GolfGear International Inc. reported net sales of $545,245 for the first quarter of 2003, a 44.3% increase over the $377,780 recorded for the same quarter last year.
At the same time the company had a net loss applicable to common shareholders of $502,601 for the quarter, compared with ($240,290) during the year-ago period. The fully diluted loss per share was ($0.01) compared with ($0.01) in 2002.
According to Don Anderson, founder and chief executive officer, “The increase in sales was to due to several factors, number one being our new series of Tsunami drivers and fairway woods which are selling through at the retail level.”
“Additionally,” he said, “our products are now being seen in some of the larger retail operations throughout the country. We have strengthened our sales force significantly, and we continue to build brand awareness through Demo Days at select golf courses and off-course locations.”
Peter H. Pocklington, chairman, added, “We are very enthusiastic about our next generation of forged titanium-insert Tsunami drivers, the 360cc and the 400cc. The golf industry today is not without its challenges,” he continued, “however with the combination of our technically advanced products, our new management team and a revitalized marketing approach, our outlook is optimistic.”