| Ticker: | TDRP | 32 Bow Circle, Building #1 | |
| Exchange: | NASDAQ-Small Cap Market | Hilton Head Island, South Carolina 29928 | |
| Industry: | Manufacturing | (803) 686-4995 |
| Type of Shares: | Common Shares | Filing Date: | 10/23/96 | |
| U.S. Shares: | 1,250,000 | Offer Date: | 12/20/96 | |
| Non-U.S. Shares: | 0 | Filing Price: | $4.75 | |
| Primary Shares: | 1,250,000 | Offer Price: | $4.50 | |
| Secondary Shares: | 0 | Gross Spread: | $0.45 | |
| Offering Amount: | $5,937,500 | Selling: | $0.23 | |
| Expenses: | $350,000 | Reallowance: | $0.10 | |
| Shares Out After: | 1,900,000 |
| Manager | Tier | Phone |
| GKN Securities | Lead Manager | (212) 509-3800 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 9/30/96 | 9/30/95 | 9/30/96 | ||
| Revenue: | $1.06 | $0.82 | $0.72 | Assets: | $0.64 |
| Net Income: | -$0.54 | -$0.29 | -$0.37 | Liabilities: | $2.38 |
| EPS: | -$0.72 | -$0.39 | -$0.50 | Equity: | -$1.74 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company designs, develops and markets high-quality, premium-priced golf clubs based on its proprietary technologies, including its TearDrop-Registered Trademark- line of putters and its new line of Spin Master-TM-wedges. The TearDrop putter is used by professional golfers on the Professional Golf Association Tour, the PGA Senior Tour and the Nike Tour including Brett Ogle, Dustin Phillips, Dino Lucchesi, Dennis Zinkon and P.J. Cowan. The TearDrop putter achieved a top-ten ranking on both the PGA Tour and the PGA Senior Tour for victories and top-ten finishes in 1995 among all putters used. The company believes that its products address the demand for innovative short-game clubs that has not been adequately met by the golf equipment industry, which recently has stressed technological advancement in the design of drivers. With increasing sales, golf equipment manufacturers have invested more in research and development, designing clubs by combining new materials and technologies with advanced remodeling, testing and manufacturing techniques in order to provide golfers with clubs that allow for greater distance and control. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for its marketing and advertising activities, to repay indebtedness to NationsBank of South Carolina, to improve its manufacturing operations and for research and development, for working capital and for general corporate purposes. |
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