Financial Statements for Adams Golf, Inc.

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Adams Golf, Inc. financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2012-03-31	3 months ending 2011-12-31	3 months ending 2011-09-30	3 months ending 2011-06-30	3 months ending 2011-03-31
Revenue	37.80	11.70	20.50	34.12	30.19
Other Revenue, Total	-	-	-	-	-
Total Revenue	37.80	11.70	20.50	34.12	30.19
Cost of Revenue, Total	20.16	7.09	11.18	19.42	16.03
Gross Profit	17.64	4.60	9.32	14.69	14.16
Selling/General/Admin. Expenses, Total	9.07	4.75	8.07	11.01	9.34
Research & Development	0.76	0.78	0.73	0.69	0.70
Depreciation/Amortization	-	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	-	-5.12	-	-	-
Other Operating Expenses, Total	-	-	-	-	-
Total Operating Expense	29.98	7.49	19.98	31.12	26.07
Operating Income	7.81	4.21	0.52	3.00	4.12
Interest Income(Expense), Net Non-Operating	-0.01	-0.01	-0.01	-0.04	-0.01
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	-0.01	0.00	-	-	0.00
Income Before Tax	7.80	4.20	0.52	2.96	4.11
Income After Tax	5.38	7.02	0.48	2.92	4.04
Minority Interest	-	-	-	-	-
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	5.38	7.02	0.48	2.92	4.04
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	5.38	7.02	0.48	2.92	4.04
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	5.38	7.02	0.48	2.92	4.04
Income Available to Common Incl. Extra Items	5.38	7.02	0.48	2.92	4.04
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	-	-	-	-	-
Diluted Weighted Average Shares	8.13	8.11	8.09	8.12	8.09
Diluted EPS Excluding Extraordinary Items	0.66	0.87	0.06	0.36	0.50
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalized Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalized Income After Taxes	-	-	-	-	-
Normalized Income Avail to Common	-	-	-	-	-
Basic Normalized EPS	-	-	-	-	-
Diluted Normalized EPS	0.66	0.45	0.06	0.36	0.50

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Revenue	96.50	86.25	76.14	91.45
Other Revenue, Total	-	-	-	-
Total Revenue	96.50	86.25	76.14	91.45
Cost of Revenue, Total	53.73	48.50	53.71	53.98
Gross Profit	42.78	37.74	22.43	37.47
Selling/General/Admin. Expenses, Total	33.16	29.93	26.68	35.13
Research & Development	2.90	2.55	2.82	3.76
Depreciation/Amortization	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	-5.12	0.00	5.00	0.00
Other Operating Expenses, Total	-	-	-	-
Total Operating Expense	84.66	80.98	88.21	92.87
Operating Income	11.85	5.26	-12.07	-1.42
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	0.00	-0.01	0.03	-0.06
Income Before Tax	11.78	5.22	-12.12	-1.46
Income After Tax	14.46	5.05	-12.19	-1.46
Minority Interest	-	-	-	-
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	14.46	5.05	-12.19	-1.46
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	14.46	5.05	-12.19	-1.46
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	14.46	5.05	-12.19	-1.46
Income Available to Common Incl. Extra Items	14.46	5.05	-12.19	-1.46
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	-	0.00	0.00	0.00
Diluted Weighted Average Shares	8.10	7.69	6.69	6.41
Diluted EPS Excluding Extraordinary Items	1.79	0.66	-1.82	-0.23
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	1.37	0.66	-1.34	-0.23

In Millions of USD (except for per share items)	As of 2012-03-31	As of 2011-12-31	As of 2011-09-30	As of 2011-06-30	As of 2011-03-31
Cash & Equivalents	8.41	18.22	11.29	3.87	0.66
Short Term Investments	-	-	-	-	-
Cash and Short Term Investments	8.41	18.22	11.29	3.87	0.66
Accounts Receivable - Trade, Net	38.35	16.79	21.81	32.84	31.98
Receivables - Other	-	-	-	-	-
Total Receivables, Net	38.35	16.79	21.81	32.84	31.98
Total Inventory	23.64	26.48	22.87	24.63	28.97
Prepaid Expenses	0.21	0.21	0.08	0.72	0.72
Other Current Assets, Total	4.16	5.24	3.01	0.06	0.13
Total Current Assets	74.78	66.93	59.06	62.11	62.46
Property/Plant/Equipment, Total - Gross	-	-	-	-	-
Accumulated Depreciation, Total	-	-	-	-	-
Goodwill, Net	-	-	-	-	-
Intangibles, Net	-	-	-	-	1.46
Long Term Investments	-	-	-	-	-
Other Long Term Assets, Total	10.70	12.67	11.71	11.76	10.25
Total Assets	86.38	80.54	71.63	74.80	75.08
Accounts Payable	2.81	7.36	4.38	6.10	8.85
Accrued Expenses	12.58	8.39	9.46	11.84	9.71
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00	3.01
Current Port. of LT Debt/Capital Leases	-	-	-	-	-
Other Current liabilities, Total	2.81	2.40	2.49	2.09	1.85
Total Current Liabilities	18.20	18.15	16.33	20.03	23.41
Long Term Debt	-	-	-	-	-
Capital Lease Obligations	-	-	-	-	-
Total Long Term Debt	0.00	0.00	0.00	0.00	0.00
Total Debt	0.00	0.00	0.00	0.00	3.01
Deferred Income Tax	-	-	-	-	-
Minority Interest	-	-	-	-	-
Other Liabilities, Total	-	-	-	-	0.00
Total Liabilities	18.20	18.15	16.33	20.03	23.41
Redeemable Preferred Stock, Total	-	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	0.00	-	0.00	0.00
Common Stock, Total	0.01	0.01	0.01	0.01	0.01
Additional Paid-In Capital	95.48	95.29	95.08	94.89	94.69
Retained Earnings (Accumulated Deficit)	-25.50	-30.88	-37.90	-38.38	-41.31
Treasury Stock - Common	-4.75	-4.75	-4.75	-4.75	-4.75
Other Equity, Total	2.94	2.73	2.86	3.01	3.03
Total Equity	68.18	62.39	55.30	54.77	51.66
Total Liabilities & Shareholders' Equity	86.38	80.54	71.63	74.80	75.08
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	8.00	7.81	7.77	7.70	7.69

In Millions of USD (except for per share items)	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31	As of 2008-12-31
Cash & Equivalents	18.22	6.72	12.56	5.96
Short Term Investments	-	-	-	-
Cash and Short Term Investments	18.22	6.72	12.56	5.96
Accounts Receivable - Trade, Net	16.79	16.59	13.14	14.74
Receivables - Other	-	-	-	-
Total Receivables, Net	16.79	16.59	13.14	14.74
Total Inventory	26.48	27.09	19.72	33.61
Prepaid Expenses	0.21	0.63	0.38	0.91
Other Current Assets, Total	5.24	0.46	0.02	0.03
Total Current Assets	66.93	51.50	45.82	55.25
Property/Plant/Equipment, Total - Gross	12.27	11.80	11.46	11.28
Accumulated Depreciation, Total	-11.32	-10.93	-10.53	-10.07
Goodwill, Net	-	-	-	-
Intangibles, Net	-	-	-	-
Long Term Investments	0.01	0.01	0.01	0.01
Other Long Term Assets, Total	12.66	10.36	10.46	10.59
Total Assets	80.54	62.74	57.22	67.06
Accounts Payable	7.36	6.25	5.48	9.47
Accrued Expenses	8.39	7.78	9.96	5.82
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	-	-	-	-
Other Current liabilities, Total	2.40	1.60	1.27	1.43
Total Current Liabilities	18.15	15.64	16.71	16.72
Long Term Debt	-	-	-	-
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	0.00	0.00	0.00	0.00
Total Debt	0.00	0.00	0.00	0.00
Deferred Income Tax	-	-	-	-
Minority Interest	-	-	-	-
Other Liabilities, Total	-	-	0.00	0.02
Total Liabilities	18.15	15.64	16.71	16.74
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	0.00	0.00	0.00	0.00
Common Stock, Total	0.01	0.01	0.01	0.01
Additional Paid-In Capital	95.29	94.53	93.58	92.70
Retained Earnings (Accumulated Deficit)	-30.88	-45.35	-50.39	-38.20
Treasury Stock - Common	-4.75	-4.75	-4.75	-4.75
Other Equity, Total	2.73	2.67	2.07	0.56
Total Equity	62.39	47.10	40.51	50.31
Total Liabilities & Shareholders' Equity	80.54	62.74	57.22	67.06
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	7.81	7.63	6.98	6.50

In Millions of USD (except for per share items)	3 months ending 2012-03-31	12 months ending 2011-12-31	9 months ending 2011-09-30	6 months ending 2011-06-30	3 months ending 2011-03-31
Net Income/Starting Line	5.38	14.46	7.45	6.96	4.04
Depreciation/Depletion	0.15	0.61	0.46	0.30	0.15
Amortization	-	-	-	-	-
Deferred Taxes	2.28	-2.98	-	-	-
Non-Cash Items	-0.03	1.38	1.57	1.17	0.66
Changes in Working Capital	-17.75	-0.08	-3.31	-9.89	-12.76
Cash from Operating Activities	-9.96	13.40	6.16	-1.46	-7.91
Capital Expenditures	-0.06	-1.96	-1.78	-1.74	-1.52
Other Investing Cash Flow Items, Total	-	-	-	-	-
Cash from Investing Activities	-0.06	-1.96	-1.78	-1.74	-1.52
Financing Cash Flow Items	0.00	-0.01	-0.01	-	3.00
Total Cash Dividends Paid	-	-	-	-	-
Issuance (Retirement) of Stock, Net	0.01	0.00	0.00	-	-
Issuance (Retirement) of Debt, Net	-	0.00	0.00	0.00	0.00
Cash from Financing Activities	0.01	-0.01	-0.01	0.00	3.00
Foreign Exchange Effects	0.22	0.06	0.20	0.35	0.36
Net Change in Cash	-9.80	11.49	4.57	-2.85	-6.06
Cash Interest Paid, Supplemental	0.01	0.07	0.06	0.05	0.01
Cash Taxes Paid, Supplemental	0.08	0.22	0.13	0.10	0.07

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Net Income/Starting Line	14.46	5.05	-12.19	-1.46
Depreciation/Depletion	0.61	0.51	0.61	0.58
Amortization	-	-	-	-
Deferred Taxes	-2.98	-	-	-
Non-Cash Items	1.38	2.00	3.89	2.50
Changes in Working Capital	-0.08	-13.64	13.00	-3.88
Cash from Operating Activities	13.40	-6.08	5.31	-2.26
Capital Expenditures	-1.96	-0.34	-0.18	-0.55
Other Investing Cash Flow Items, Total	-	-	-	-
Cash from Investing Activities	-1.96	-0.34	-0.18	-0.55
Financing Cash Flow Items	-0.01	-0.01	-0.02	0.00
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	0.00	0.01	0.00	-0.49
Issuance (Retirement) of Debt, Net	0.00	-0.01	-0.02	-0.01
Cash from Financing Activities	-0.01	-0.01	-0.03	-0.50
Foreign Exchange Effects	0.06	0.59	1.51	-1.99
Net Change in Cash	11.49	-5.84	6.60	-5.30
Cash Interest Paid, Supplemental	0.07	0.04	0.09	0.10
Cash Taxes Paid, Supplemental	0.22	0.12	0.07	0.01