Carlyle Golf, Inc. is a designer and marketer of high-quality men’s golf apparel serving approximately 2,500 golf accounts. The company sells shirts, shorts, sweaters and pullovers worldwide. Carlyle products receive continued recognition and endorsement by PGA Tour Players who wear and promote the line. The acquisition of Pro-Line Cap company of Ft. Worth Texas vertically integrates the manufacturing of headwear, allowing Carlyle to double its sales volume.

Golf apparel is an $830 million a year industry that continues to show strong trends for growth. The driving factors for strong growth are:

Demographics: 78 million “baby boomers”, and the youthfull resurence of golfers ie. Tiger Woods and Justin Leonard

Shift to Casual Dress: fastest growing segment of the apparel industry

Consumer Demand: for Authentic (branded), Premium Quality apperal


Share Price $1.43 IPO: Neidiger/Tucker/Bruner
52 Wk H/L $2.63/$1.13 Aug. ’94 @ $3/Unit
Shares Out 5.3 M warrant exercisable @ $4.50 exp. Aug ’98
Float 3.0 M
Market Cap. 7.6 M

Highlights :

July 1997 Teams up with Louisville Slugger for TPX/TPS capline
May Signs manufacturing agreement for Cadillac apparel
May Reports 124% sales increase for 2nd qtr.
Mar Sets new 1st qtr sales record
Jan Acquires Pro-Line Cap Company
1996 Carlyle players take 3 tournaments on the PGA Tour

Revenue History:

1997 1996 1995 1994
1st Qtr $0.8M $0.4M $0.4M $0.1M
2nd Qtr $3.1M $1.4M $1.3M $0.3M
3rd Qtr $2.8M $1.3M $1.1M $0.5
4th Qtr $1.0M $0.7M $0.8M
Totals $6.7M ytd $4.1M $3.5M $1.7M


Although Carlyle has grown rapidly since its inception in 1992, considerable opportunity still exists for prosperous investment. The broad and growing acceptance of Carlyle apparel will continue to fuel strong growth for this company. New accounts grew 38% during 1996 and have increased 32% during the first six months of 1997!
The company continues to create brand recognition via the PGA Tour players wearing Carlyle products during tournaments. Recent performances by Mike Bradley, Gary Hallberg, Dudley Hunt, and Steve Lowery have aided national television exposure for the company’s products. The Pro-Line acquisition exemplifies the company’s strategy to integrate products that add value to their core line.

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