| Income Statement for Adams Golf Inc. (ADGF) | | | | | | | Income | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Operating Revenue | 94,604 | 76,030 | 56,424 | 56,762 | 50,879 | | Adjustments to Revenue | - | - | - | - | - | | Cost of Revenue | (53,102) | (40,851) | (28,366) | (27,225) | (25,304) | | Gross Operating Profit | 41,502 | 35,179 | 28,058 | 29,537 | 25,575 | | | Selling/General/Admin Expense | (32,192) | (27,679) | (23,634) | (23,235) | (20,021) | | Research & Development | (3,698) | (2,607) | (2,285) | (1,847) | (1,721) | | EBITDA | 5,612 | 4,893 | 2,139 | 4,455 | 3,833 | | Depreciation & Amortization | (1,506) | (1,453) | (1,943) | (1,355) | (1,955) | | EBIT | 4,106 | 3,440 | 196 | 3,100 | 1,878 | | Interest Income | 286 | 201 | 236 | 81 | 9 | | Other Income, Net | 264 | 35 | 1,052 | 76 | 25 | | Total Income Avail For Interest Expense | 4,656 | 3,676 | 3,333 | 3,257 | 2,171 | | Interest Expense | (1) | (3) | (6) | (13) | (51) | | Pre-Tax Income | 4,655 | 3,673 | 3,327 | 3,244 | 2,120 | | Income Taxes | 4,746 | 5,327 | (87) | (166) | (117) | | Minority Interest | - | - | - | - | - | | Net Income from Continuing Operations | 9,401 | 9,000 | 3,240 | 3,078 | 2,003 | | Net Income from Discontinued Operations | - | - | - | - | - | | Net Income from Total Operations | 9,401 | 9,000 | 3,240 | 3,078 | 2,003 | | | Normalized Income | 9,401 | 9,000 | 1,391 | 3,078 | 1,744 | | Extraordinary Income | - | - | - | - | - | | Special Income/Charges | - | - | 1,849 | - | 259 | | Income from Cum. Effect of Acct Change | - | - | - | - | - | | Income from Tax Loss Carryforward | - | - | - | - | - | | Other Gains | - | - | - | - | - | | Total Net Income | 9,401 | 9,000 | 3,240 | 3,078 | 2,003 | | | Results | in Dollars (Preferred Dividends in Thousands) | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Dividends Paid Per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Preferred Dividends | - | - | - | - | - | | | Basic EPS from Continuing Operations | 1.54 | 1.56 | 0.56 | 0.56 | 0.36 | | Basic EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Basic EPS from Total Operations | 1.54 | 1.56 | 0.56 | 0.56 | 0.36 | | | Diluted EPS from Continuing Operations | 1.32 | 1.24 | 0.48 | 0.56 | 0.32 | | Diluted EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Diluted EPS from Total Operations | 1.32 | 1.24 | 0.48 | 0.56 | 0.32 | | | |
