Torpedo Sports USA, Inc. has filed its Annual Report on Form 10-KSB for the fiscal year ended July 31, 2003, and its Quarterly Report on Form 10-QSB for the first fiscal quarter ended October 31, 2003. As a result of these filings, the Over the Counter Bulletin Board (“OTCBB”) has removed the appended “E” from its stock symbol.
For the year ended July 31, 2003, the Company reported net sales of $6,075,549 and a net loss of $(3,458,072) as compared to net sales of $8,209,400 and net income of $280,356 for the year ended July 31, 2002. For the first quarter ended October 31, 2003, the Company reported unaudited net sales of $1,483,009 and a net loss of $(296,643) as compared to unaudited net sales of $3,189,306 and net income of $138,627 for the quarter ended October 31, 2002.
“We were severely under funded in both the yearly and quarterly periods and continue to be today,” stated Torpedo Sports, Inc. Chief Financial Officer Barry Hollander. “We were, and still are, unable to fulfill all of our product orders given we cannot purchase the necessary raw materials due to lack of working capital. Unless we receive a significant influx of working capital in the very near future, any prospect for a meaningful recovery of either sales or profits is in jeopardy. Given these facts, I believe we are at a crossroads to determine the Company's future and we are presently considering any and all options.”
