Adams Golf Announces Results for First Quarter 2007
2007年5月10日 - 6:22AM
ビジネスワイヤ(英語)
Adams Golf (OTCBB:ADGO) today reported record net sales of $27.8
million for the first quarter ended March 31, 2007 as compared to
$22.3 million in the comparable period of 2006, a gain of 25% year
over year. The Company�s $27.8MM in net sales for the first quarter
represents its largest first quarter net sales figure since the
Company went public in 1998. The Company reported net income of
$3.8 million, or $0.12 fully diluted per share for the first
quarter ended March 31, 2007, as compared to net income of $3.3
million, or $0.12 fully diluted per share for the comparable period
of 2006. "I�m very pleased with the company�s continued sales and
earnings growth," said Mr. Chip Brewer, CEO and President of Adams
Golf. "Our growth continues to be driven by our Idea hybrid iron
sets. Additionally, our individual hybrids have become the #1
hybrid played by professionals on the combined professional men�s
tours (PGA, Champions and Nationwide) for the first quarter of
2007, according to results from the Darrell Survey. We continue to
invest in our brand, our overall organization, particularly our
R&D organization, and our positions on the competitive
professional tours.� Adams Golf will host a conference call at 4:30
p.m. Eastern time on Thursday, May 10th, 2007, with Chip Brewer,
CEO and President, and Eric Logan, Chief Financial Officer, to
review Adams' 2007 first quarter financial results. For telephone
access to the conference call dial (800) 374-0113 or (706) 758-9607
for international calls, and request connection to the Adams Golf
conference call. The conference ID # is 7329769. This press release
contains "forward-looking statements" made under the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
The statements include, but are not limited to statements regarding
our ability to continue manufacturing products that are
commercially acceptable to consumers, statements which may imply
past performance as an indicator of future trends, and statements
using terminology such as "may," "will," "expect," "intend,"
"estimate," "anticipate," "plan," "seek" or "believe." Such
statements reflect the current view of the Company with respect to
future events and are subject to certain risks, uncertainties and
assumptions related to certain factors including, without
limitation, the following: risks relating to product development;
risks that past performance may not be an accurate indicator of
future trends; risks that products may not meet with approval and
conform to governing body regulations; assembly difficulties;
competing product introductions; patent infringement risks;
uncertainty of the ability to protect intellectual property rights;
market demand and acceptance of products; the impact of changing
economic conditions; the success of our marketing strategy; our
dependence on a limited number of customers and suppliers; business
conditions in the golf industry; reliance on third parties,
including suppliers; the actions of competitors, including pricing,
advertising and product development risks concerning future
technology; the management of sales channels and re-distribution;
and one-time events and other factors detailed under "Risk Factors"
in our Securities and Exchange Commission filings. These filing can
be obtained by visiting the corporate governance section of our
website at www.adamsgolf.com or by contacting Adams Golf Investor
Relations at InvestorInfo@adamsgolf.com. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Based upon changing
conditions, should any one or more of these risks or uncertainties
materialize, or should any underlying assumptions prove incorrect,
actual results may vary materially from those described herein.
Except as required by federal securities laws, Adams Golf
undertakes no obligation to publicly update or revise any written
or oral forward-looking statements, whether as a result of new
information, future events, changed circumstances or any other
reason after the date of this press release. All subsequent written
and oral forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by the applicable cautionary statements. ADAMS GOLF, INC.
AND SUBSIDIARIES � CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands, except share amounts) � ASSETS March 31,2007 December
31,2006 (unaudited) Current assets: Cash and cash equivalents $
3,424� $ 9,472� Trade receivables, net of allowance for doubtful
accounts of $706(unaudited) and $702 in 2007 and 2006, respectively
27,029� 13,553� Inventories, net 25,207� 24,651� Prepaid expenses
924� 686� Other current assets 1,367� 1,371� Total current assets
57,951� 49,733� � Property and equipment, net 769� 719� Deferred
tax asset � non current 4,052� 4,052� Other assets, net 1,542�
1,099� $ 64,314� $ 55,603� � LIABILITIES AND STOCKHOLDERS' EQUITY �
Current liabilities: Accounts payable $ 9,466� $ 6,271� Accrued
expenses 8,896� 7,463� Total liabilities 18,362� 13,734� �
Stockholders' equity: Preferred stock, $0.01 par value; authorized
5,000,000 shares; none issued --� --� Common stock, $.001 par
value; authorized 50,000,000 shares; 24,938,976 and 24,895,226
shares issued and 24,002,349 and 23,958,606 shares outstanding at
March 31, 2007 (unaudited) and December 31, 2006, respectively 25�
25� Additional paid-in capital 90,894� 90,630� Accumulated other
comprehensive income 952� 887� Accumulated deficit (42,393)
(46,147) Treasury stock, 936,627 common shares, at cost, at March
31, 2007 (unaudited) and December 31, 2006 (3,526) (3,526) Total
stockholders' equity 45,952� 41,869� � $ 64,314� $ 55,603� ADAMS
GOLF, INC. AND SUBSIDIARIES � CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share amounts) (unaudited) �
Three Months Ended March 31, � 2007� 2006� � Net sales $ 27,808� $
22,265� Cost of goods sold 15,613� 11,813� Gross profit 12,195�
10,452� � Operating expenses: Research and development expenses
810� 610� Selling and marketing expenses 5,706� 4,911� General and
administrative expenses 1,915� 1,672� Total operating expenses
8,431� 7,193� Operating income 3,764� 3,259� � Other income
(expense): Interest income (expense), net 24� 46� Other income
(expense), net 13� 46� Income before income taxes 3,801� 3,351�
Income tax expense 47� 2� Net income $ 3,754� $ 3,349� � Net income
per common share - basic $ 0.16� $ 0.15�
����������������������������- diluted $ 0.12� $ 0.12�
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