Element 21 Golf Company generated fiscal third quarter revenue of $1.8 million, an increase of 322% compared to revenue of $565,630 in the comparable period in fiscal 2008.  The fiscal third quarter results include non-cash barter revenue of $54,286, incurred costs of sales of $959,542 and general and administrative expenses of $910,591.


Included in general and administrative expenses is a non-cash charge of $302,011, representing the value of compensatory common stock and warrants for services provided by consultants. This resulted in a net loss of $116,012, as compared with the year-ago period in which the company had revenue of $565,630, incurred costs of sales of $461,292 and general and administrative expenses of $1,274,478 and derivative income of $253,853.  This resulted in a net loss of $923,225 for the fiscal third quarter of 2008.


Loss from operations for the third quarter decreased to $44,712 from $1.2 million in 2008.