UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended June 27, 2004

 

or

 

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 333-72343

 

 

TRUE TEMPER SPORTS, INC.

(Exact name of registrant as specified in its charter)

 

 

8275 Tournament Drive

Suite 200

Memphis, Tennessee 38125

Telephone: (901) 746-2000

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ý   No o.

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act)  Yes ý   No o.

 

As of August 11, 2004 the Registrant had 100 shares of Common Stock, $0.01 par value per share, outstanding.

 

 

TRUE TEMPER SPORTS, INC.

 

INDEX

 

			Page
PART I.	FINANCIAL INFORMATION
	Item 1.	Financial Statements
		Condensed Consolidated Statements of Operations (Unaudited)	1
		Condensed Consolidated Balance Sheets (Unaudited)	2
		Condensed Consolidated Statements of Cash Flows (Unaudited)	3
		Notes to Condensed Consolidated Financial Statements (Unaudited)	4
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	17
	Item 4.	Controls and Procedures	17
PART II.	OTHER INFORMATION
	Item 1.	Legal Proceedings	18
	Item 2.	Changes in Securities and Use of Proceeds	18
	Item 3.	Defaults Upon Senior Securities	18
	Item 4.	Submission of Matters to a Vote of Security Holders	18
	Item 5.	Other Information	18
	Item 6.	Exhibits and Reports on Form 8-K	18
Signatures			20

 

 

PART I       FINANCIAL INFORMATION

 

Item 1.           Financial Statements

 

TRUE TEMPER SPORTS, INC.

(A wholly-owned subsidiary of True Temper Corporation)

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands)

 

		Quarterly							Year – To – Date
		Successor Company				Predecessor Company			Successor Company				Predecessor Company
		Period from March 29 to June 27, 2004				Period from March 31 to June 29, 2003			Period from March 15 to June 27, 2004				Period from January 1 to March 14, 2004			Period from January 1 to June 29, 2003
NET SALES		$	25,333			$	32,491		$	35,297			$	20,247		$	64,092
Cost of sales		15,123				19,199			21,111				11,871			38,952
GROSS PROFIT		10,210				13,292			14,186				8,376			25,140
Selling, general and administrative expenses		3,339				3,605			3,903				3,635			7,679
Business development and start-up costs		99				159			182				100			284
Transaction and reorganization expenses		—				—			—				5,381			—
Loss on early extinguishment of long- term debt		—				—			—				9,217			—
OPERATING INCOME (LOSS)		6,772				9,528			10,101				(9,957		)	17,177
Interest expense, net of interest income		3,994				3,323			4,679				2,498			6,651
Other expenses (income), net		12				41			14				(2		)	46
INCOME (LOSS) BEFORE INCOME TAXES		2,766				6,164			5,408				(12,453		)	10,480
Income taxes		1,053				2,413			2,098				(2,845		)	4,145
NET INCOME (LOSS)		$	1,713			$	3,751		$	3,310			$	(9,608	)	$	6,335

 

See accompanying notes to condensed consolidated financial statements

 

1

 

TRUE TEMPER SPORTS, INC.

(A wholly-owned subsidiary of True Temper Corporation)

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)

 

Successor Company June 27, 2004