Adams Golf followed the general golf market strength in the third quarter, posting a mid-20s sales increase while slimming its quarterly loss at an even bigger rate. The company saw sales growth in each club category as well as in each geographic region for the quarter.
Overall sales for the quarter increased 26% to $18.9 million from $15.0 million for the comparable period last year. Net sales of irons increased 14.1% to $11.3 million from $9.9 million last year, while sales of drivers doubled to $3.0 million, or 15.7% of total net sales, from $1.5 million, or 10.3% of total net sales, last year. Net sales of fairway woods increased 85.7% for the quarter to $3.9 million from $2.1 million last year.
Domestic net sales increased 20.2% to $15.5 million from $12.9 million in the year-ago quarter. International net sales jumped 61.9% to $3.4 million, or 18.2% of total net sales, from $2.1 million, or 14.1% of total net sales, for the third quarter last year. Excluding sales to Canada, international net sales grew to 5.7% of total net sales for the quarter as compared to 5.0% for the same period in 2006.
Overall net income for the quarter was a net loss of $327,000, slimmed 34.6% from a loss of $500,000 in the year-ago quarter. Adams recorded a net loss per diluted share of a penny for the third quarter of 2007, halved from a diluted loss per share of 2 cents in the year-ago quarter.
