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Adams Golf Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 9, 2011 04:11PM

Adams Golf Inc. (ADGF) filed Quarterly Report for the period ended 2011-06-30. Adams Golf Inc. has a market cap of $47.4 million; its shares were traded at around $6.37 with a P/E ratio of 6.6 and P/S ratio of 0.5.



Highlight of Business Operations:

Net sales of drivers decreased to $1.9 million, or 5.5% of total net sales, for the three months ended June 30, 2011 from $3.2 million, or 10.1% of total net sales, for the comparable period of 2010. A large portion of the driver net sales for the three months ended June 30, 2011 was generated by the sales of the Speedline Fast 11 driver, while in the comparable period of 2010, net sales were primarily driven by the sales of the Speedline Fast 10 driver.

Cost of goods sold as a percentage of net sales increased to 56.9% of total net sales, or $19.4 million, for the three months ended June 30, 2011 from 53.6% of total net sales, or $16.9 million, for the comparable period of 2010. The increase as a percentage of total net sales was primarily due to changes in our product mix, increased product costs from our suppliers in China, and increased promotional activity in the marketplace during the second quarter of 2011.

Selling and marketing expenses increased to $8.0 million for the three months ended June 30, 2011 from $6.7 million for the comparable period in 2010. The increase was primarily the result of an increase in marketing and tour expense of $0.7 million, increased commission expense of $0.2 million associated with higher revenues and increased compensation expense of $0.3 million.

General and administrative expenses increased to $3.0 million for the three months ended June 30, 2011 from $2.3 million for the comparable period in 2010. The increase was primarily the result of an increase in legal expense of $0.4 million associated with pursuing our suit against a previous insurance carrier. For more information, see Part II, Item 1, "Legal Proceedings".

Net sales of fairway woods increased to $15.3 million, or 23.7% of total net sales, for the six months ended June 30, 2011, from $9.6 million, or 17.8% of total net sales, for the comparable period of 2010. Net sales of fairway woods for the six months ended June 30, 2011 primarily were generated from sales of Idea Pro a12 hybrids, the Tech V3 hybrids, the Idea a7 and a7 OS hybrids and Speedline Fast 11 fairway woods. Net sales of fairway woods for the six months ended June 30, 2010 primarily were generated from sales of Idea a7 and a7 OS hybrids and Speedline Fast 10 fairway woods.

Net sales of drivers decreased to $6.1 million, or 9.5% of total net sales, for the six months ended June 30, 2011 from $7.1 million, or 13.1% of total net sales, for the comparable period of 2010. A large portion of the driver net sales for the six months ended June 30, 2011 were generated by sales of the Speedline Fast 11 driver, while in the comparable period of 2010, net sales were primarily driven by sales of the Speedline Fast 10 driver.

Read the The complete Report



Stocks Discussed: ADGF,
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