Adams Golf reported a 35 percent increase in turnover in the first quarter to $30.2 million, lifted by domestic and international sales, while net profits rose to $4.0 million from $1.7 million. International sales rose by 26 percent as part of the group's efforts to expand abroad. During the quarter, its third-party managed distribution center for Europe became fully functional.
The company's market U.S. share for irons, in value, reached 12 percent in the on- and off-course distribution channels, in line with the previous year and up by 8.4 percent compared with the fourth quarter of 2010, according to Golf Datatech information released by Adams Golf. Its market share for woods totaled 6.7 percent, up by 2.1 percent from the previous year and up by 11.9 percent from the fourth quarter. In the quarter, the American ironsmarket growth by 17 percent in the first quarter and the wood segment increased by 22 percent.
During the quarter, the group completed the acquisition of Yes! Golf. It expects the business to will generate growth in the putter category and hired Brad Adams and Bart van der Wind as tour representatives for Yes! Golf's putter line. Brad Adams, who previously co-founded both the Odyssey and Never Compromise putter companies, will assume responsibility for representing Yes! Golf putters on the PGA Tour. He will also provide input into the growth of the Yes! Golf brand worldwide. Van der Wind, who owns his own golf academy in Portugal, will grow the brand's presence overseas by representing Yes! Golf on the European Tour. He previously represented Yes! Golf on the Ladies European Tour. Both Adams and van der Wind will be working with Blair Philip, Adams Golf's director of product development—putters. Philip was hired by Adams Golf in January 2011 and previously worked for ProGear Holdings.
