Acushnet Holdings Corp, which Titleist and FootJoy, filed for an initial public offering hoping to raise up to $100 million by selling shares to the public.
More detailed terms of the initial public offering, such as price estimates or listing stock exchange, weren’t disclosed.
In its year ended December 31, 2015, sales were down 2.3 percent to $1.5 billion. The company lost $14.8 million in the period against earnings of $3.9 million a year ago.
In the first quarter ended March 31, sales improved 6.4 percent to $442.8 million. Net income reached $12.1 million against earnings of $6.0 million. Reflecting the impact to net income attributable to common shareholders of dilutive securities, adjusted earnings in the latest period would have been $19.7 million against income of $11.9 million.
In 2011, a South Korean consortium led by Fila Korea, a sports apparel maker, bought Acushnet for $1.23 billion from Fortune Brands Inc. At the time, Fortune was breaking up into golf, home and security and liquor units.
The complete SEC filing with is here.
Photo courtesy Titleist