According to the National Golf Foundation, golf rounds played for the YTD period through February 2007 were down 15.8% on a same-store basis, the weakest performance in three years for the same time period. In 2006, rounds were up 15.4% through February vs. 2005. And in 2005, rounds were flat vs. 2004 for the two-month period.

In February 2007, rounds were down 10.6%. Looking at the Central/South Florida and Southwest regions (where just over half of February rounds volume occurred), the number of play days doesn’t provide much guidance as to reasons for the decline – play days were down only slightly in February 2007 vs. February 2006.