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CHARTER GOLF ANNOUNCES PLANS TO EXPAND INTO HAT BUSINESS; SALES CONTINUE VERY STRONG

 CARLSBAD, Calif., July 13 /PRNewswire/ -- Gerald W. Montiel, president and chief executive officer of Charter Golf Inc. (NASDAQ: CGOL), today announced that the company will commence manufacturing operations to produce its own line of golf hats. Montiel stated, "Entering the hat business is a natural extension of our core business of designing and manufacturing Ashworth golf apparel. It is estimated the growing market for golf hats in the U.S. is in excess of $100 million annually."
 Montiel said, "We have hired an experienced professional to help set up our hat business and will be leasing an additional 40,000-square-foot facility to support this new manufacturing operation as well as for storage of raw material inventory. It is anticipated that this new manufacturing facility will be fully operational in approximately 90 days with first delivery of product in October."
 He further stated, "We have test marketed some hats in the past few months and the reception and sell through has been excellent. In fact, on a unit basis our hat business is one of the fastest-growing segments of our operations. The investment in the hat business will be internally financed with the total investment in equipment and set up being approximately $500,000."
 In commenting on operations, Montiel stated, "Our fall sales are very strong and operating results should be in line with current analyst projections. The company's overall financial condition remains strong with a good cash position, strong working capital and inventory levels in line to support anticipated aggressive growth. The company has no long-term bank debt and recently had its line of credit with the Bank of America increased from $7 million to $10 million to facilitate future growth."
 Charter Golf Inc. is the Southern California-based designer and manufacturer of Ashworth golf apparel which has achieved dramatic growth in sales and earnings since 1988.
 -0- 7/13/93
 /CONTACT: Gerald Montiel, president and CEO of Charter Golf, 619-438-6610; or James K. White of Kehoe, White, Savage & Co., 310-437-0655, for Charter Golf/
 (CGOL)


CO: Charter Golf Inc. ST: California IN: TEX SU: PDT

LM-JL -- SD002 -- 0739 07/13/93 09:01 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
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