first year of operations. Hause stated: "To our knowledge, very few golf apparel companies have exceeded the $1 million mark during their first full year." Hause indicated that the recent purchase of new embroidery embroidery, ornamental needlework applied to all varieties of fabrics and worked with many sorts of thread—linen, cotton, wool, silk, gold, and even hair. Decorative objects, such as shells, feathers, beads, and jewels, are often sewn to the embroidered piece. equipment and a completely in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. staff for this operation will result in greater productivity and better on-time performance to the company's customers. Hause further stated: "The reception of our new lines at the recent National 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. Merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain Show was excellent. We believe the company is well-positioned to realize strong growth in 1995. Carlyle exceeded its goals for orders written and had serious talks with several potential distributors for product distribution in the U.K., Japan and Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. ." "Additionally, we announced a collegiate col·le·giate adj. 1. Of, relating to, or held to resemble a college. 2. Of, for, or typical of college students. 3. Of or relating to a collegiate church. program which was kicked off by Carlyle's participation at the Golf Coaches Association of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. Convention held Jan. 24 through Jan. 27, 1995. Over 220 college coaches attended their annual convention." Hause also indicated that the company had very meaningful conversations with several tournament officials which could lead to substantial orders over the summer. Carlyle Golf, with offices and warehouse facilities in Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. , designs, contracts for the manufacture of, and markets a line of men's golf apparel, including shirts, sweaters and sweater vests, under the Carlyle label. On Aug. 12, 1994, Carlyle Golf successfully completed an initial public offering of 1,700,000 shares of the company's common stock at $3 per share and 1,700,000 warrants at 25 cents per share to purchase one share of common stock. Neidiger/Tucker/Bruner managed the offering. -0-
Carlyle Golf
Statements of operations
Period from
Year ended Sept. 29, 1992 (a)
Oct. 31, 1994 to Oct. 31, 1993
Net revenues $1,701,402 $48,801
Cost of sales 1,350,971 34,012
Gross margin 350,431 14,789
Selling, general and
administrative expenses 1,409,537 566,652
Loss from operations (1,059,106) (551,863)
Other expenses:
Interest 65,026 1,852
Other 18,062 --
83,088 1,852
Net loss 1,142,194 (553,715) Dividends on preferred stock (45,543) (28,266) Net loss applicable to common stockholders $1,187,737 $(581,981) Net loss per common share (64 cents) (55 cents) Weighted average shares outstanding 1,853,000 1,061,300 -0-
Carlyle Golf Inc.
Balance sheets
For years ended
Oct. 31,
1994 1993
ASSETS Current assets: Cash and cash equivalents $1,726,281 $90,690 Trade accounts receivable net of allowance for doubtful accounts of $119,281, and $0. respectively 495,102 43,133 Inventories 2,043,240 747,189 Prepaid and other assets 21,770 19,206 Total current assets 4,286,393 900,218
Property and equipment
at cost:
Furniture and fixtures 16,705 13,658
Office equipment 45,121 14,884
Leasehold improvements 13,086 --
Warehouse equipment 62,350 37,544
137,262 66,086
Less accumulated
depreciation (23,343) (3,296)
Other assets 114,041 15,278
Total assets $4,514,353 $978,286
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $483,205 $231,051 Payable to officer -- 200,000 Accrued liabilities 76,193 32,945 Capitalized lease obligations 11,292 9,796 Total current liabilities 570,690 473,792 Capitalized lease obligations net of current portion 9,807 19,349 Commitments Stockholders' equity: Convertible preferred stock, $.001 par value, 2,500,001 shares authorized, 0 and 2,500,001 shares issued and outstanding, respectively -- 2,500 Common stock, $.001 par value, 30 million shares authorized, 4,156,451 and 1,061,300 shares issued and outstanding, respectively 4,157 1,062 Common stock warrants 482,000 -- Additional paid-in capital 5,243,752 1,137,266 Accumulated deficit (1,695,909) (553,715) Less deferred compensation (100,144) (101,968) Total stockholders' equity 3,933,856 485,145 Total liabilities and stockholders' equity $4,514,353 $978,286 (a)Sept. 29, 1992 is the date of the company's inception. CONTACT: Carlyle Golf Inc., Denver W.A. Clymor, Jerre Hause, 303/371-2889 or Kehoe Kehoe or Keogh is the name of a clan that existed in southern Ireland. Many of their descendants then emigrated to America and have spread though out that country making Kehoe/Keogh a fairly common last name. , White, Savage Savage may refer to:
James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. K. White, 310/437-0655 |
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