GolfGear International Inc. reported net sales of $643,257 for the second quarter of 2003, a 66.6% increase over the $386,066 recorded for the same quarter last year, and net sales of $1,176,404 for the six months ended June 30, 2003, up 54% over the same period a year ago.
Gross margin for the second quarter increased from 10% to 47.2%, yielding a net loss of ($388,184) for the quarter, an amount that was $244,447 less than the ($632,631) loss incurred in the same period in 2002. Net loss for the six-month period increased slightly to ($890,785) from ($872,921) a year ago.
The fully diluted loss per share was ($.01) for the three-month period, compared to ($.02) a year ago and ($.02) for the six-month period, compared to ($.03) in 2003.
According to John Pierandozzi, president and chief operating officer, “The increase in sales was to due to several factors, number one being public acceptance of and demand for our new series of Tsunami drivers and fairway woods which are selling through at the retail level.” “Additionally,” he said, “we launched selected new marketing efforts in support of our key customer accounts.”
Peter H. Pocklington, chairman, added, “We continue to be very enthusiastic about our next generation of forged titanium-insert Tsunami drivers, the 360cc and the 400cc. We look to increase our revenues by expanding our brands and product offerings and instituting new marketing efforts, including a national TV advertising campaign.”