Adams Golf Announces Results for Third Quarter 2011
08 Novembro 2011 - 8:00PM
Adams Golf (Nasdaq:ADGF) today reported net sales of $20.5 million
for the three months ended September 30, 2011, as compared to $19.7
million for the three months ended September 30, 2010, an increase
of 4% year-over-year. Adams Golf had a net profit of $0.5 million,
or $0.06 per fully diluted share, for the three months ended
September 30, 2011, as compared to $0.5 million, or $0.07 per fully
diluted share, for the comparable period of 2010.
For the nine months ended September 30, 2011, Adams Golf
reported record net sales of $84.8 million as compared to $73.6
million for the comparable period of 2010, an increase of 15%
year-over-year. For the nine months ended September 30, 2011, Adams
Golf had a net profit of $7.4 million, or $0.92 per fully diluted
share, as compared to $7.1 million, or $0.92 per fully diluted
share, for the comparable period of 2010.
Our aggregate cash and cash equivalents balance was $11.3
million as of September 30, 2011, and we had no outstanding balance
on our credit facility with Wells Fargo.
"We were pleased with our third quarter and year-to-date
financial results, especially in light of today's economic
conditions," said Mr. Chip Brewer, CEO and President of Adams
Golf.
"Furthermore, and perhaps most importantly, we continued to make
progress on our brand development and market share objectives
during the quarter:
- According to Golf Datatech LLC, through September, our
year-to-date U.S. iron dollar share, in the combined On and Off
Course Channels, was 10.87%, up 9% year-over-year. Our
year-to-date wood dollar share in the same channels was 5.82%, up
7% year-over-year.
- We continued to strengthen our brand through tour exposure and
sustained our position as the # 1 hybrid on the PGA, Nationwide and
Champions tours. A specific call out and congratulations goes
out to Adams Golf staff player, Yani Tseng, who is completing a
historic season and was named LPGA player of the year for the
second straight season.
- We are pleased with the market response to our new Idea a12os
irons and hybrids, which were launched in the quarter and have been
receiving positive reviews from both consumers and the
trade. Additionally, we will be rolling out an innovative new
fitting system for both hybrids and hybrid iron sets during
Q4. Our intent is to further our leadership position in these
categories.
- Our domestic business grew at a healthy 12% for the third
quarter of this year as compared to 2010, reflecting both market
share and distribution gains; while our international business
declined 23% for the third quarter year-over-year. Despite
this quarterly decline in international business, our year to date
international revenues are up 10% year-over-year and we continue to
be optimistic about future international growth and have been
making investments accordingly. We anticipate international revenue
growth will resume in the first half of 2012.
- Expenses for the quarter and year to date increased as compared
to last year, resulting from our continued strategy of reinvesting
back into the business along with a significant increase in legal
expense associated with our on-going legal dispute against a
previous insurance carrier. Although unresolved, the initial
court rulings on this case have been favorable to Adams Golf and we
are hopeful for a meaningful recovery if and when the legal matters
finally conclude. The details concerning this litigation can
be found in our recent SEC filings.
- Lastly, as per past practice, our product pipeline remains
strong with exciting and innovative product launches planned for
early 2012.
"Looking forward, although we recognize today's economic
uncertainties and lower consumer confidence, we also believe that
year to date the golf equipment business has weathered these storms
reasonably well and is in a gradual state of
recovery. Specific to our business, we are pleased by our
performance over the last several quarters during which we believe
we have delivered positive financial results and simultaneously
strengthened our brand and reinvested for the future.
"Whatever the economic conditions in Q4 and 2012 may be, we
remain both confident in our strategy and dedicated to creating
long term shareholder value via continuing our revenue growth and
brand development trends," concluded Mr. Brewer.
Conference Call
Adams Golf will host a conference call at 4:30 p.m. Eastern time
on Thursday, November 10, 2011, with Chip Brewer, CEO and
President, and Pamela High, Chief Financial Officer, to review
Adams' Q3 2011 financial results. For telephone access to the
conference call, dial (877) 317-6789 or (412) 317-6789 for
international calls, and request connection to the Adams Golf
conference call. The conference ID # is 10006115.
About Adams Golf
Developing high-performance and technologically innovative golf
products is the cornerstone of Adams Golf. From initial design,
through manufacturing and servicing, Adams Golf is committed to
helping golfers of all abilities enjoy the game of golf. For more
information on Adams Golf, please visit www.adamsgolf.com or view
prior press releases at http://www.adamsgolf.com/news.htm.
The Adams Golf logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5031
Forward Looking Statements
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, planned product launches and international growth, the
global economic recession, our ability to operate profitably and
protect our financial condition and statements using terminology
such as "may," "will," "expect," "intend," "estimate,"
"anticipate," "plan," "seek," "inevitably," "appears," or
"believe." Such statements reflect the current view of Adams Golf
with respect to future events and are subject to certain risks,
uncertainties and assumptions related to certain factors including,
without limitation, the following: the impact of changing economic
conditions; product development difficulties; assembly
difficulties; competing product introductions; patent infringement
risks; our ability to protect our intellectual property rights;
market demand and acceptance of products; the success of our
marketing strategy both domestically and internationally; our
dependence on a limited number of customers; 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 both domestically
and internationally; and one-time events and other factors detailed
under "Risk Factors" in our most recent Form 10-K and subsequent
Form 10-Q on file with Securities and Exchange Commission. These
filings can be obtained by contacting Adams Golf Investor
Relations.
Although Adams Golf 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 Adams
Golf 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 |
|
September 30, |
December 31, |
|
2011 |
2010 |
|
(unaudited) |
|
Current assets: |
|
|
Cash and cash equivalents |
$ 11,291 |
$ 6,724 |
Trade receivables, net of
allowance for doubtful accounts of $2,461 (unaudited) and $1,788 in
2011 and 2010, respectively |
21,806 |
16,594 |
Inventories, net |
22,870 |
27,088 |
Prepaid expenses |
83 |
632 |
Other current assets |
3,006 |
250 |
|
|
|
Total current assets |
59,056 |
51,288 |
|
|
|
Property and equipment, net |
864 |
879 |
Deferred tax assets, net |
10,228 |
10,228 |
Other assets, net |
1,479 |
134 |
|
$ 71,627 |
$ 62,529 |
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
Accounts payable |
$ 4,380 |
$ 6,255 |
Accrued expenses and other
current liabilities |
11,947 |
9,175 |
|
|
|
Total liabilities |
16,327 |
15,430 |
|
|
|
Stockholders' equity: |
|
|
Preferred stock, $0.01 par
value; authorized 1,250,000 shares; none issued |
-- |
-- |
Common stock, $0.001 par value;
authorized 12,500,000 shares; 8,177,516 and 8,045,078 shares issued
and 7,766,579 and 7,634,141 shares outstanding at September 30,
2011 (unaudited) and December 31, 2010, respectively |
8 |
8 |
Additional paid-in capital |
95,085 |
94,525 |
Accumulated other comprehensive
income |
2,861 |
2,666 |
Accumulated deficit |
(37,900) |
(45,346) |
Treasury stock, 410,937 common
shares at September 30, 2011 and December 31, 2010, at
cost |
(4,754) |
(4,754) |
Total stockholders' equity |
55,300 |
47,099 |
|
|
|
|
$ 71,627 |
$ 62,529 |
ADAMS GOLF, INC. AND
SUBSIDIARIES |
|
|
|
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands, except
per share amounts) |
(unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
|
|
|
|
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Net sales |
$ 20,505 |
$ 19,685 |
$ 84,807 |
$ 73,643 |
Cost of goods sold |
11,180 |
11,432 |
46,635 |
40,653 |
Gross profit |
9,325 |
8,253 |
38,172 |
32,990 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Research and development
expenses |
733 |
663 |
2,122 |
1,881 |
Selling and marketing
expenses |
5,677 |
4,883 |
20,237 |
17,292 |
General and
administrative expenses |
2,391 |
2,087 |
8,173 |
6,496 |
Total operating
expenses |
8,801 |
7,633 |
30,532 |
25,669 |
Operating income |
524 |
620 |
7,640 |
7,321 |
|
|
|
|
|
Other expense: |
|
|
|
|
Interest expense,
net |
(8) |
(7) |
(62) |
(25) |
Other income (expense),
net |
-- |
(8) |
(1) |
(13) |
|
|
|
|
|
Income before income
taxes |
516 |
605 |
7,577 |
7,283 |
Income tax expense |
33 |
70 |
131 |
174 |
Net income |
$ 483 |
$ 535 |
$ 7,446 |
$ 7,109 |
|
|
|
|
|
Net income per common share
- basic |
$ 0.06 |
$ 0.07 |
$ 0.96 |
$ 1.00 |
- diluted |
$ 0.06 |
$ 0.07 |
$ 0.92 |
$ 0.92 |
CONTACT: Pamela High
Chief Financial Officer
Adams Golf
(972) 673-9000
InvestorInfo@adamsgolf.com
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