Volume 1, Number 1
Web Street Golf Daily Pulse
VOLUME 1, NUMBER 1
Monday, January 4, 2010
SHOW ME THE MONEY: Its been said that tough times don’t last, only tough people. An interesting filing appeared through the Securities and Exchange Commission for Callaway Golf with only a couple of days left in 2009. The Compensation and Management Succession Committee of the Board of Directors for the company granted a generous year end bonus plan to the senior management as an incentive for, well its not quite crystal clear. The individuals named (feel free to check on the link above) are being provided with “ phantom stock units” (PSU), which will vest over time provided the individuals in question are still with the company.
According to the filing, the purpose behind this exercise is, “to provide a meaningful retention incentive using a vehicle that further aligns the interests of the executive officers with the Company’s shareholders.” Each PSU recipient is entitled to a cash payment upon vesting (scheduled 50% on December 29, 2011 and 50% on December 29, 2012) equal to the Fair Market Value of one share of the Company’s Common Stock. No terms were stated for the PSU other than maintaining employment. But the payday is significant for those who reap the equivalent of these lottery tickets. Based on the December 29, 2009 closing price of $7.81 per share and not accounting for any future change in price, the company will have in excess of $4.3 million to expense over two years from its operations. Half of that money would be earmarked for the company’s President and CEO.
The sports world has taught us that incentive clauses can look appealing one day and over time become an obstacle. Wonder if the phantom stock units could become an albatross to the company’s bottom line if the performance doesn’t live up to future shareholders’ expectations... On the other hand, its nice work if you can get it!
FIRST OF ITS KIND: The International Junior Golf Tour has announced the inaugural “59 Belts Tournament Series”, with its first tournament commencing January 15-17 at the Pala Mesa Resort in Fallbrook, CA. The “59 Belts Tournament Series” will consist of four tournaments available to all IJGT members with entry-fees below $295. At each event, the low final round in both boys and girls division will receive an IJGT logoed 59 Belt.
“We are proud to sponsor the IJGT ‘59 Belts Tournament Series’, held in California and Arizona this January and February. 59 Belts is excited to continue to align our brand with premier junior golfers on the IJGT,” said Trevor Derrheim, Founder and President of 59 Belts. To continue reading click here
THEY SHOOT, THEY SCORE: Golfshot: Golf GPS said it was ranked the fifth-best selling app of the year in Apple’s iTunes Rewind 2009. The app with all features, including GPS, can be downloaded on iTunes for a one-time fee of $29.99, with no additional monthly or annual fees. Additionally, Golfshot is now offering its "lite” version for free in the Apple iTunes Store. The app, which includes a scorecard for up to four golfers, statistics, and handicap information on more than 26,000 courses worldwide, previously was offered for 99 cents.
GROOVY: FOURTEEN GOLF will reveal it’s new professionally inspired TC-910 Forged Irons at the 2010 PGA Merchandise Show in Orlando, Florida. The company said it spent years engineering a new trapezoidal shaped groove in the clubs. The TC-910 Forged Iron set is offered in a #3 iron through pitching wedge. Suggested retail is $1,199.00.
ROCK ‘EM, SOCK ‘EM: The First Tee of Phoenix, The LPGA Girls Golf Club of Phoenix and other Phoenix organizations are teaming up to offer three special opportunities for all Phoenix area girls, called THESE GIRLS ROCK!. The events are FREE junior golf clinics for girls ages 5-17. The clinics are one hour in duration and will include: golf instruction, golf games, golf drills and exposure to The First Tee of Phoenix life skills curriculum.
MEMBERS WANTED: The Celtic Manor Resort, host of golf's 2010 Ryder Cup, has an International Membership offer for individuals with primary residences outside the UK. Initiation fee is £2,000 and annual due that are the same as the up front fees. Those who sign up will also get four complimentary room nights per year in the five-star Resort Hotel.
FORE: Schmidt-Curley announced its second golf course design, Dragon Valley, on China's Hainan Island, is open for play.
JUMP! Pawleys Plantation in Pawleys Island, S.C., is offering a new golf package for 2010. The “January Jump Start” package features accommodations in a one bedroom suite for three nights at Pawleys Plantation and two rounds of golf on its award-winning Jack Nicklaus-designed course. The package is available through January 31, 2010, for just $219 per person, plus taxes and resort fees.
CAN’T WIN IF YOU DON’T PLAY: Club Glove is offering a chance r to win a stay-and-play package at Scotland's St. Andrews Links, site of the 2010 British Open, by visiting its web site. One lucky winner will be awarded a four-night / five-day golf vacation for two. Club Glove said it will announce the winner at it’s booth (#1729) during the 2010 PGA Merchandise Show in Orlando, Florida.
SHORT AND TWEET: Nike Golf used its Twitter account to alert its followers that Stewart Cink has the new VR Driver and Irons @Kapalua this week. Titleist via its account welcomed defending SBS champ @GeoffOgilvy, who is now a full line player making the switch from sister company Cobra Golf.
THE RUB OF THE GREEN: When you think of the Valley of the Sun in terms of golf, premium prices come to mind. While most of the United States is enjoying a blanket of snow or a blast of cold air, the Arizona Republic reported the golf courses populating the greater metropolitan area of Phoenix have been having a tough time in part due to the financial crisis and an over abundance of choices for consumers. To read the story click on the link above.
THE INFORMATION CONTAINED IS BELIEVED TO BE RELIABLE, BUT IT IS NOT GUARANTEED. THE OPINION EXPRESSED IS THAT OF TERRY MCANDREW AND SHOULD NOT BE CONSIDERED A SOLICITATION TO BUY OR SELL SECURITIES IN ANY OF THE COMPANIES DISCUSSED WITHIN THIS NEWSLETTER. CONTENTS OF THIS NEWSLETTER MAY NOT BE REPRINTED OR REBROADCAST WITHOUT THE EXPRESSED WRITTEN CONSENT OF TMAC GOLF
Last Updated (Monday, 18 January 2010 15:14)