Business

Sports Field 1Q revenues increase 57 percent

Posted May 24, 2016 1:00 am

Marketwired

WARRENVILLE - Sports Field Holdings said revenues for the first quarter of 2016 grew 57 percent largely from money received on a major contract.

Revenues for the quarter were reported at $811,075, compared to $517,860 a year ago. The company said the contract with IMG Academy resulted in the bulk of the increase. Gross profit margin for the quarter decreased to 5.8 percent, due to legacy projects having experienced predicted losses, but nearing completion.

SFHI has been awarded more than $15.75 million in sales contracts so far this year, and expects to achieve profitability targets for the 2016 fiscal year.

"Q1 demonstrated that the company's synthetic turf is gaining adoption within the $1.6 billion turf installation market and that our company is improving our operational efficiencies," said Jeromy Olson, President and CEO of Sports Field. "We believe we are positioned to capitalize on a robust pipeline of potential projects and deliver tangible results to our shareholders for the remainder of 2016."

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