Global Edition

Acushnet report Q3 sales increase

11.00am 21st October 2002 - Corporate

The Acushnet Company–comprising Titleist, FootJoy, Cobra and Pinnacle–today reported $236.4 million in revenue for the three months ended Sept. 30, up 8.3 percent from last year’s $218.3 million.

Golf-product sales for the operating division of Fortune Brands for the first nine months of the year were $837.1 million, also up 8.3 percent over a year ago.

Acushnet’s third-quarter operating company contribution–a Fortune Brands proxy for operating profit–was $26.1 million, up 1.2 percent over the same period last year. The OCC for the first nine months of 2002 was $121.5 million, a 3.3 percent increase over the $117.6 million during the same period last year.

“We saw our investments in new-product development pay off in share gains for brands like Moen, Titleist and Cobra,” said Norm Wesley, Fortune Brands’ chairman and CEO. Acushnet had no further comment on the results.

Meanwhile, Fortune Brands reported net income of $113.2 million for the third quarter ended Sept. 30, a 22 percent increase over the same period last year, while net income for the first nine months of the year was $394.1 million, up 53.2 percent from 2001. Third-quarter sales were $1.5 billion, a 1.4 percent increase. Nine-month sales were $4.2 billion, a 3.1 percent increase over last year.

Fortune Brands stock traded up $3.42 on the NYSE, to close at $52.42.

In related news...