Carlyle Golf Inc. announces significant increase in fiscal 1995 first quarter sales.DENVER--(BUSINESS WIRE)--Feb. 24, 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), Friday announced operating results for the first quarter ended Jan. 31, 1995. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter of fiscal 1995 increased 329 percent to $406,041 as compared with $94,601 for the same period a year ago. The company experienced a net loss during the first quarter of $462,445, or 11 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. as compared with a net loss of $297,826, or 28 cents per share, for the same period of the prior year, based on 4,158,734 average weighted number of shares compared with 1,080,607 shares for the same quarter of the prior year. 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, attributed the increase in sales to continued strong demand for the company's quality men's golf apparel sold under the Carlyle label. Earnings during the quarter were impacted by the costs related to the creation of a complete 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. 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. operation. Hause indicated however, that the recent purchase of new embroidery equipment and a complete in-house staff for this operation will result in greater productivity and better on-time performance to its customers. Hause also expressed his pleasure in signing Craig Stadler Craig Robert Stadler (born June 2, 1953) is an American professional golfer who has won numerous tournaments at both the PGA Tour and Champions Tour level. Stadler was born in San Diego, California and attended La Jolla High School. to Carlyle's PGA tour The PGA Tour is an organization that operates the USA's main professional golf tours. It is headquartered in Ponte Vedra Beach, Florida, USA. Its name is officially rendered in all caps as “PGA TOUR". staff in January. Craig is a very recognizable figure on the PGA Tour and a player to whom the golfing public can relate. In addition, Carlyle was recently signed by the Southwest Section of the 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. as the title sponsor for the 51st annual Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Open Championship, which will be held May 19-21, 1995. Hause further stated: "The reception of our new lines at the recent National PGA Merchandise Show was excellent. We believe the company is well-positioned to realize strong growth in 1995." Carlyle Golf, with offices and warehouse facilities in Denver, 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 Inc. successfully completed an initial public offering of 1,700,000 shares of the company's common stock at $3.00 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 Inc.
Results of Operations
For the For the
quarter ended quarter ended
Jan. 31, 1995 Jan. 31, 1994
(unaudited) (unadited)
Net sales $406,041 $94,601 Cost of goods sold 337,293 78,519 Gross margin 68,748 16,082 Selling, general and administrative expense 547,029 291,483 Loss from operations (478,281) (275,401) Other income (expense) 15,836 22,425 Net loss applicable to common stockholders (462,445) (297,826) Net loss per common share (11 cents) (28 cents) Weighted average shares outstanding 4,158,734 1,080,607 CONTACT: Carlyle Golf Inc., Denver W.A. Clymor, Jerre Hause, 303/371-2889 or Kehoe, White, Savage & Co. Inc., Long Beach, Calif. James K. White, 310/437-0655 |
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