Adams Golf reported sales for the third fiscal quarter were essentially flat at $17.4 million, representing a quarter-over-quarter improvement after the company saw sales plummet 30% in a highly-promotional second quarter.
Management for the golf club manufacturer said third quarter revenues were driven by new product introductions, including the a7 irons and the a7os irons and the Speedline 9032 drivers and fairway woods. In a conference call with analysts, President and CEO Chip Brewer said the company was pleased with its performance amidst difficult market conditions and noted that Adams’ performance compared “very favorably” with industry data.
By segment, product launches propelled sales of Irons to $12.7 million from $11.0 million a year ago. Irons accounted for 73.1% of net sales as compared to 61.9% in the year-ago period.
Fairway Woods slipped to $3.3 million, or 19.2% of sales, from $4.0 million, or 22.7% of sales, in the year-ago period.
Net sales of Drivers increased to $1.2 million, or 7.0% of sales, as compared to $1.1 million, or 6.5% of sales, a year ago. The Speedline product-line was the primary reason for the sales increase.
By region, sales to the United States were $14.5 million, up slightly from domestic sales of $14.2 million a year ago. Net sales for products outside of the U.S. decreased to $2.9 million from $3.5 million a year ago.
Cost of goods sold increased to $11.1 million, or 63.6% of total net sales, from $10.9 million, or 61.8% of total net sales, for the comparable period of 2008.
