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Golfsmith Press Releases

July Press Releases

Golfsmith Completes Amendment and Extension of Its Existing Credit Agreement

AUSTIN, Texas, Jul 12, 2010 (BUSINESS WIRE) -- Golfsmith (NASDAQ: GOLF) today announced that it has completed an amendment and extension of its revolving credit facility with GE Antares Capital. more...

Sue Gove, Chief Operating Officer and Chief Financial Officer, commented, "We are pleased to have completed this amendment to secure long term financing with our partners at GE Antares Capital with favorable terms. Our capital structure is now well positioned to support our growth strategy which targets opening seven new stores in each 2011 and 2012."

The terms of the Amended Credit Facility include:

  • a $90.0 million asset-based revolving credit facility

  • Term extension of 48 months from closing date, resulting in no write-off of previously capitalized and unamortized debt issuance costs

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ:GOLF) is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in its 77 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Golfsmith undertakes no obligation to update any such statements.

SOURCE: Golfsmith International Holdings, Inc.

Investor Relations Inquiries:
ICR, Inc.
Joseph Teklits/Jean Fontana, 203-682-8200
www.icrinc.com

Copyright Business Wire 2010

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June Press Releases

Christmas in June: Father's Day is the Busiest Holiday for Golfsmith, the Nation's Largest Golf Specialty Retailer; Values and High-Tech Products Highlight Top Gifts for Dad

AUSTIN, Texas, Jun 07, 2010 (BUSINESS WIRE) -- During the weeks leading up to Father's Day, the nation's largest golf retailer, Golfsmith, expects to see twice as many shoppers than normal at the specialty retailer's 77 locations from coast to coast and online store at golfsmith.com. more...

The increase in goods sold at Golfsmith during the month is comparable to what traditional retailers experience during the December holidays. As an example of the sales surge, Golfsmith expects to sell more than two-million golf balls just in June.

"We see a tremendous increase in shoppers visiting our Golfsmith stores and Golfsmith.com this time of year. Father's Day is our Christmas season here at Golfsmith and because of our buying power there are some terrific deals to be had with some of the most popular brands in golf," said Marty Hanaka, Golfsmith President and CEO. "Our product selection is centered on enhancing the golfing experience. We've handpicked the best gifts for every golfing Dad whether they're an avid golfer or just beginning to play."

Finding a gift for Dad can be as challenging as hitting a hole in one. The average consumer may not realize how technology is changing the game, making playing golf easier and more fun. High-tech products are some of the fastest selling product lines for Father's Day this year at Golfsmith.

Today almost every golf product Golfsmith sells has been transformed with new technology; from GPS devices giving golfers exact distances on every shot to the computer designed drivers providing more distance and accuracy than ever before. And to help shoppers, Golfsmith is taking the guess work out of shopping and has assembled the best golf gifts with the latest technology to help any golfing Dad improve his golf game. (See recap of "Top Picks for Dad" in this release)

"Shopping for a golfer can sometimes be a daunting task for a non-golfer. Our associates know the game, the latest equipment and can serve as a personal shopper to find just the right gift," Hanaka added. "What sets us apart as a retailer is the depth of knowledge our Golfsmith associates offer. They have a passion for the game, understand the latest technology and will help everyone find the perfect golf gift."

(Editor's Note: For video and interviews, still pictures of unique and popular gifts along with a streaming news report designed for bloggers, please visit: www.golfsmith.com/dadsdaypress)

Father's Day by the Numbers:

During the month of June, Golfsmith, the nation's largest specialty golf retailer, is expected to sell more than:

  • 2 million Golf balls

  • 4 million Tees

  • 150,000 Golf clubs of all makes and models

  • 30,000 Hats

  • 60,000 Golf Shirts

Source: Golfsmith Intl, 2010

Golfsmith's 2010 Top Gift Picks for Dad include:

  • SkyGolf SGX GPS Device: includes a high-resolution 4-color display and up to 30,000 courses pre-loaded.

  • Odyssey Golf White Hot XG Putter with multi-layer insert technology is the softest, most responsive putter Odyssey Golf has ever created.

  • TaylorMade Burner SuperFast Driver with an aerodynamic crown shape that reduces drag and promotes more ball speed for more distance. This driver also comes with a free $50 Golfsmith gift card.

  • Titleist Pro V1 and Pro V1 X: the three-piece multi-layer Pro V1 golf ball continues to serve as the high performance standard by which all other golf balls are compared and measured.

  • adidas TOUR360 4.0 golf shoe brings golfers lower to the ground for more stability and molds to the exact contours of each golfer's foot.

Visit www.golfsmith.com/dadsdaypress for a complete list of Top Gifts for Dad

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF) based in Austin, Texas, is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in its 75 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs. Visit www.golfsmith.com

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed March 3, 2009 under the caption "Risk Factors."

SOURCE: Golfsmith

Media Contacts:
L2 Communications
Lynn Luczkowski, 860-313-1426
Lynn@L2comm.biz
Aubrey Haznar, 617-481-1696
Aubrey@L2comm.biz
or
Golfsmith
Matt Corey, 512-821-4883
matt.corey@golfsmith.com

Copyright Business Wire 2010

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Golfsmith to Give Away More Golf Clubs if Garcia, Goosen or O'Hair Win U.S. Open

AUSTIN, Texas, Jun 01, 2010 (BUSINESS WIRE) -- Just months after Phil Mickelson's Masters win resulted in Golfsmith giving away a $1 million in golf clubs, the nation's largest specialty golf retailer, hopes to have a repeat performance with another million dollar golf club giveaway. more...

Golfsmith (NASDAQ:GOLF) is teaming up with TaylorMade (ADDYY) and a trio of golfers, two-time U.S. Open Champion Retief Goosen, Sergio Garcia and Sean O'Hair with a new national promotion tied to the U.S. Open Golf Championship.

"Pick a Pro and Win" gives customers an opportunity to win new TaylorMade drivers, free of charge, if Garcia, Goosen or O'Hair, is victorious at Pebble Beach. Now through June 16 golfers who purchase one of three new TaylorMade drivers - the R9 Super Tri, Burner SuperFast or the R9 460 driver - at any Golfsmith store across the country will have the purchase price of their TaylorMade driver fully refunded by Golfsmith if the player they choose - Garcia, Goosen or O'Hair - wins the U.S. Open. Like the Phil Mickelson promotion, Golfsmith has purchased an insurance policy to cover the promotion.

"The U.S. Open is one of golf's ultimate tests," said Garcia, who has seven PGA Tour victories and is looking for his first U.S. Open Championship. "This promotion will add to the excitement for both the fans and players who are participating."

"I always look forward to competing in the U.S. Open," added Goosen, who has two U.S. Open victories (2001 and 2004). "Pebble Beach is a world-class venue worthy of another major championship, and I'm looking forward to the challenge."

In addition to the Pick a Pro promotion, Golfsmith is giving away $50, $75 and $100 gift cards when consumers purchase specific TaylorMade drivers, the R9 Super Tri, the R9 460 and the Burner SuperFast, respectively. To learn more about Golfsmith's promotion with TaylorMade, stop by any Golfsmith store or visit www.golfsmith.com/pickapro. This promotion is available only in Golfsmith's U.S. stores. No purchase necessary.

This promotion is only sponsored by Golfsmith International Holdings, Inc. and TaylorMade and is not sponsored by or endorsed by, and there is no affiliation with the U.S. Open or any other entity.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ:GOLF) is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in its 77 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed March 3, 2009 under the caption "Risk Factors."

SOURCE: Golfsmith International Holdings, Inc.

L2 Communications
Lynn Luczkowski, 413-478-1569
Lynn@L2comm.biz
or
Aubrey Haznar, 617-549-8792
Aubrey@L2comm.biz
or
Golfsmith
Matt Corey, 512-821-4883
SVP Marketing & Business Development
matt.corey@golfsmith.com

Copyright Business Wire 2010

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May Press Releases

Golfsmith Opens First Location in Wisconsin with Milwaukee Superstore
- Nation's Largest Specialty Golf Retailer Announces Opening of 25,000-square foot store in Brookfield

MILWAUKEE, Wis., May 24, 2010 (BUSINESS WIRE) -- Golfsmith International Holdings, Inc. (NASDAQ: GOLF) announced today the official unveiling of its new 25,000-square foot playground for golf enthusiasts in Milwaukee. The new Golfsmith in Brookfield is an interactive golf superstore and the first of its kind in the state of Wisconsin. The new Golfsmith features an expansive six-bay indoor driving range with state-of-the-art launch monitors and Certified PGA Pro golf instruction from GolfTEC. more...

Located at 16130 West Bluemound Road in Brookfield, at the Fountain Square Shopping Center, the new Golfsmith also features a huge indoor putting green and two "virtual reality" custom fitting studios that match golfers to the clubs that fit their swing. The new Golfsmith offers all guests a Low Price Guarantee and features a huge selection of name-brand gear from Adidas(R), Callaway(R), Cleveland(R), Cobra(R), Head/Penn(R), Nike(R), PING(R), TaylorMade(R), Titleist(R), Wilson(R) and many more.

"Milwaukee is a phenomenal golf market where folks pack a lot of golf into their season. Because this is our first store in Wisconsin, we wanted to make it a real destination for golfers from across state," said Martin Hanaka, president and chief executive officer of Golfsmith. "Golfsmith in Milwaukee is another milestone in our commitment to activity-based retail, and to expanding our retail footprint nationwide. Our superstore format is about giving people hands-on experience, expertise and, of course, great selection at guaranteed low prices."

An Interactive Playground for Golfers

Golfsmith features the full complement of Golfsmith's interactive retail experience:

  • Indoor Driving Range - The indoor driving range offers extended ball flight that lets golfers test the latest clubs. The store has 6 hitting bays, hundreds of demo clubs and the latest launch monitors that let golfers see distance and ball flight stats, including launch angle and spin rates.

  • Certified PGA Instruction and Hi-Tech Swing Analysis - Golfsmith's partnership with GolfTEC lets customers take advantage of in-store PGA teaching professionals who provide coaching and advanced instruction using the same biofeedback techniques, including video and swing analysis technology, used by PGA pros.

  • Custom Fitting Studio - Golfsmith's professional in-store staff offers complimentary precision club-fitting, matching golfers to the clubs that best fit their individual swings. The store's two virtual reality fitting studios offer a "dark room" effect that gives the feel of being on the course.

  • Golf and Tennis Apparel - Golfsmith features the most up-to-date styles in men's and women's golf and tennis apparel. Catering to young and seasoned players alike, Golfsmith offers the latest in on and off the field design trends and hi-tech fabrics.

Golfsmith gives guests three ways to shop for their golf and tennis equipment, accessories and apparel: more than 70 retail stores; its Internet store at www.golfsmith.com; and its assortment of catalogs.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF), is a 42-year-old specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in more than 70 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

SOURCE: Golfsmith International Holdings, Inc.

Golfsmith International Holdings, Inc.
Brian Posnanski, 314-968-7712
brian@traffic-prm.com

Copyright Business Wire 2010

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Golfsmith Expands Presence in Orange County with New Store in Brea, California
New Brea Store Offers 21,000 Square Foot Golf Experience

BREA, Calif., May 07, 2010 (BUSINESS WIRE) -- With golf season getting into full swing, golfers in Orange County and Los Angeles have a new playground to find everything they need to play better golf. more...

Golfsmith International Holdings, Inc. (NASDAQ: GOLF) announced today that it has opened its eighth store in the Los Angeles and Orange County area. A 21,000-square foot paradise for golfers, the interactive golf superstore features a five-bay indoor driving range, custom fitting and certified PGA Pro golf instruction from GolfTEC. The store has every product imaginable for golfers including thousands of golf clubs and all of the best brands of golf balls to Hank Haney training aids and the latest fashions in apparel and footwear.

"Golfsmith is determined to have a strong presence in one of the strongest golf markets in the country," said Marty Hanaka, president and chief executive officer of Golfsmith. "Our new store in Brea gives golfers in North Orange County another great option to improve their games. We're proud to expand our interactive golf retail experience. In fact, we are the only retailer to guarantee that golfers will play better when they get custom fit at Golfsmith."

The new store is located at 835 East Birch Street, in the Brea Market Place, across from the Brea Mall. In addition to the driving range, the store features a huge indoor putting green and "virtual reality" custom fitting studios that help match golfers to the clubs that fit their swing. Golfsmith also guarantees the lowest prices in town and the store features a huge selection of name-brand gear from adidas(R), Callaway Golf(R), Cleveland(R), Cobra(R), Nike Golf(R), PING(R), TaylorMade(R), Titleist(R), and many more.

A Fun and Inspiring Destination for Any Golfer

The new Golfsmith store in Brea features the full complement of Golfsmith's interactive retail experience:

  • Indoor Driving Range - The indoor driving range offers extended ball flight that lets golfers test the latest clubs. Each store has hundreds of demo clubs and the latest launch monitors that let golfers see distance and ball flight stats, including launch angle and spin rates.

  • Certified PGA Instruction and Hi-Tech Swing Analysis - Golfsmith's partnership with GolfTEC lets customers take advantage of in-store PGA teaching professionals who provide coaching and advanced instruction using the same biofeedback techniques, including video and swing analysis technology, used by PGA pros.

  • Custom Fitting Studio - Golfsmith's professional in-store staff offers complimentary precision club-fitting, matching golfers to the clubs that best fit their individual swings. A virtual reality fitting studio offers the effect of being on the course. Golfsmith's "Custom Fit Play Better Guarantee" allows golfers who get custom fit to bring their clubs back within 90 days of purchase if they don't play better - no questions asked.

  • Golf Apparel - Golfsmith features the most up-to-date styles in men's and women's golf apparel. Catering to young and seasoned players alike, Golfsmith offers the latest in on and off the course design trends and hi-tech fabrics.

Golfsmith gives golfers three ways to shop for their golf and tennis equipment, accessories and apparel: more than 70 retail stores; its Internet store at www.golfsmith.com; and its assortment of catalogs.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ:GOLF) is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in more than 70 stores across the United States, through its Internet site at www.golfsmith.com and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed February 24, 2010 under the caption "Risk Factors."

SOURCE: Golfsmith International Holdings, Inc.

For Golfsmith International Holdings, Inc.
Brian Posnanski, 314-968-7712
brian@traffic-prm.com

Copyright Business Wire 2010

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Country's Largest Golf Retailer Gives Customers 50,000 Rounds and Reasons to Get Back on the Links

AUSTIN, Texas, May 06, 2010 (BUSINESS WIRE) -- The economy, weather and several other factors have reduced the number of rounds of golf played by golfers in America in the past year and a half. In an effort to reverse this trend and make golf more affordable than ever, America's largest golf retailer, Golfsmith, is partnering with more than 70 golf courses from coast to coast to launch "Free Golf Month" in the largest golf game giveaway ever. Some 50,000 rounds of golf are being given to the retailer's customers to get more golfers back on the greens. more...

"We're making golf very affordable," said Marty Hanaka, Golfsmith CEO. "Despite the challenging economic climate we are giving our customers exactly what they want, the opportunity to play more golf. With our 'Free Golf Month' promotion we're now providing our customers a free pass and access to our network of great courses throughout the country while setting ourselves apart from the competition."

According to the National Golf Foundation (NGF), more than 518 million rounds of golf were played in 2000 while 2009 data revealed only 486 million rounds played. The average number of rounds played in the US has gone down, remained flat or increased less than one percent in the past decade. This downward trend continues, according to the NGF. Rounds of golf played are down 12.4 percent in the first three months of this year as compared to the same period in 2009.

The promotion is a win-win for customers because it is providing a free golf game valued at up to $100 with an in-store purchase of $99 while it will also benefit golf courses to attract new golfers to their courses. The average free round is around $45 to $50.

Upon the transaction of $99 or more at any of Golfsmith's 75 stores across the country, consumers will receive a voucher from a local course to play for free at one of the participating local courses. Quantities vary by store and are on a first come, first served basis only. For full details visit your local Golfsmith store.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF) is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in its 75 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs. Visit www.golfsmith.com

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed March 3, 2009 under the caption "Risk Factors."

SOURCE: Golfsmith International Holdings, Inc.

L2 Communications
Lynn Luczkowski, 860-313-1426
Lynn@L2comm.biz
or
L2 Communications
Aubrey Haznar, 617-481-1696
Aubrey@L2comm.biz
or
Golfsmith
Matt Corey, 512-821-4883
matt.corey@golfsmith.com

Copyright Business Wire 2010

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Golfsmith Announces First Quarter 2010 Earnings Results

AUSTIN, Texas, May 05, 2010 (BUSINESS WIRE) -- Golfsmith International Holdings, Inc., (NASDAQ: GOLF) today announced financial results for the first quarter fiscal 2010 ended April 3, 2010. more...

First Quarter Highlights:

  • Net revenues were $67.6 million for the first quarter of fiscal 2010 as compared to net revenues of $68.8 million for the first quarter of fiscal 2009. Net revenues reflect a 1.0 percent decrease in comparable store sales and a 13.5 percent decrease in net revenues from the direct-to-consumer channel.

  • Operating loss totaled $5.3 million for the first quarter of fiscal 2010 compared to a loss of $5.4 million for the first quarter of fiscal 2009. In last year's first quarter, the Company recorded a $0.5 million non-recurring charge, or $0.03 per diluted share, related to severance associated with organizational changes.

  • Net loss for the first quarter of fiscal 2010 totaled $4.8 million, or a net loss per diluted share of $0.30. This compares to a net loss of $5.1 million or a net loss per diluted share of $0.32 for the first quarter of fiscal 2009.

  • As of April 3, 2010, the Company had $42.8 million of outstanding borrowings under its credit facility and borrowing availability of $24.5 million. This compares to $45.2 million of outstanding borrowings under its credit facility, and $16.4 million of borrowing availability at April 4, 2009. Average store inventory declined 3.5% at April 3, 2010 as compared to April 4, 2009.

Martin Hanaka, Chairman and Chief Executive Officer, commented, "The first quarter of 2010 was a challenging period in the golf industry. Cold and wet weather conditions contributed to a 12.4 percent decline in rounds played compared to last year, and this resulted in softer product demand than had been anticipated. However, we are encouraged by improved selling trends that we experienced in March and April in response to new product technology and successful marketing efforts. In addition, we believe that we are benefitting from the pent-up demand that we had been expecting to see this year." Mr. Hanaka continued, "We continue to maintain careful control over our inventory levels and align operational expenses with demand."

Conference Call Information:

The company will host a conference call today, May 5th at 9:00 a.m. (eastern time) to discuss the first quarter fiscal 2010 financial results. The call will be simulcast over the Internet at https://investors.golfsmith.com. A replay will be available for 30 days after the call at the aforementioned website. Telephone replays can be accessed for one month following the call by dialing 888-203-1112 (U.S.) or 719-457-0820 (international) and entering passcode 4387234.

About Golfsmith

Golfsmith International Holdings, Inc., (NASDAQ: GOLF) is a 40-year-old specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in more than 70 stores across the United States, through its Internet site at www.golfsmith.com and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend," or similar expressions. Forward-looking statements are not guarantees of performance. These statements are based on management's beliefs and assumptions, which in turn are based in part on currently available information and in part on management's estimates and projections of future events and conditions. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding demand for the products, the introduction of new product offerings, store opening costs, the ability to lease new sites on a timely basis, expected pricing levels, the timing and cost of planned capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Forward-looking statements also involve risks and uncertainties, which could cause actual results that differ materially from those contained in any forward-looking statement. Many of these factors are beyond the company's ability to control or predict.

The company believes its forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update publicly any of them in light of new information or future events.

Golfsmith International Holdings, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

Fiscal Quarter Ended
April 3, April 4,
2010 2009
Net revenues $ 67,648,539 $ 68,792,904
Cost of products sold 44,884,055 46,022,438
Gross profit 22,764,484 22,770,466
Selling, general and administrative 27,852,926 28,016,118
Store pre-opening / closing expenses 249,738 150,037
Total operating expenses 28,102,664 28,166,155
Operating loss (5,338,180 ) (5,395,689 )
Interest expense (169,285 ) (477,679 )
Interest income 1,354 539
Other income (expense), net 26,840 56,750
Loss before income taxes (5,479,271 ) (5,816,079 )
Income tax benefit 650,289 689,766
Net loss $ (4,828,982 ) $ (5,126,313 )
Net loss per common share - basic $ (0.30 ) $ (0.32 )
Net loss per common share - diluted $ (0.30 ) $ (0.32 )
Basic weighted average common shares outstanding 16,092,183 16,032,183
Diluted weighted average common shares outstanding 16,092,183 16,032,183
Golfsmith International Holdings, Inc.
Consolidated Balance Sheets
April 3, April 4,
2010 2009
ASSETS (unaudited)
Current assets:
Cash $

786,235

$

3,663,863

Receivables, net of allowances 2,150,001 1,902,894
Inventories 87,819,513 94,147,150
Prepaid expenses and other current assets 8,235,949 8,583,485
Total current assets 98,991,698 108,297,392
Property and equipment, net 57,653,966 57,248,417
Intangible assets, net 25,844,507 26,074,475
Other long-term assets 1,016,751 1,099,550
Total assets $ 183,506,922 $ 192,719,834
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 48,488,002 $ 55,104,933
Accrued expenses and other current liabilities 16,127,316 14,634,870
Total current liabilities 64,615,318 69,739,803
Deferred rent liabilities 13,356,156 12,688,171
Long-term debt 42,819,000 45,189,000
Total liabilities 120,790,474 127,616,974
Total stockholders' equity 62,716,448 65,102,860
Total liabilities and stockholders' equity $ 183,506,922 $ 192,719,834

SOURCE: Golfsmith International Holdings, Inc.

Investor Relations:
ICR, Inc.
Joseph Teklits/Jean Fontana, 203-682-8200
www.icrinc.com

Copyright Business Wire 2010

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April Press Releases

Golfsmith Announces Earnings Release Date and Webcast for First Quarter 2010 Financial Results

AUSTIN, Texas, Apr 26, 2010 (BUSINESS WIRE) -- Golfsmith International Holdings, Inc. (NASDAQ:GOLF) today announces that it plans to release its first quarter fiscal 2010 financial results before the market opens on Wednesday, May 5, 2010. Golfsmith will host a quarterly results conference call at 8:00 a.m. Central Time/9:00 a.m. Eastern Time. more...

The call will be simulcast over the Internet at http://investors.golfsmith.com in the Investor Relations section. Martin Hanaka, chairman and chief executive officer, and Sue Gove, chief operating officer and chief financial officer will discuss first quarter and fiscal year 2010 financial results and the company's business outlook.

A replay will be available after the call at the website listed above or by calling 888-203-1112 (U.S.) or 719-457-0820 (international) and entering passcode 4387234. These replays will be available through June 5, 2010.

About Golfsmith International Holdings, Inc.

Golfsmith International Holdings, Inc. (NASDAQ: GOLF), is a 42-year-old specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its customers the convenience of shopping in more than 70 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend," or similar expressions. Forward-looking statements are not guarantees of performance. These statements are based on management's beliefs and assumptions, which in turn are based in part on currently available information and in part on management's estimates and projections of future events and conditions. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding demand for the products, the introduction of new product offerings, store opening costs, the ability to lease new sites on a timely basis, expected pricing levels, the timing and cost of planned capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Forward-looking statements also involve risks and uncertainties, which could cause actual results that differ materially from those contained in any forward-looking statement. Many of these factors are beyond the company's ability to control or predict. Such factors include, but are not limited to the Risk Factors set forth in Item 1A. Risk Factors in the company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2010.

The company believes its forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update publicly any of them in light of new information or future events.

SOURCE: Golfsmith International Holdings, Inc.

Investor Relations inquiries:
ICR, Inc.
Joseph Teklits/Jean Fontana
203-682-8200
www.icrinc.com

Copyright Business Wire 2010

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Golfsmith Opens Largest Golf Store in Kansas City

OVERLAND PARK, Kan., Apr 16, 2010 (BUSINESS WIRE) -- With the spring in full bloom and warmer weather breaking across the Midwest, golfers in Kansas City have a brand new playground to find everything they need to play better golf. Eastern Time. more...

Golfsmith International Holdings, Inc. (NASDAQ: GOLF) announced today that it has opened its first store in the Kansas City area. A 28,000-square foot paradise for golfers, the interactive golf superstore is designed to help golfers improve their game through custom fitting, an indoor driving range, and certified PGA Pro golf instruction from GolfTEC. In addition to all of the game improvement solutions, the store has every product imaginable for golfers including thousands of golf clubs and all of the best brands of golf balls to Hank Haney training aids and the latest fashions in apparel and footwear.

"Kansas City is an excellent golf market, and we are very excited to bring a whole new golf retail experience to town," said Marty Hanaka, president and chief executive officer of Golfsmith. "Our purpose is to inspire golfers to play better and love life more, and this new store will help golfers of all skill levels improve their games. We're very proud to bring our very best golf retail experience to Overland Park. In fact we are 'guaranteeing' that golfers will play better when they get custom fit at Golfsmith. No other retailer offers that guarantee."

The new store is located at 12020 Metcalf Avenue in Overland Park. In addition to the driving range, the store features a huge indoor putting green and "virtual reality" custom fitting studios that help match golfers to the clubs that fit their swing. Golfsmith also guarantees the lowest prices in town and the store features a huge selection of name-brand gear from adidas(R), Callaway Golf(R), Cleveland(R), Cobra(R), Nike Golf(R), PING(R), TaylorMade(R), Titleist(R), and many more.

A grand opening celebration is set for the weekend of April 30th, and will give Kansas City golfers three days of prizes and giveaways.

A Fun and Inspiring Destination for Any Golfer

The new Kansas City Golfsmith store features the full complement of Golfsmith's interactive retail experience:

  • Indoor Driving Range - The indoor driving range offers extended ball flight that lets golfers test the latest clubs. Each store has hundreds of demo clubs and the latest launch monitors that let golfers see distance and ball flight stats, including launch angle and spin rates.

  • Certified PGA Instruction and Hi-Tech Swing Analysis - Golfsmith's partnership with GolfTEC lets customers take advantage of in-store PGA teaching professionals who provide coaching and advanced instruction using the same biofeedback techniques, including video and swing analysis technology, used by PGA pros.

  • Custom Fitting Studios - Golfsmith's professional in-store staff offers complimentary precision club-fitting, matching golfers to the clubs that best fit their individual swings. Virtual reality fitting studios offer the effect of being on the course. Golfsmith's "Custom Fit Play Better Guarantee" allows golfers who get custom fit to bring their clubs back within 90 days of purchase if they don't play better - no questions asked.

  • Golf Apparel - Golfsmith features the most up-to-date styles in men's and women's golf apparel. Catering to young and seasoned players alike, Golfsmith offers the latest in on and off the course design trends and hi-tech fabrics.

Golfsmith gives golfers three ways to shop for their golf and tennis equipment, accessories and apparel: more than 70 retail stores; its Internet store at www.golfsmith.com; and its assortment of catalogs.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF) is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in more than 70 stores across the United States, through its Internet site at www.golfsmith.com and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed February 24, 2010 under the caption "Risk Factors."

SOURCE: Golfsmith International Holdings, Inc.

For Golfsmith International Holdings, Inc.
Brian Posnanski, 314-968-7712
brian@traffic-prm.com

Copyright Business Wire 2010

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MacGregor Golf Begins a New Era

AUSTIN, Apr 15, 2010 (BUSINESS WIRE) --One of the most storied names in the history of golf is making a comeback. Golfers around the world remember MacGregor Golf as the brand of choice for PGA Tour pros from the early 1940s through the early 1990s. The brand was everywhere, from winning golf's major championships to being featured in such popular golf movies as Caddyshack and others. Beginning today MacGregor Golf is back. Eastern Time. more...

MacGregor Golf is introducing a new, revamped lineup of premium golf equipment that builds upon the brand's rich history and reputation of helping golfers play better. MacGregor's new product line includes drivers, irons, wedges, putters and accessories for both avid and recreational golfers.

"We are leveraging 113 years of history and 59 major tournament wins to re-introduce golfers to the MacGregor brand," said Marty Hanaka, president and CEO of Golfsmith. "Acquiring the MacGregor Golf brand was an easy decision because it's a brand that resonates with golfers and has a rich history and worldwide notoriety. We're proud to bring MacGregor Golf back to life with an exciting new lineup of products."

Golfsmith International Holdings, Inc. (NASDAQ: GOLF) acquired full intellectual property rights to the MacGregor Golf brand last May to further solidify Golfsmith's proprietary brand and product strategy. MacGregor will proudly stand alongside all major golf brands within Golfsmith's overall merchandising mix.

"We've taken the best design characteristics from MacGregor's history and combined them with today's cutting-edge golf club technologies to create a new line that exceeds golfers expectations in performance and visual appeal," said David Lowe, vice president of product development and international business for Golfsmith. "Golfers that remember MacGregor and those that have yet to experience the brand will absolutely love these new clubs."

The MacGregor product lineup includes:

  • Drivers - the M85T Driver ($299.99) which is a premium titanium driver with Cup Face 360 and Face Fit technologies, and the titanium game improvement M75T Driver ($199.99).

  • Irons - the classic muscle cavity VIP forged irons ($799.99) and the game improvement classic wing back designed M85i Irons ($699.99)

  • Putters - ROTA series milled putters available in three classic shapes ($129.99)

  • Full lineup of MacGregor Golf fairways, hybrids and wedges

  • Accessories including MacGregor branded golf bags, golf balls, towels, hats, umbrellas and more.

About MacGregor Golf

MacGregor Golf, one of the oldest golf companies in the world, has a storied 113-year history filled with innovation and PGA Tour success including 59 major championships. MacGregor Golf uses state of the art, advanced technologies to create golf equipment that makes the game easier and more fun for all golfers. Drivers, fairway woods, hybrid utility clubs, irons, wedges, putters, golf bags, golf gloves, golf balls and other accessories are marketed under the MacGregor Golf brand name.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ:GOLF) is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in more than 70 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed February 24, 2010 under the caption "Risk Factors."

SOURCE: Golfsmith

L2 Communications
Lynn Luczkowski, 413-478-1569
Lynn@L2comm.biz
or
Golfsmith
David Lowe, 512-821-4005
VP, Product Development and International Business
david.lowe@golfsmith.com

Copyright Business Wire 2010

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Micklelson's Masters Win Means $1 Million in Free Drivers for Golfsmith Customers

AUSTIN, Texas, Apr 11, 2010 (BUSINESS WIRE) --Phil Mickelson captured his third green jacket Sunday at Augusta and triggered the fulfillment of an estimated $1 Million promotion undertaken by Golfsmith International Holdings (NASDAQ: GOLF) and Callaway Golf (NYSE: ELY). As announced last month, any Golfsmith customer who purchased a new Callaway Diablo Edge(TM), FT-Tour(TM) or FT-iZ(TM) driver between March 12th and April 7th, would receive a full refund if Mickelson won the year's first Major tournament as part of Golfsmith's "If Phil Wins, You Win" promotion. For additional details visit www.golfsmith.com/winwithphil. more...

Golfsmith, the nation's largest specialty golf retailer and online golf store, and Callaway, the leading equipment manufacturer who provides the clubs that Mickelson used to win with at Augusta, made an insurance investment that eliminated any financial risk associated with the promotion.

"In addition to wowing the galleries at Augusta for his third Masters Championship, Sunday, Phil Mickelson gave golfers across the country and internationally a great present to start the season," said Golfsmith President and CEO Marty Hanaka. "Phil's win is great for the game and wonderful for Golfsmith and our valued retail and online customers."

"We couldn't be happier that Phil claimed his third green jacket and that thousands of Golfsmith customers now will start off the season with a new Callaway driver, free of charge," said Brian Groves, VP of US Marketing, Callaway Golf. "Callaway drivers are the hottest clubs on the PGA Tour and have already won six tournaments in 2010, including the season's first Major."

Between the Win with Phil Promotion and a second Golfsmith offering, Play with Phil promotion, where golfers entered for a chance to play a round of golf with Phil Mickelson, more than 15,000 golfers participated. The winner has not yet been chosen. For additional details visit www.golfsmith.com.

This promotion was only sponsored by Golfsmith International Holdings, Inc. and Callaway Golf and is not sponsored by or endorsed by, and there is no affiliation with Augusta National, Inc. or any other entity.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ:GOLF) is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in its 74 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed March 3, 2009 under the caption "Risk Factors." The Masters(R) is a trademark of Augusta National, Inc.

(DOWNLOADABLE VIDEO AND SOUND BITES LISTED BELOW)

NOTE:

TELEVISION, RADIO AND OTHER ELECTRONIC JOURNALISTS: A VIDEO NEWS RELEASE WITH SEVERAL SOUNDBITES OF GOLFSMITH SVP OF MARKETING AND B-ROLL OF GOLFSMITH STORES, AND THE MICKELSON PROMOTION IS AVAILABLE BY DOWNLOADING THIS FILE: http://www.box.net/shared/hpeu3gxe3h

TO VIEW THE GOLFSMITH ADVERTISEMENT FEATURING PHIL MICKELSON DOWNLOAD THIS LINK: http://postspots.com/d/j/5530dfc2c4

SOURCE: Golfsmith International Holdings

L2 Communications, LLC
Lynn Luczkowski, 413-478-1569
Lynn@L2comm.biz
or
L2 Communications, LLC
Aubrey Haznar, 617-481-1696-office or 617-549-8792-mobile
ahaznar@L2comm.biz
or
Golfsmith
Matt Corey, 512-821-4883
SVP Marketing & Business Development
matt.corey@golfsmith.com.

Copyright Business Wire 2010

Expand/Collapse Press Release
Golfsmith Re-Opens Interactive Playground for Chicagoland Golfers
Nation's Largest Specialty Golf Retailer Renovates Downers Grove Location with Indoor Driving Range, Interactive Hitting Bays and Custom Fitting Studios

CHICAGO, Apr 08, 2010 (BUSINESS WIRE) -- Golfsmith International Holdings, Inc. (NASDAQ: GOLF) announced today the grand re-opening of its newly renovated location in Downers Grove. The interactive golf superstore, designed as a playground for golfers and to help them improve their game, features a six-bay indoor driving range with state-of-the-art launch monitors and Certified PGA Pro golf instruction from GolfTEC. more...

Golfsmith Downers Grove is located at 2020 Butterfield Road next to Home Depot. The Downers Grove store now features a huge indoor putting green and "virtual reality" custom fitting studios that match golfers to the clubs that fit their swing. Golfsmith also offers all customers a Low Price Guarantee and features a huge selection of name-brand gear from Adidas(R), Callaway(R), Cleveland(R), Cobra(R), Head/Penn(R), Nike(R), PING(R), TaylorMade(R), Titleist(R), Wilson(R) and many more.

"We wanted to create the kind of destination that would make Chicagoland golfers wonder if they should head to the course or to the new Downers Grove store," said Martin Hanaka, president and chief executive officer of Golfsmith. "Golfsmith is committed to activity-based retail, and to giving golfers hands-on experience, expertise and, of course, great selection. Our purpose is to improve our customers' games and help them get more enjoyment out of the sport."

$10,000 in Merchandise Giveaways

Golfsmith is celebrating the grand opening of its expanded Downers Grove store with a great lineup of giveaways. On Friday, April 9th, through Sunday, April 11th, Golfsmith will be giving away more than $10,000 in free merchandise, including drivers, irons, bags, racquets and much more. Additionally, the first 500 people in line on Friday and Saturday will receive either a $25 Golfsmith cash card or a free round of golf.

A Fun and Helpful Destination for Any Golfer

The Golfsmith store in Downers Grove features the full complement of Golfsmith's interactive retail experience:

  • Indoor Driving Range - The indoor driving range offers extended ball flight that lets golfers test the latest clubs. Each store has hundreds of demo clubs and the latest launch monitors that let golfers see distance and ball flight stats, including launch angle and spin rates.

  • Certified PGA Instruction and Hi-Tech Swing Analysis - Golfsmith's partnership with GolfTEC lets customers take advantage of in-store PGA teaching professionals who provide coaching and advanced instruction using the same biofeedback techniques, including video and swing analysis technology, used by PGA pros.

  • Custom Fitting Studio - Golfsmith's professional in-store staff offers complimentary precision club-fitting, matching golfers to the clubs that best fit their individual swings. A virtual reality fitting studio offers the effect of being on the course.

  • Golf and Tennis Apparel - Golfsmith features the most up-to-date styles in men's and women's golf and tennis apparel. Catering to young and seasoned players alike, Golfsmith offers the latest in on and off the field design trends and hi-tech fabrics.

Golfsmith gives guests three ways to shop for their golf and tennis equipment, accessories and apparel: more than 70 retail stores; its Internet store at www.golfsmith.com; and its assortment of catalogs.

Follow Golfsmith on Twitter (@golfsmith) and through its Facebook page at http://www.facebook.com/golfsmith.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF), is a 42-year-old specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in more than 70 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

SOURCE: Golfsmith International Holdings, Inc.

For Golfsmith International Holdings, Inc.
Brian Posnanski, 314-968-7712
brian@traffic-prm.com

Copyright Business Wire 2010

Expand/Collapse Press Release

March Press Releases

Golfsmith to Give Away New Callaway Drivers if Phil Mickelson Wins The Masters

AUSTIN, Texas, Mar 12, 2010 (BUSINESS WIRE) --As all eyes turn towards The Masters golf tournament with golfer Phil Mickelson the favorite to win, one golf retailer is offering a way for fans to win free golf clubs if Lefty captures his third green jacket. more...

Golfsmith International Holdings, Inc. (NASDAQ: GOLF) is teaming with Callaway Golf (NYSE: ELY) to give golfers an opportunity to get new drivers, free of charge, if Mickelson is victorious this April in Augusta. And the chances for golfers of getting a free driver, much like the Callaway driver that Phil uses, have never been better as Mickelson is the odds-on favorite to win the 2010 Masters.

Starting today and ending April 7, golfers who purchase one of three new Callaway drivers - the Diablo Edge(TM), FT-Tour(TM) or FT-iZ(TM) - at any Golfsmith store across the country will have the purchase price of their Callaway driver fully refunded by Golfsmith if Phil wins the Masters at Augusta, April 8-11.

"We're kicking off the season with the first major of the year and the best player in the field," said Marty Hanaka, president and CEO of Golfsmith. "Phil is the hottest player on tour and Callaway's new drivers are better than ever before. There is pent up demand from golfers for new clubs, and with this promotion exclusively at Golfsmith, it's a great way to inspire golfers everywhere to root for Phil at this year's Masters."

"Our 2010 drivers are generating an unprecedented amount of excitement, and Phil's popularity is at an all-time high" said Brian Groves, Vice President, Marketing, Callaway Golf. "We're thrilled to partner with Golfsmith on this promotion and looking forward to placing the best performing drivers on the market into the hands of consumers."

Golfsmith estimates thousands of people will take advantage of the promotion, which is available through more than seventy stores from coast to coast. To learn more about Golfsmith's promotion with Callaway Golf, stop by any Golfsmith store or visit www.golfsmith.com/winwithPhil . This promotion is available only in Golfsmith's U.S. stores. No purchase necessary.

This promotion is only sponsored by Golfsmith International Holdings, Inc. and Callaway Golf and is not sponsored by or endorsed by, and there is no affiliation with Augusta National, Inc. or any other entity.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF) is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in its 74 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed March 3, 2009 under the caption "Risk Factors." The Masters(R) is a trademark of Augusta National, Inc.

SOURCE: Golfsmith

L2 Communications
Lynn Luczkowski, 413-478-1569
Lynn@L2comm.biz
or
Golfsmith
Matt Corey, 512-821-4883
SVP Marketing & Business Development
matt.corey@golfsmith.com

Copyright Business Wire 2010

Expand/Collapse Press Release
Golfsmith Guaranteeing Golfers Will Play Better in 2010

AUSTIN, Texas, Mar 08, 2010 (BUSINESS WIRE) -- When you ask golfers what's most important to them in 2010, a vast majority say that "playing better" is at the very top of their list. Now Golfsmith is making game improvement a "guarantee" for golfers everywhere. more...

Golfsmith International Holdings, Inc. (NASDAQ:GOLF) announced today its new Custom Fit Play Better Guarantee. When golfers get custom fit with any brand of new clubs purchased in Golfsmith retail stores, online at golfsmith.com or via the company's contact center, Golfsmith is guaranteeing that golfers will play better, or they can simply bring their clubs back, no questions asked.

"Our core purpose is to inspire people to play better and love life more," said Marty Hanaka, president and CEO of Golfsmith. "There is no better way to help golfers play better then to get them custom fit and give them the confidence to return their clubs if their game doesn't improve. We're making it easy to play better and buy with confidence."

The Custom Fit Play Better Guarantee works like this:

Step 1 - Get custom fit (in-store, online or via Golfsmith's contact center)

Step 2 - Buy any new club based on your personal fit

Step 3 - Go play better golf, and if you don't simply return your clubs within 90 days for a full in-store credit

"We're the first retailer to offer this type of unique guarantee," said Hanaka. "Our Custom Fit Play Better Guarantee will help golfers have their best season ever."

The Custom Fit Play Better Guarantee launches today and runs through April 25. For more details visit www.golfsmith.com/customfit.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ:GOLF) is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in its 74 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed March 3, 2009 under the caption "Risk Factors."

SOURCE: Golfsmith International Holdings, Inc.

Golfsmith
Matt Corey, SVP Marketing & Business Development, 512-821-4883
matt.corey@golfsmith.com

Copyright Business Wire 2010

Expand/Collapse Press Release

February Press Releases

Golfsmith Announces Fourth Quarter Fiscal 2009 Results

AUSTIN, Texas, Feb 25, 2010 (BUSINESS WIRE) -- Golfsmith International Holdings, Inc., (NASDAQ: GOLF) today announced financial results for the fourth quarter and fiscal 2009 ended January 2, 2010. The fourth quarter of fiscal 2009 represented a 13-week period compared to the fourth quarter of fiscal 2008, which was a 14-week period. more...

  • Net revenues totaled $63.8 million as compared to $67.8 million in the fourth quarter of 2008; comparable store sales increased 0.9% while sales from the Company's direct-to-consumer-channel decreased 21.3%. Total net revenues represent 13 weeks in 2009 as compared to 14 weeks in 2008. Comparable store sales are calculated on a 13-week basis for both quarters presented.

  • Operating loss totaled $6.4 million for the fourth quarter of fiscal 2009 compared to a loss of $6.6 million for the fourth quarter of fiscal 2008.

  • Net loss for the fourth quarter of fiscal 2009 totaled $6.3 million or $0.39 per share. This compares to a net loss of $6.5 million or $0.40 per share for the fourth quarter of fiscal 2008.

  • The Company ended the fourth quarter with $36.0 million of outstanding borrowings under its credit facility and borrowing availability of $16.1 million. This compares to $51.7 million of outstanding borrowings under its credit facility and borrowing availability of $5.9 million at January 3, 2009.

Fiscal Year 2009 Highlights:

  • Net revenues totaled $338.0 million as compared to $378.8 million in fiscal 2008; comparable store sales decreased 7.9% and sales from the Company's direct-to-consumer channel decreased 25.8%. Total net revenues represent 52 weeks in fiscal 2009 compared to 53 weeks in fiscal 2008. Comparable store sales are calculated on a 52-week basis in both fiscal years.

  • Operating loss totaled $2.1 million for fiscal 2009 compared to operating income of $2.3 million for fiscal 2008. In fiscal 2009, the Company recorded a $0.4 million, or $0.03 per share, one-time litigation settlement charge and a $0.5 million, or $0.03 per share, non-recurring charge related to severance associated with organizational changes. In fiscal 2008, the Company recorded a $1.9 million, or $0.12 per diluted share, non-recurring charge related to severance associated with organizational changes.

  • Net loss for fiscal 2009 totaled $3.5 million, or $0.22 per share. This compares to a net loss of $0.5 million or $0.03 per share for fiscal 2008.

Martin Hanaka, chairman and chief executive officer of Golfsmith commented, "While the economic environment remains challenging and uncertain, we are encouraged that sales trends have stabilized. Going forward, we will continue to maintain inventory discipline and cost controls while at the same time employing our previously stated initiatives to drive improved sales and earnings. Specifically, we plan to focus on improving the retail business with an increased emphasis on the Company's selling culture and we plan to open four new stores in selective strategic locations in fiscal 2010. Also, we continue to be focused on ways to institute gross margin enhancements; refine the direct-to-consumer business; and execute operational excellence. We also anticipate continuing to generate positive free cash flow."

Conference Call Information

The company will host a conference call today at 9:00 a.m. (eastern time) to discuss its fourth quarter and fiscal 2009 financial results. The call will be simulcast over the Internet at https://investors.golfsmith.com. A replay will be available for 30 days after the call at the aforementioned website. Telephone replays can be accessed for one month following the call by dialing 888-203-1112 (U.S.) or 719-457-0820 (international) and entering passcode 1530347.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF), is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in more than 70 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend," or similar expressions. Forward-looking statements are not guarantees of performance. These statements are based on management's beliefs and assumptions, which in turn are based in part on currently available information and in part on management's estimates and projections of future events and conditions. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding demand for the products, the introduction of new product offerings, store opening costs, the ability to lease new sites on a timely basis, expected pricing levels, the timing and cost of planned capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Forward-looking statements also involve risks and uncertainties, which could cause actual results that differ materially from those contained in any forward-looking statement. Many of these factors are beyond the company's ability to control or predict.

The company believes its forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update publicly any of them in light of new information or future events.

Golfsmith International Holdings, Inc.
Consolidated Statements of Operations
Three Months Ended Fiscal Year Ended
January 2, January 3, January 2, January 3,
2010 2009 2010 2009
(audited)
Net revenues $ 63,849,644 $ 67,840,305 $ 338,025,688 $ 378,772,097
Cost of products sold 42,184,747 46,979,673 222,536,657 251,134,234
Gross profit 21,664,897 20,860,632 115,489,031 127,637,863
Selling, general and administrative 27,975,226 26,995,142 117,183,115 124,774,549
Store pre-opening/closing expenses 82,898 176,515 426,553 254,934
Impairment of long-lived assets - 284,229 - 284,229
Total operating expenses 28,058,124 27,455,886 117,609,668 125,313,712
Operating income (loss) (6,393,227 ) (6,595,254 ) (2,120,637 ) 2,324,151
Interest income (expense), net (244,422 ) (674,334 ) (1,304,625 ) (2,875,748 )
Other income (expense), net 13,306 160,996 63,497 157,376
Loss before income taxes (6,624,343 ) (7,108,592 ) (3,361,765 ) (394,221 )
- -
Income tax expense (benefit) 324,706 621,475 (182,850 ) (121,390 )
Net loss $ (6,299,637 ) $ (6,487,117 ) $ (3,544,615 ) $ (515,611 )
Net loss per common share:
Basic $ (0.39 ) $ (0.40 ) $ (0.22 ) $ (0.03 )
Diluted $ (0.39 ) $ (0.40 ) $ (0.22 ) $ (0.03 )

Weighted average number of common shares
outstanding:

Basic 16,092,183 16,032,153 16,069,601 15,970,581
Diluted 16,092,183 16,032,153 16,069,601 15,970,581
Golfsmith International Holdings, Inc.
Consolidated Balance Sheets
January 2, January 3,
2010 2009
ASSETS (audited)
Current assets:
Cash $ 696,198 $ 2,655,009
Receivables, net of allowances 1,949,411 1,597,486
Inventories 77,991,098 90,499,949
Prepaid expenses and other current assets 6,997,093 9,288,142
Total current assets 87,633,800 104,040,586
Property and equipment, net 56,475,787 56,882,944
Intangible assets, net 25,945,699 26,168,897
Other long-term assets 1,076,592 1,151,737
Total assets $ 171,131,878 $ 188,244,164
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 34,631,842 $ 34,920,442
Accrued expenses and other current liabilities 19,491,865 20,531,163
Total current liabilities 54,123,707 55,451,605
Deferred rent liabilities 13,412,548 11,078,000
Long-term debt 36,000,000 51,708,222
Total liabilities 103,536,255 118,237,827
Total stockholders' equity 67,595,623 70,006,337
Total liabilities and stockholders' equity $ 171,131,878 $ 188,244,164

SOURCE: Golfsmith International Holdings, Inc.

Investor Relations inquiries:
ICR, Inc.
Joseph Teklits/Jean Fontana, 203-682-8200
www.icrinc.com

Copyright Business Wire 2010

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Golfsmith to Open Stores in Milwaukee, WI and Brea, CA

AUSTIN, Texas, Feb 16, 2010 (BUSINESS WIRE) -- Golfsmith International Holdings, Inc. (Nasdaq: GOLF) today announced two additional new store locations for 2010 which completes the company's new store leasing objectives for 2010. Adding to the previously announced new stores in Naples, Florida and Overland Park, Kansas, Golfsmith has executed leases for Milwaukee, Wisconsin and Brea, California (in the greater Los Angeles area). more...

"We are very excited about these two new locations that will both open this spring," said Marty Hanaka, president and CEO of Golfsmith. "We are very proud to bring our golf retail concept to Milwaukee where we believe golfers deserve an inspiring golf retail experience, and our Brea store location helps us continue to fill out the Los Angeles market. This is just another step in continuing to execute our strategy and continue to grow our market share."

Golfsmith's Milwaukee store, in the Brookfield area, will be the company's first location in the state of Wisconsin. The store, located on Bluemound Road across from the Brookfield Square Shopping Center next to the former Circuit City store and the Storms Golf driving range, will be roughly 25,000 square feet and will include an indoor driving range, custom fitting studios and much more. The store is planned to open by June 2010.

The Brea, California store is located next to the new Target in the Brea Marketplace next to the Brea Mall, and will be just over 20,000 square feet. As with Milwaukee, this store will have an indoor driving range and custom fitting area, and is planned to open by May 2010.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF), is a 42-year-old specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in more than 70 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed March 3, 2009 under the caption "Risk Factors."

SOURCE: Golfsmith International Holdings, Inc.

Golfsmith International Holdings, Inc.
Matt Corey, 512-821-4883
SVP Marketing
matt.corey@golfsmith.com
or
Adrian Gonzalez, 512-821-4886
VP Real Estate
Adrian.gonzalez@golfsmith.com

Copyright Business Wire 2010

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Golfsmith to Open Stores in Milwaukee, WI and Brea, CA

AUSTIN, Texas, Feb 11, 2010 (BUSINESS WIRE) -- Golfsmith International Holdings, Inc. (NASDAQ:GOLF) today announces that it plans to release its fourth quarter and full year fiscal 2009 financial results before the market opens on Thursday, February 25, 2010. Golfsmith will host a quarterly results conference call at 8:00 a.m. Central Time/9:00 a.m. Eastern Time. more....

The call will be simulcast over the Internet at http://investors.golfsmith.com in the Investor Relations section. Martin Hanaka, chairman and chief executive officer, and Sue Gove, chief operating officer and chief financial officer will discuss fourth quarter and fiscal year 2009 financial results and the company's business outlook.

A replay will be available after the call at the website listed above or by calling 888-203-1112 (U.S.) or 719-457-0820 (international) and entering passcode 1530347. These replays will be available through March 25, 2010.

About Golfsmith International Holdings, Inc.

Golfsmith International Holdings, Inc. (NASDAQ: GOLF), is a 42-year-old specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its customers the convenience of shopping in more than 70 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend," or similar expressions. Forward-looking statements are not guarantees of performance. These statements are based on management's beliefs and assumptions, which in turn are based in part on currently available information and in part on management's estimates and projections of future events and conditions. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding demand for the products, the introduction of new product offerings, store opening costs, the ability to lease new sites on a timely basis, expected pricing levels, the timing and cost of planned capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Forward-looking statements also involve risks and uncertainties, which could cause actual results that differ materially from those contained in any forward-looking statement. Many of these factors are beyond the company's ability to control or predict. Such factors include, but are not limited to the Risk Factors set forth in Item 1A. Risk Factors in the company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 3, 2009.

The company believes its forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update publicly any of them in light of new information or future events.

SOURCE: Golfsmith International Holdings, Inc.

Investor Relations inquiries:
ICR, Inc.
Joseph Teklits / Jean Fontana
203-682-8200
www.icrinc.com

Copyright Business Wire 2010

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Janurary Press Releases

Golfsmith Expands Store Plans for 2010

AUSTIN, Texas, Jan 27, 2010 (BUSINESS WIRE) -- Golfsmith International Holdings, Inc. (Nasdaq: GOLF) today announced plans to open four new stores in 2010 and retrofit several additional stores. more...

"In 2009 we experienced solid market share growth and dramatically improved cash flow in a tough economic climate," said Marty Hanaka, president and CEO of Golfsmith. "We know that our new stores will inspire golfers more than any other golf retailer to play better and enjoy life more. We continue to build momentum and these new stores are just the beginning and are a key part of our strategic growth plans."

In addition to the four new stores, Golfsmith will also retrofit several older stores to bring them up to date with the company's newest format and design which offers golfers a much greater opportunity to experience the game. The first store to be redesigned this year is Golfsmith's Downer's Grove location in Chicago, Illinois.

New Stores:

  • Overland Park, Kansas - located at 12020 Metcalf Avenue just south of the intersection of Metcalf Avenue and West 119th Street, Golfsmith will open a 28,000 square foot golf and tennis store in the former Circuit City location. Overland Park is widely considered one of the most underserved golf retail markets in the country. This store will open in Spring 2010.

  • Naples, Florida - located in the Promenade Shopping Center on Airport Road just north of Pine Ridge Road, Golfsmith will open a 36,000 square foot Golfsmith Xtreme store in the space formerly occupied by Jo Ann's. This store will open in Fall 2010.

  • Golfsmith's third and fourth new stores for 2010 will be announced soon.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF), is a 42-year-old specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its guests the convenience of shopping in more than 70 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K, filed March 3, 2009 under the caption "Risk Factors."

SOURCE: Golfsmith International Holdings, Inc.

Golfsmith
Matt Corey, 512-821-4883
SVP Marketing
matt.corey@golfsmith.com

Copyright Business Wire 2010

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Golfsmith Provides Preliminary Results for Fourth Quarter and Fiscal 2009 and Introduces Business Initiatives for Fiscal 2010

AUSTIN, Texas, Jan 12, 2010 (BUSINESS WIRE) -- Golfsmith International Holdings, Inc., (NASDAQ: GOLF) today announced anticipated financial results for the fourth quarter and fiscal year 2009 ended January 2, 2010 based upon preliminary figures as follows. more...

For the Fourth Quarter 2009:

  • Net revenues totaled $63.9 million as compared to $67.8 million in the fourth quarter of 2008; comparable store sales increased 0.9% while sales from the Company's direct-to-consumer-channel decreased 21.2%. Total net revenues represent 13 weeks in 2009 as compared to 14 weeks in 2008. Comparable store sales are calculated on a 13-week basis for both quarters presented.

  • Pre-tax loss is expected to be in the range of $6.2 million to $6.5 million as compared to a pre-tax loss of $7.1 million in the fourth quarter of last year.

  • The Company ended the fourth quarter with $36.0 million of outstanding borrowings under its credit facility and cash on hand of $7.2 million. This compares to $51.7 million of outstanding borrowings under its credit facility and cash on hand of $2.7 million at January 3, 2009.

  • As of January 2, 2010, total inventory was $77.8 million as compared to $90.5 million at January 3, 2009, and average store inventory declined approximately 6.5%.

For the Fiscal Year 2009:

  • Net revenues totaled $338.0 million as compared to $378.8 million in fiscal 2008; comparable store sales decreased 7.9% and sales from the Company's direct-to-consumer channel decreased 25.8%.

  • Pre-tax loss is expected to be in the range of $3.0 million to $3.3 million as compared to a pre-tax loss of $0.4 million in fiscal 2008.

Initiatives for Fiscal 2010:

The Company also announced its plans to institute five key initiatives in 2010 aimed at driving sales and earnings growth which include: improving the retail business with an increased emphasis on the Company's selling culture; the opening of four new stores; increasing gross margin; refining the direct-to-consumer business; and executing operational excellence. These initiatives will be elaborated upon during the Company's presentation at the 12th Annual ICR XChange Conference on Wednesday, January 13, 2010 in Dana Point, California. A PowerPoint presentation detailing these objectives will also be available in the investor relations section of the Company's website.

Martin Hanaka, chairman and chief executive officer of Golfsmith commented, "We are encouraged by the improved selling momentum in November and December. In addition, we worked diligently throughout the year to institute disciplined inventory controls and cost reductions that have resulted in positive free cash flow and marked improvement in our balance sheet. We are proud of our accomplishments in 2009, which were especially significant in the face of the challenging economic environment. As we look ahead, we believe that the key initiatives we plan to put in place will position us to reinvigorate our sales, expand operating margin, and continue to generate positive free cash flow in 2010 and beyond."

Golfsmith will report its fourth quarter and fiscal year 2009 financial results on February 25, 2010. The Company will host a conference call the same day at 9:00 a.m. (Eastern Time) to discuss its financial results.

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF), is a specialty retailer of golf and tennis equipment, apparel and accessories. The Company operates as an integrated multi-channel retailer, offering its customers the convenience of shopping in more than 70 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

Cautionary Language

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend," or similar expressions. Forward-looking statements are not guarantees of performance. These statements are based on management's beliefs and assumptions, which in turn are based in part on currently available information and in part on management's estimates and projections of future events and conditions. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding key initiatives, demand for the products, the introduction of new product offerings, store opening costs, the ability to lease new sites on a timely basis, expected pricing levels, the timing and cost of planned capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Forward-looking statements also involve risks and uncertainties, which could cause actual results that differ materially from those contained in any forward-looking statement. Many of these factors are beyond the Company's ability to control or predict. Such factors include, but are not limited to the Risk Factors set forth in Item 1A. Risk Factors in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 3, 2009.

The Company believes its forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events.

SOURCE: Golfsmith International Holdings, Inc.

Investor Relations:
ICR, Inc.
Joseph Teklits/Jean Fontana
203-682-8200
www.icrinc.com

Copyright Business Wire 2010

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Golfsmith Announces Participation in the 12th Annual ICR XChange Conference

AUSTIN, Texas, Jan 06, 2010 (BUSINESS WIRE) -- Golfsmith International Holdings, Inc., (NASDAQ: GOLF) today announced that the Company will be presenting at the 12th Annual ICR XChange Conference held at the St. Regis Monarch Beach Resort & Spa in Dana Point, California on Wednesday, January 13, 2010 at 3:55 pm Pacific Standard Time. Martin Hanaka, Chairman and Chief Executive Officer and Sue Gove, Chief Operating Officer and Chief Financial Officer will host the presentation. more...

About Golfsmith

Golfsmith International Holdings, Inc. (NASDAQ: GOLF), is a specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its customers the convenience of shopping in more than 70 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier branded merchandise, as well as its proprietary products, clubmaking components and pre-owned clubs.

SOURCE: Golfsmith International Holdings, Inc.

ICR Inc.
Investor Relations
Joe Teklits or Jean Fontana, 203-682-8200
www.icrinc.com

Copyright Business Wire 2010

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