Adams Golf has been fully reimbursed by its insurance company for funds embezzled by a former employee. ADGO in December reported that $970,000 in embezzled funds had been expensed in the years when the activity occurred.
Adams has now indicated that it will receive $965,000 under a crime policy, which represents the initial amount minus a $5,000 deductible, and will account for the monies in its fiscal 2005 first quarter.
>>> This should make the numbers look good. Net income was only $611,000 in Q1 last year…
