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Golfsmith Announces Fourth Quarter Fiscal 2010 Results

Golfsmith International Holdings, Inc., (NASDAQ: GOLF) today announced financial results for the fourth quarter and fiscal year 2010 ended January 1, 2011.

Fourth Quarter Highlights:

  • Net revenues increased 14.2% to $72.9 million as compared to $63.9 million in the fourth quarter of 2009. Comparable store sales increased 6.4% while sales from the Company’s direct-to-consumer-channel increased 30.6%.
  • Operating loss totaled $5.2 as compared to a loss of $6.4 million in the fourth quarter of last year. Fourth quarter 2010 operating loss included $1.1 million in store closing, lease termination and asset impairment charges. Excluding these charges, operating loss totaled $4.1 million.
  • Net loss for the fourth quarter of fiscal 2010 totaled $5.7 million or $0.35 per share. This compares to a net loss of $6.3 million or $0.39 per share for the fourth quarter of fiscal 2009. Excluding store closing, lease termination and asset impairment charges net loss was $4.6 million, or $0.28 per share.
  • The Company ended the fourth quarter with $40.4 million of outstanding borrowings under its credit facility with borrowing availability of $18.5 million. This compares to $36.0 million of outstanding borrowings under its credit facility with borrowing availability of $16.1 million at January 2, 2010.
  • As of January 1, 2011, total inventory was $79.0 million as compared to $78.0 million at January 2, 2010. Comparable average store inventory declined approximately 5.1%.

For the Fiscal Year 2010:

  • Net revenues totaled $351.9 million as compared to $338.0 million in fiscal 2009. Comparable store sales increased 0.3% and sales from the Company’s direct-to-consumer channel increased 4.1%.
  • Operating loss totaled $4.3 as compared to a loss of $2.1 million for fiscal 2009. Results for 2010 include $2.7 million in store closing, lease termination and asset impairment charges. Fiscal 2009 included $0.9 million in one-time charges.
  • Net loss for fiscal 2010 totaled $5.5 million, or $0.34 per share. This compares to a net loss of $3.5 million or $0.22 per share for fiscal 2009. Excluding store closing, lease termination, asset impairment and other one-time charges, the Company’s net loss was $2.8 million, or $0.17 per share, for fiscal 2010 as compared to $2.7 million, or $0.17 per share, for fiscal 2009.

Martin Hanaka, Chairman and Chief Executive Officer of Golfsmith, commented, “We are pleased to have ended the year on such a strong note. Our sales performance in both our retail and direct businesses continued to gain momentum as a result of execution on our strategic initiatives which included increasing store productivity, opening four new stores and refining our web business. In addition, we continue to achieve significant market share gains during a difficult environment with a differentiated product assortment and superior in-store experience.

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