Fila Korea plans to raise its stake in Alexandria Holdings, which controls Acushnet, from 47.9 percent at the end of last year to 59.7 percent in 2016. As Acushnet is looking at a possible stock market listing in 2016 or thereafter, Fila Korea's stake would decline to about one-third after the IPO.
According to Fila Korea and other information made available to SGI, Acushnet contributed net income of $46.7 million in the year ended Dec. 31, up sharply from $27.5 million in 2012. Operating earnings rose by 51 percent to $120.2 million although its revenues rose by only 1.8 percent to $1,477 million, with a 4.8 percent increase in the fourth quarter.
North America generated 57 percent of the turnover, followed by Asia at 30 percent and Europe at 13 percent. Golf balls represented 37 percent of the revenues, followed by clubs at 26 percent, shoes (FootJoy) at 15 percent and accessories at 8 percent. Apparel and gloves generated sales of $91.6 million and $107.1 million, respectively.
The Titleist brand topped the level of $1 billion in sales, rising to $1,081 million, while FootJoy reached a level of $395.8 million. Taking out shoes, clothing, apparel and accessories, Acushnet's sales of equipment reached $1,033.5 million, $53.5 million higher than the figure estimated by SGI in the annual International Branded Equipment chart published in our last issue.
