Element 21 Golf Company, the Toronto-based manufacturer of Scandium Alloy golf and fishing equipment, reported revenues of $888,808 for the fourth quarter ended June 30. Revenues increased 686% compared to $112,963 reported for the same period fiscal 2007. The fourth quarter, which was the Element 21’s sixth consecutive quarterly sequential increase in revenue, exceeded the company’s revenue pre-announcement by more than 10%.


For the fiscal year ended June 30, Element 21 reported revenue of $1.8 million, and increase of 705% versus $229,000 in revenue during fiscal year 2007. According to management, the increase in revenue was due primarily to the launch of fishing line.


During fiscal year 2008, general and administrative costs declined 21% or $1,517,415 from $7,127,430 in fiscal 2007 to $5,610,015 in fiscal 2008.


“We are pleased that we continue to experience growing adoption of both our golf and fishing product lines,” said Nataliya Hearn, president and CEO, “Our strong revenue during fiscal 2008 reflects the success of our marketing initiatives, where we have increased our distribution significantly. In addition to improving our top-line results, our ability to leverage marketing relationships has allowed us to reduce expenses significantly, even while we capitalize on significant growth opportunities.”