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CHARTER GOLF ANNOUNCES RECORD FISCAL 1993 SECOND QUARTER AND FIRST-HALF OPERATING RESULTS

 CARLSBAD, Calif., May 24 /PRNewswire/ -- Charter Golf Inc. (NASDAQ: CGOL), today announced record operating results for the second quarter and six-month period ended April 30, 1993.
 Fiscal 1993 second quarter sales increased 65 percent to $16,689,581, as compared to $10,127,649 in fiscal 1992. Net income increased 52 percent to $1,795,586, as compared to $1,178,983 for the second quarter last year. Net income per share increased to $.15 from $.11 per share last year.
 Sales through the first six months of fiscal 1993 increased 67 percent to $24,089,989, as compared to $14,457,081 in the like period a year ago. Net income rose 62 percent to $2,215,466, as compared to $1,371,073 for the six-month period last year. Per share income increased to $.19 from $.13 for the six-month period last year.
 In reviewing operations, Gerald W. Montiel, president and chief executive officer, indicated, "Our company's strong growth is the result of continued increased demand and sell through of our Ashworth product lines." Montiel further stated, "We believe Charter Golf is well positioned from a marketing, financinal and operational base to continue to grow aggressively throughout the balance of '93 and beyond."
 Montiel stated the company also plans to introduce a new sportswear label in late summer for delivery in early 1994. "We feel this new label, which will be sold to department and specialty stores, will open up a whole new market for our company that will complement and supplement our growth strategies in the '90s."
 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.
 CHARTER GOLF INC.
 Summary of Results of Operations
 (Unaudited)
 Period Ended
 Second Quarter April 30,
 1993 1992
 Net sales $16,689,581 $10,127,649
 Cost of goods sold 10,258,864 6,245,188
 Gross profit 6,430,717 3,882,461
 Selling, general and
 administrative
 expenses 3,451,840 1,849,376
 Income from operations 2,978,877 2,033,085
 Other income (expense)
 Interest income 10,364 19,680
 Interest expense (74,833) (82,458)
 Other income 65,662 12,000
 Total 1,193 (50,778)
 Income before provision for
 income taxes 2,980,070 1,982,307
 Provision for
 income taxes (1,184,484) (803,324)
 Net income $1,795,586 $1,178,983
 Net income per
 common share $.15 $.11
 Weighted average
 common shares and
 equivalents
 outstanding 11,801,286 11,102,765
 Six Months April 30,
 1993 1992
 Net sales $24,089,989 $14,457,081
 Cost of goods sold 14,889,286 9,000,429
 Gross profit 9,200,703 5,456,652
 Selling, general and
 administrative
 expenses 5,487,761 3,025,447
 Income from operations 3,712,942 2,431,205
 Other income (expense)
 Interest income 47,484 21,164
 Interest expense (140,482) (132,981)
 Other income 66,924 24,042
 Total (26,074) (87,775)
 Income before provision for
 income taxes 3,686,868 2,343,430
 Provision for
 income taxes (1,471,402) (972,357)
 Net income $2,215,466 $1,371,073
 Net income per
 common share $.19 $.13
 Weighted average
 common shares and
 equivalents
 outstanding 11,720,386 10,415,659
 -0- 5/24/93
 /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: ERN

EH-JL -- SD002 -- 1782 05/24/93 14:47 EDT
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Date:May 24, 1993
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