Adams Golf, Inc. (NASDAQ: ADGF) $28M(MarketCap)
Adams Golf focuses on developing high-performance and technologically innovative golf products. On May 11, the company released its first quarter 2010 results. It reported a 5% decrease in net sales compared to the 3 months ended March 31, 2009, but had an overall higher net profit ($1.7 million) than the previous year ($0.4million). The company had open orders totaling $18.1 million at the end of the quarter as compared to open orders of $5.3 million at the same point in 2009. Chip Brewer, CEO and President of Adams Golf, commented that "we believe this increase in open orders is primarily a result of more forward looking planning by select retailers as well as delays in product availability from various vendors. We expect the product availability delays to be resolved during the current quarter."
The company has experienced significant growth in U.S. market shares. They have been energized with the market response to their current product offerings. One of its newest products, the Speedline Fast 10 drivers, has reduced drag by 10% throughout the swing for a faster club head speed that generates more distance (an additional 15 yeards of carry distance) than previous driver models. According to Golf Datatech LLC, their U.S. iron dollar share was 11.96%, up 21% year over year for the first quarter of 2010. The wood dollar share was 6.53%, up 11% year over year. Furthermore, in March 2010, the Idea A7OS iron set was the #1 selling model of irons in the U.S. Through increased tour exposure, Adams has continued to strengthen its brand and sustained its position as the #1 hybrid on the PGA, Nationwide and Champions tours. Brewer comments that "we are encouraged with the progress we have made in both the product and brad side of the business as well as the improved financial results."
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