Web initiatives spur Book4golf revenue increase

TravelGolf.com Staff Report

MARCH 1, 2001 - Book4golf.com Corp., an Internet-based tee-time reservation network, announced March 1 revenues for its first quarter of fiscal 2001 ending Dec. 31, 2000 totaled $763,658 - up 88 percent over the last quarter ending Sept. 30, 2000. The company realized no revenues during the same period last year.

The Toronto-based Book4golf.com reported a net loss for the three month period of $8.2 million compared with a loss of $4.4 million for the same period in fiscal 2000.

Travel services represented the majority of revenues during a period of seasonal closures for most of the courses serviced by Book4golf.com's tee time business.

"We are pleased with the developments in the business and see encouraging momentum building in the demand for our services," said Phil DeLeon, chief executive officer of Book4golf.com.

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During the fiscal 2001 first quarter, Book4golf.com (CDNX: BFG) rolled out the Web-enabled version of its TeeOff tee sheet and launched the America West Golf Vacations Web site to allow online travel bookings.

Book4golf.com also completed the acquisition of NetHandicap.com, signed a letter of intent for the acquisition of LinksTime that ultimately closed in January 2001 and closed a 5-year agreement with American Golf Corp., the world's largest golf course operator.

Company officials report that Book4golf.com has instituted initiatives to reduce expenses significantly. The savings from these cost-cutting measures are expected to have an impact on second- and third-quarter results.