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Adams Golf Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 8, 2010 04:49PM

Adams Golf Inc. (ADGF) filed Quarterly Report for the period ended 2010-09-30. Adams Golf Inc. has a market cap of $32.7 million; its shares were traded at around $4.54 with and P/S ratio of 0.43.

ADGF is in the portfolios of Mario Gabelli of GAMCO Investors.

Highlight of Business Operations:

Selling and marketing expenses increased to $4.9 million for the three months ended September 30, 2010 from $4.5 million for the comparable period in 2009. The increase was primarily the result of an increase in compensation expense of $0.3 million during the period.

General and administrative expenses increased to $2.1 million for the three months ended September 30, 2010 from $1.6 million for the comparable period in 2009. The increase was primarily the result of an increase in compensation expense of $0.4 million during the period.

Cost of goods sold decreased to $40.7 million, or 55.2% of total net sales, for the nine months ended September 30, 2010 from $46.0 million, or 71.7% of total net sales, for the comparable period of 2009. The decrease as a percentage of total net sales was primarily due to the results of an inventory write-down to lower of cost or market during the second quarter of 2009 totaling $3.6 million coupled with a change in the product mix and decreased promotional programs, such as free or discounted products, during the 2010 period.

Selling and marketing expenses increased to $17.3 million for the nine months ended September 30, 2010 from $15.9 million for the comparable period in 2009. The increase was primarily the result of an increase in commission expense of $0.7 million resulting from increased net sales and an increase in marketing and tour expense of $0.2 million and an increase of $0.5 million in compensation expense during the period.

General and administrative expenses increased to $6.5 million for the nine months ended September 30, 2010 from $5.2 million for the comparable period in 2009. The increase was primarily the result of an increase in compensation expense of $1.0 million and legal expense of $0.3.

Cash and cash equivalents decreased to $10.3 million at September 30, 2010 compared to $12.6 million at December 31, 2009. During the period, the primary change in cash flow used in operations was an increase in accounts receivable of $6.1 million and inventory of $3.5 million and the payment of the $5.0 million in settlement expense for the shareholder suit. This increase was partially offset by an increase in accrued expenses and accounts payable of $3.3 million.

Read the The complete Report



Stocks Discussed: ADGF,
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