Adams Golf rode the strength of its Hybrid irons in the first quarter as it posted double-digit sales gains which trickled down the income statement to a low-teens gain on the bottom line as well. Net sales for the first quarter were $27.8 million, improving 25% over $22.3 million in the year-ago quarter. Domestic sales outpaced the overall trend, up 30.3% to $24.1 million from $18.5 million. International saw a 1.6% decrease in sales, down to $3.7 million for the first quarter.
The company saw a 32.3% jump in Irons sales for the quarter to $17.6 million from $13.3 million in the year-ago period. Drivers outpaced the percentage gains in Irons, though not the absolute dollars growth, improving 87.5% to $4.5 million from $2.4 million in Q1 last year. Fairway Woods were soft for ADGO, decreasing 11.9% to $5.2 million from $5.9 million in the year-ago period.
Gross margins decreased 310 basis points for the quarter to 43.9% of net sales, but the decrease put limited pressure on the bottom line. Net income amounted to $3.8 million, or 12 cents fully diluted per share for the quarter, up 12.1% from net income of $3.3 million, or 12 cents fully diluted per share for the comparable period of 2006.
