Element 21 Golf Company reported record first-quarter results for the period ended Sept. 30, 2008. The company generated net revenue of $555,256, an increase of 323.3% compared to revenue of $131,131 in the year earlier period as a result of growing sales of its golf and fishing equipment lines. The first quarter is typically a seasonally slower period for the company.
“We are pleased that in an incredibly difficult consumer environment that we were able to generate another strong quarter of sales growth,” said Nataliya Hearn, president and CEO of Element 21. ” We continue to see growing adoption of our golf and fishing product lines. Our ability to penetrate new distribution channels as well as our growing recognition by leaders in the golfing and fishing industries positions us well for future growth.”
Some of the recent highlights include:
- Growing distribution. The company received a $300,000 order from a leading distributor of for its Carrot Stix line of fishing rods from the Farris Brothers, Inc., a distributor of Hunting and Fishing Supplies. The purchase represents the initial order for the 2008-2009 season.
- Best product award. The company won best product award at The International Convention of Allied Sportfishing Trades (ICAST), the world's largest sportfishing trade show. The Company won in the best Clothing Category with the introduction of the “CarroTex” insulation in its line of Wind, Rain and Ice thermal rain gear. This is the second year that Element 21 has won Best product awards at the iCAST.
- Leading golfer wins with company's shafts. The FedEx Cup
Winner used the company's shafts to win multiple high-profile golf tournaments, including the Barclays Invitational, Deutsche Bank
Championship and Bridgestone Invitational.