PLANO, Texas -- Adams Golf (OTCBB:ADGF) has reported record net sales of $94.6 million for the year ended Dec. 31, 2007, compared to $76.0 million for the year ended Dec. 31, 2006, a gain of 24% year-over-year.

Company officials reported net income of $9.4 million, or $1.32 per fully diluted share (adjusted for the Feb. 19, 2008, 1-for-4 reverse split) for 2007, compared to net income of $9.0 million, or $1.24 per fully diluted share (split adjusted) for 2006.

In 2007, Adams Golf benefited from the recording of a deferred tax asset of $4.8 million, which brings the company's total deferred tax asset on its balance sheet to $10.2 million. In 2006, Adams Golf benefited from the recording of a deferred tax asset of $5.4 million.

The company reported net sales of $17.5 million for the fourth quarter, compared to $13.1 million for the comparable period of 2006, a gain of 34% year-over-year. Adams Golf reported net income of $3.5 million, or $0.49 per fully diluted share (split adjusted) for the fourth quarter, compared to net income of $4.4 million, or $0.61 per fully diluted share (split adjusted) for the comparable period of 2006.

In the quarter of 2007, the company recorded a deferred tax asset of $4.8 million, as noted above. In the fourth quarter of 2006, Adams recorded a deferred tax asset of $5.4 million.

The company's aggregate cash and cash equivalents balance was $11.3 million as of Dec. 31, 2007. In the fourth quarter, Adams repurchased 15,433 shares of its common stock (split adjusted) under its current, previously announced stock repurchase plan. In all, the company repurchased an aggregate of 91,966 shares of its common stock (split adjusted) in 2007 under the plan.

"We continue to be pleased with the company's performance," said CEO and President Chip Brewer. "Over the last five years we have delivered a 20% compound average growth rate in revenues and consistent profitability, while simultaneously investing in our brand and organizational resources.

"In 2007, we delivered both record annual revenues and increased year-over-year profitability," he added. "Our revenue growth continues to be driven by our Idea hybrid iron sets."

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