Bullet-Cougar Seeks Bankruptcy Protection
SANTA ANA — As expected, golf equipment company Bullet-Cougar Golf Corp. has filed for bankruptcy protection.
Directors of Bullet Sports International Inc., the parent of the struggling unit, had approved the action last week after failing to obtain outside financing. Bullet-Cougar is the parent company’s principal operating unit.
Bullet Sports also said Wednesday that its losses widened in the third fiscal quarter, as restrictions on its principal lending agreement limited the availability of working capital.
The company lost $2.6 million, or 63 cents a share, for the three months ended Nov. 30, compared with a loss of $943,000 a year ago. Revenue slumped 47% to $1.7 million from $3.2 million. Losses for the nine months totaled $5.8 million, or $1.32 per share, up from a loss of $1.9 million, or 85 cents a share, for the first nine months of 1995. Revenue fell 52% to $5.8 million from $12.1 million.
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