-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Bv9N2b1xqUWkyvg12ZgmQ4U47asU/5PiZmlAf0edJJ4L4kqU/Bn8XQmZbLmWsZS+ 7ojuWMFj6EmHX1G+Udcthg== 0000909143-07-000030.txt : 20070510 0000909143-07-000030.hdr.sgml : 20070510 20070510125101 ACCESSION NUMBER: 0000909143-07-000030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070509 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070510 DATE AS OF CHANGE: 20070510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADAMS GOLF INC CENTRAL INDEX KEY: 0001059763 STANDARD INDUSTRIAL CLASSIFICATION: [3949] IRS NUMBER: 752320087 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24583 FILM NUMBER: 07836149 BUSINESS ADDRESS: STREET 1: 2801 EAST PLANO PARKWAY CITY: PLANO STATE: TX ZIP: 75074 BUSINESS PHONE: 9726739000 MAIL ADDRESS: STREET 1: 2801 EAST PLANO PARKWAY CITY: PLANO STATE: TX ZIP: 75074 8-K 1 adgo8k.txt CURRENT REPORT ON FORM 8-K, DATED MAY 9, 2007 ======================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 9, 2007 Adams Golf, Inc. (Exact Name of Registrant as Specified in Charter) Delaware 000-24583 75-2320087 (State or Other (Commission (IRS Employer Jurisdiction of Incorporation File Number) Identification No.) 300 Delaware Avenue, Suite 572 Wilmington, Delaware 19801 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (302) 427-5892 Not Applicable (Former Name or Former Address, if Changed Since Last Report Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 230.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 230.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 230.133-4(c)) ======================================================================== Item 2.02 Results of Operations and Financial Condition On May 9, 2007, Adams Golf, Inc. (the "Company") announced via press release the Company's financial results for the quarter ended March 31, 2007. A copy of the Company's press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Item 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission. The press release is available at the Company's website, www.adamsgolf.com. Item 9.01 Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release of Adams Golf, Inc, dated May 9, 2007. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: May 9, 2007 ADAMS GOLF, INC. By: /s/ ERIC LOGAN ------------------------ Eric Logan Chief Financial Officer EX-99.1 2 adgo-ex99.txt PRESS RELEASE, DATED MAY 9, 2007 [ADAMS GOLF LOGO] NEWS RELEASE FOR IMMEDIATE RELEASE Adams Golf Announces Results for First Quarter 2007 PLANO, TEXAS, May 9, 2007 - 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. For more information, please contact: Patty Walsh Director, Investor Relations Adams Golf (972) 673-9595 pattywalsh@adamsgolf.com ADAMS GOLF, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) ASSETS
March 31, December 31, 2007 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 ======== ======== -----END PRIVACY-ENHANCED MESSAGE-----