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COBRA GOLF INCORPORATED REPORTS THIRD QUARTER RESULTS

 SAN DIEGO, Oct. 19 /PRNewswire/ -- Cobra Golf Incorporated (NASDAQ-NMS: CBRA) today reported net income after pro forma provision for income taxes for the quarter ended Sept. 30, 1993, was $1.6 million, or $.21 per share, on net sales of $12.7 million, compared with net income after pro forma provision for income taxes of $93,000, or $.01 per share, on net sales of $5.5 million for the comparable period of 1992.
 For the nine months ended Sept. 30, 1993, net income after pro forma provision for income taxes was $6.1 million, or $.85 per share, on net sales of $43.4 million, compared with net income after pro forma provision for income taxes of $2.6 million, or $.37 per share, on net sales of $26.9 million for the comparable period of 1992. All per share data is based on historical weighted average number of shares outstanding during the reported periods.
 The increase in net income after pro forma provision for income taxes and net sales is attributed to the growing demand for the company's oversized product lines, including its newly introduced Lady Cobra Oversize and Senior King Cobra full sets of oversize golf clubs which the company began shipping in late September 1993. The company originally expected to begin shipping the Lady Cobra Oversize and Senior King Cobra product lines in the fourth quarter of 1993. The company's business continues to follow normal seasonal sales trends, and therefore results for any one or more quarters are not necessarily indicative of annual results.
 At Sept. 30, 1993, Cobra had total assets of $48.0 million and stockholders' equity of $43.5 million.
 On Sept. 28, 1993, Cobra issued 2.0 million shares in connection with an initial public offering of 3.7 million shares of its common stock at $21.00 per share.
 Cobra designs, manufactures, and markets high-quality golf clubs principally for the premium-priced game improvement segment of the golf equipment market. The company's primary market focus is on oversize and graphite shafted golf clubs, including its King Cobra oversize line for men, the Senior King Cobra line for seniors, and the Lady Cobra oversize line for women.
 COBRA GOLF INCORPORATED
 Summary of Results
 Statements of Income
 Nine Months Ended
 Sept. 30,
 1993 1992
 Net sales $43,420,000 $26,928,000
 Pro forma net income
 (fully taxed basis) $6,088,000 $2,645,000
 Historical weighted
 average shares 7,188,000 7,157,000
 Pro forma net income
 per common share $.85 $.37
 Quarter Ended
 Sept. 30,
 1993 1992
 Net sales $12,726,000 $5,536,000
 Pro forma net income
 (fully taxed basis) $1,559,000 $93,000
 Historical weighted
 average shares 7,252,000 7,157,000
 Pro forma net income
 per common share $.21 $.01
 -0- 10/19/93
 /CONTACT: David A. Schaefer, CFO, or JoAnn Velarde, director of Investor Relations, of Cobra Golf, 619-929-0377/
 (CBRA)


CO: Cobra Golf Inc. ST: California IN: LEI SU: ERN

LS-MF -- SD002 -- 3702 10/19/93 07:32 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
Words:505
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