Global Edition

Results from Adams Golf

8.00am 29th April 2002 - Corporate

Adams Golf has announced operating results for the first quarter ended 31st March 2002. Net sales were $12.4m as compared to net sales of $20.1m during the first quarter of 2001. The Company recorded a net profit of $0.6m, or $0.03 per common share, for the three months ended 31st March 2002 as compared to a profit of $0.4m, or $0.02 per common share, for the comparable period in 2001.

“I’m pleased that we delivered a profitable first quarter in the face of difficult market conditions,” stated Oliver G. “Chip” Brewer III, president and CEO of Adams Golf. “On a positive note, we believe our cost structure is now aligned with our revenues and our new GT product line – especially the fairway woods — is receiving excellent feedback.

“While our environment is challenging, we’re focusing on a few critical activities. Specifically, we’re striving to deliver world-class product performance, retail sell-through, and cash flow. We believe that execution in these areas will ultimately build increased shareholder value.”

Speaking for Adams Golf UK Ltd Jon Parsons said, “Trading conditions in UK & Europe continue to be difficult. However we launched our new range of Tight Lie GT Woods, Irons & Putters at the Orlando Trade Show and have had very favourable reaction to these, with sales for March & April being above forecast. We are hoping for quick sell through and repeat orders for this range, which is extensively marketed through a new campaign in both magazines and on SKY TV”

Adams Golf

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