2001: Adams posts 51 percent sales increase
Adams Golf July 25 announced a 51.3 percent increase in sales to $18.8 million for the second quarter ending June 30, compared with $12.4 million during the same period in 2000.
The Plano, Texas-based club company recorded a net loss of $1.6 million for the second quarter. During the same period last year, Adams’ losses were $7.5 million.
For the six months ending June 30, net sales were $39.5 million, compared with $28.3 million for the comparable period in 2000 – a 39.6 percent increase. The company posted a net loss of $1.2 million for the first half of the year, compared with a net loss of $9.6 million for the same period in 2000.
Adams Golf (Nasdaq: ADGO) designs and manufactures golf clubs such as the Tight Lies GT irons and i-Woods, the Tight Lies fairway woods and drivers, the Tom Watson signature series of wedges and the SC Series Spin Control drivers.
SportsLine.com posts loss
SportsLine.com Inc., which publishes CBS SportsLine.com and is involved in various golf ventures, July 24 announced consolidated revenue was $13.1 million in the second quarter of 2001, a 20 percent drop from comparable consolidated revenue of $16.5 million in the same quarter of 2000. Consolidated revenue for the quarter ending June 30 excludes $1.1 million of gaming revenue recognized by the company’s Sports.com subsidiary.
For the quarter, the company posted a pro forma consolidated net loss of $26.4 million, compared with a pro forma consolidated net loss of $23.7 million last year. Pro forma domestic net loss for the quarter was $18.3 million, compared with pro forma domestic net loss of $15.6 million in the same quarter of 2000.
In May, the company announced that it extended through 2002 its relationship with Tiger Woods to be the official English language Internet sports media partner of tigerwoods.com, Woods’ official Web site.
Woods, ABC Sports ink deal
ABC Sports and ESPN announced July 27 an agreement with Tiger Woods under which Woods will appear on several golf specials on ABC Sports during the next five years.
Terms of the deal were not disclosed.
In addition to playing in five prime-time matches, Woods will play in four of the next five Skins Games. The Skins Game is a joint venture of ESPN Regional Television and TWI.
Tommy Bahama to branch out
Tommy Bahama, known for its “island-inspired” shirts and pants, plans to diversify business by introducing a line of golf shoes for men in December. Women’s styles probably will be available within the year.
Tempe, Ariz.-based Paradise Shoe Co., which has produced Tommy Bahama shoes, sandals, belts and hosiery under a licensing agreement for the last four years, will design and produce the new shoe line.
The shoes will be sold through the same channels as the Tommy Bahama apparel line – high-end resorts, golf pro shops and specialty stores.
Daly signs with Penley Sports
John Daly has signed a multi-year contract with Penley Sports to play the company’s golf shafts. Terms of the contract are not known.
The San Diego-based company manufactures wood and iron shafts, and Daly is expected to experiment with both.
Buick going to Tampa
Buick is shifting one of its sponsorships from Callaway Gardens in Georgia to an event in the Tampa Bay area – the Buick Championship at Innisbrook in Palm Harbor, Fla. – and Tiger Woods likely will play in the tournament.
Callaway Gardens is looking for a title sponsor to replace Buick after its contract expires next year, and tournament director Dick Ellis said he hopes to find one in the next three months.
Briefly. . .
Avid Sportswear & Golf Corp., a Sarasota, Fla.-based golf apparel company, hired a new executive management team: Frank J. Jakovac, president and CEO; James W. Handlon, executive vice president and chief operating officer; and Michelle Mathis, director of corporate and legal affairs. . . . Calvin Peete is joining the teaching staff at the PGA Tour Golf Academy at World Golf Village in St. Augustine, Fla. Peete, 58, will serve as an instructor for private lessons and golf schools and will participate in corporate outings. . . . King Step Co., a privately owned golf footwear company in Marlborough, Mass., chose Champ’s ScorpionSpikes as the golf spike for its footwear line. . . . Rivington Golf Management Inc. July 25 announced it has changed its name to Ray Cook Golf Inc. . . . Travelocity.com Inc., the Fort Worth, Texas-based travel Web site, launched Golf Travel, a specialty content area that enables visitors to book golf-specific vacation packages. . . . The Greg Norman Collection and Reebok Golf footwear appointed Suzanne Biszantz vice president and general manager. Biszantz, who is responsible for sales, planning and merchandising, most recently served as vice president of sales for Ashworth Inc.