8-K

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) August 8, 2007

ADAMS GOLF, INC.

(Exact name of registrant as specified in its charter)

Delaware	000-24583	75-2320087
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

300 Delaware Avenue, Suite 572, Wilmington, Delaware, 79801

(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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

     On August 8, 2007, Adams Golf, Inc. (the “Company”) announced via press release the Company’s financial results for the quarter ended June 30, 2007. A copy of the Company’s press release is attached hereto as Exhibit 99.1.

     Pursuant to General Instruction B.2 of Form 8-K, the information in this Form 8-K and the exhibit attached hereto shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, and are not incorporated by reference into any filing of the Company, whether made before or after the date hereof and regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

     (d) Exhibits.

Exhibit
No.	Description of Exhibit
99.1	Press Release of Adams Golf, Inc., dated August 8, 2007.

SIGNATURES

     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.

	ADAMS GOLF, INC
Date: August 8, 2007	By:	/s/ Eric Logan
		Name:	Eric Logan
		Title:	Chief Financial Officer

INDEX OF EXHIBITS

Exhibit
No.	Description of Exhibit
99.1	Press Release of Adam’s Golf, Inc., dated August 8, 2007.

EX-99.1

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Adams Golf Announces Results for Second Quarter 2007

PLANO, TEXAS, August 8, 2007 – Adams Golf (OTCBB:ADGO) today reported net sales of $30.4 million for the second quarter ended June 30, 2007 as compared to $25.7 million in the second quarter of 2006, a gain of 18%. The Company reported net income of $2.5 million, or $0.10 per fully diluted share for the second quarter ended June 30, 2007, as compared to net income of $1.8 million, or $0.08 per fully diluted share for the comparable period of 2006.

“We are pleased with our continued sales and earnings growth,” stated Mr. Chip Brewer, CEO and President of Adams Golf. “We continue to invest in our leadership position in the hybrid iron set category, which we believe will grow significantly in the months and years ahead. Accordingly, we launched the Idea a3 hybrid iron sets and individual hybrids at the end of the second quarter, and are pleased with the initial customer feedback and sales results. Our individual hybrids have maintained the #1 hybrid count on the combined professional men’s tours (PGA, Champions and Nationwide) for the second quarter of 2007, according to results from the Darrell Survey. We have won the hybrid count at seven PGA Tour events since the beginning of the second quarter. Adams Golf staff players have also won the last four Champion’s Tour tournaments, including the U.S. Senior Open and the Senior British Open. We continue to invest in our brand, our overall organization, particularly our R&D group, and our positions on the competitive professional tours, as we believe these investments position us for continued growth.”

Adams Golf will host a conference call at 4:30 p.m. Eastern time on Thursday, August 9th, 2007, with Chip Brewer, CEO and President, and Eric Logan, Chief Financial Officer, to review Adams’ 2007 second 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 12670983.

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,” “continued” 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 filings 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)

	June 30,			December 31,
	2007			2006
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	7,806		$	9,472
Trade receivables, net of allowance for doubtful accounts of $709 (unaudited) and $702 in 2007 and 2006, respectively		27,797			13,553
Inventories, net		25,189			24,651
Prepaid expenses		1,768			686
Other current assets		1,398			1,371
Total current assets		63,958			49,733
Property and equipment, net		755			719
Deferred tax asset – non current		4,052			4,052
Other assets, net		1,407			1,099
	$	70,172		$	55,603
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	10,607		$	6,271
Accrued expenses		10,531			7,463
Total liabilities		21,138			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; 25,526,647 and 24,895,226 shares issued and 24,418,051 and 23,958,606 shares outstanding at June 30, 2007 (unaudited) and December 31, 2006, respectively		26			25
Additional paid-in capital		91,160			90,630
Accumulated other comprehensive income		1,594			887
Accumulated deficit		(39,876	)		(46,147	)
Treasury stock, 1,108,596 and 936,627 common shares, at cost, at June 30, 2007 (unaudited) and December 31, 2006, respectively		(3,870	)		(3,526	)
Total stockholders’ equity		49,034			41,869
	$	70,172		$	55,603

ADAMS GOLF, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Net sales	$	30,403		$	25,733		$	58,211		$	47,998
Cost of goods sold		17,101			14,563			32,714			26,377
Gross profit		13,302			11,170			25,497			21,621
Operating expenses:
Research and development expenses		818			627			1,629			1,237
Selling and marketing expenses		7,711			6,603			13,417			11,513
General and administrative expenses		2,194			2,169			4,108			3,841
Total operating expenses		10,723			9,399			19,154			16,591
Operating income		2,579			1,771			6,343			5,030
Other income (expense):
Interest income (expense), net		20			32			44			77
Other income (expense), net		(49	)		(3	)		(36	)		44
Income before income taxes		2,550			1,800			6,351			5,151
Income tax expense		33			30			80			31
Net income	$	2,517		$	1,770		$	6,271		$	5,120
Net income per common share
— basic	$	0.10		$	0.08		$	0.26		$	0.22
— diluted	$	0.08		$	0.06		$	0.20		$	0.18