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Wednesday July 22, 7:55 am Eastern Time
Company Press Release
SOURCE: Adams Golf
Adams Golf Reports Record Second Quarter Sales and Earnings; First Earnings Report as a Public Company
PLANO, Texas, July 22 /PRNewswire/ -- Adams Golf (Nasdaq: ADGO - news) today announced record sales and earnings for the second quarter ended June 30, 1998. Net sales increased 751 percent to $33,817,000 as compared to net sales of $3,974,000 during the second quarter of 1997. Net income increased to $6,657,000, or $0.35 per share on a diluted basis, for the three month period ended June 30, 1998 from a loss of $4,000, or $0.00 per share, for the comparable period in 1997.
For the six month period ended June 30, 1998, net sales were $58,328,000, an increase of 970 percent from $5,449,000 for the comparable period in 1997. Net income for the six month period ended June 30, 1998 was $12,299,000 or $0.66 per share on a diluted basis, versus $41,000 or $0.00 per share for the first six months of 1997.
B.H. (Barney) Adams, Chairman, CEO and President of Adams Golf, stated, ''The Company has enjoyed tremendous growth because of the demand by golfers for our innovative clubs. We are pleased to report such outstanding results in our first earnings report as a publicly held company.''
The Company designs, manufactures and markets premium quality, technologically innovative golf clubs including the Tight Lies(R) fairway woods. The Company's Common Stock began trading on the Nasdaq Stock Market's National Market on Friday, July 10, 1998. Further information on the Company can be found on its Internet site, www.adamsgolf.com.
ADAMS GOLF, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except for share and per share data)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1998 1997 1998
(unaudited) (unaudited)
Net Sales $ 3,974 $33,817 $ 5,449 $58,328
Cost of Goods Sold 1,556 7,763 2,142 13,625
Gross Profit 2,418 26,054 3,307 44,703
Operating Expenses:
Selling and Royalty 1,867 11,139 2,286 17,387
General and Administrative 509 3,691 914 7,023
Research and Development 38 467 38 664
Total Operating Expenses 2,414 15,297 3,238 25,074
Operating Income 4 10,757 69 19,629
Other Expense (10) (11) (14) (111)
Net Income (Loss)
Before Income Taxes (6) 10,746 55 19,518
Income Tax Expense (Benefit) (2) 4,089 14 7,219
Net Income (Loss) $ (4) $ 6,657 $ 41 $12,299
Net Income per Common Share:
Basic $ .00 $ .35 $ .00 $ .68
Diluted $ .00 $ .35 $ .00 $ .66
Weighted Average Number
of Shares Outstanding:
Basic 11,873,234 18,802,579 11,873,234 18,218,730
Diluted 11,873,234 19,038,247 11,873,234 18,664,287
SOURCE: Adams Golf
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