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Acushnet Holdings Corp. (GOLF) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Acushnet Holdings Corp.

CIK: 1672013 Ticker: GOLF

Exhibit  99.1

Acushnet Holdings Corp. Announces

First Quarter 2017 Financial Results,

Declares Quarterly Cash Dividend

First Quarter 2017 Financial Results

·

First quarter net sales of $433.6 million, down 1.4% year over year, or down 0.8% in constant currency

·

First quarter net income attributable to Acushnet Holdings Corp. of $38.1 million, up $14.4 million year over year

·

First quarter Adjusted EBITDA of $78.5 million, down 0.9% year over year

Quarterly Cash Dividend

·

Declares quarterly cash dividend of $0.12 per share; $8.9 million on an aggregate quarterly basis

FAIRHAVEN, MA – May 12, 2017 –

Acushnet Holdings Corp. (NYSE: GOLF) (“Acushnet”), a global leader in the design, development, manufacture and distribution of performance-driven golf products, today reported financial results for the three months ended March 31, 2017.

Wally Uihlein, Acushnet President and CEO, said, "So far in 2017, the global golf industry is in a good place.  While the first few months of industry sell-in are always affected by items like weather patterns and retail trends, the outlook continues to be promising as the golf season gets underway around the world.  At Acushnet, our proven strategy, focus on the dedicated golfer and strong relationships with trade partners continue to be important differentiators and keys to our ongoing success.  The results to date are encouraging and, as we measure ourselves over the longer term and across cycles, we are pleased with our ongoing progress and remain optimistic about the future."

David Maher, Acushnet COO, said,  “It is a solid beginning to the year for both Titleist and FootJoy fueled by new product innovation and supported by our global reach and sound execution by our Associates.  This is a good first step and we remain on track to meet our 2017 goals.  Our U.S. business performed well and we showed continued growth outside of the U.S. as we implement our strategy worldwide.  A highlight was the successful launch of the 2017 Pro V1 and Pro V1x golf balls.  Players on the worldwide professional tours have swiftly converted to these new models and golfers in all markets are excited about the performance advancements.”

Summary of First Quarter 2017 Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

 

 

Constant Currency

 

 

 

March 31,

 

Increase/(Decrease)

 

Increase/(Decrease)

 

 

    

2017

    

2016

    

$ change

    

% change

    

$ change

    

% change

 

(in millions)

 

 

  

 

 

  

 

 

  

 

  

 

 

  

 

  

 

Net sales

 

$

433.6

 

$

439.9

 

$

(6.3)

 

(1.4)

%  

$

(3.6)

 

(0.8)

%

Net income attributable to Acushnet Holdings Corp

 

$

38.1

 

$

23.7

 

$

14.4

 

60.8

%  

 

  

 

  

 

Adjusted EBITDA

 

$

78.5

 

$

79.2

 

$

(0.7)

 

(0.9)

%  

 

  

 

  

 

 

1


The following information was filed by Acushnet Holdings Corp. (GOLF) on Friday, May 12, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) (parentheticals)
Consolidated Statement Of Operations (unaudited)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Comprehensive Income (loss) (unaudited)
Consolidated Statements Of Shareholders??? Equity (unaudited)
Accumulated Other Comprehensive Income (loss), Net Of Tax
Accumulated Other Comprehensive Income (loss), Net Of Tax (details)
Accumulated Other Comprehensive Income (loss), Net Of Tax (tables)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Contingencies And Litigation (details)
Commitments And Contingencies - Purchase Commitments (details)
Debt And Financing Arrangements
Debt And Financing Arrangements (tables)
Debt And Financing Arrangements - Schedule Of Debt And Financing Arrangements (details)
Debt And Financing Arrangements - Senior Secured Credit Facility (details)
Derivative Financial Instruments
Derivative Financial Instruments (tables)
Derivative Financial Instruments - Effect Of Foreign Exchange Derivative Instruments In Comprehensive Income (loss) And Statement Of Operations (details)
Derivative Financial Instruments - Fair Value Of Foreign Exchange Derivative Instruments In Consolidated Balance Sheets (details)
Equity Incentive Plans
Equity Incentive Plans (tables)
Equity Incentive Plans - Restricted Stock And Restricted Stock Units (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Assets And Liabilities At Fair Value (details)
Income Taxes
Income Taxes (details)
Inventories
Inventories (details)
Inventories (tables)
Net Income Per Common Share
Net Income Per Common Share (tables)
Net Income Per Common Share - Calculation Of Diluted Weighted Average Common Shares Outstanding (details)
Nets Income Per Common Share - Computation Of Basic And Diluted Net Income Per Common Share (details)
Pension And Other Postretirement Benefits
Pension And Other Postretirement Benefits (tables)
Pension And Other Postretirement Benefits - Periodic Benefit Cost (details)
Product Warranty
Product Warranty (details)
Product Warranty (tables)
Related Party Transactions
Related Party Transactions (details)
Segment Information
Segment Information (tables)
Segment Information - Reconciliation (details)
Subsequent Events
Subsequent Events - Dividends (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Ticker: GOLF
CIK: 1672013
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-17-004272
Submitted to the SEC: Fri May 12 2017 4:11:24 PM EST
Accepted by the SEC: Fri May 12 2017
Period: Friday, March 31, 2017
Industry: Sporting And Athletic Goods

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