| [X]                  | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  |   |
|----------------------|------------------------------------------------------------------------------------------|--------|
|                 |                                                                                     |   |
|                 | For the quarterly period ended March 31, 2011                                            |   |
|                 | or                                                                                       |   |
| [   ] | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |   |
|                 |                                                                                     |   |

|   |  For the transition period from |   |  to    |   |   |
|--------|--------------------------------------|--------|----------------------------|--------|--------|

| Delaware                                                       | 75-2320087                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
|                                                           |                                 |
| 2801 E. Plano Pkwy, Plano, Texas                               | 75074                                |
| (Address of principal executive offices)                       | (Zip Code)                           |

----

| PART I  |     | FINANCIAL INFORMATION                                                                 | Page   |
|---------|----------|---------------------------------------------------------------------------------------|--------|
|    |     |                                                                                  |   |
|    | Item 1.  | Financial Statements                                                                  |   |
|    |     |                                                                                  |   |
|    |     | Condensed Consolidated Balance Sheets -                                               |   |
|    |     |      March 31, 2011 (unaudited) and December 31, 2010        | 3      |
|    |     |                                                                                  |   |
|    |     | Unaudited Condensed Consolidated Statements of Operations -                           |   |
|    |     |      Three months ended March 31, 2011 and 2010              | 4      |
|    |     |                                                                                  |   |
|    |     | Unaudited Condensed Consolidated Statement of Stockholders' Equity -                  |   |
|    |     |      Three months ended March 31, 2011                       | 5      |
|    |     |                                                                                  |   |
|    |     | Unaudited Condensed Consolidated Statements of Cash Flows -                           |   |
|    |     |      Three months ended March 31, 2011 and 2010              | 6      |
|    |     |                                                                                  |   |
|    |     | Notes to Unaudited Condensed Consolidated Financial Statements                        | 7-13   |
|    |     |                                                                                  |   |
|    | Item 2.  | Management's Discussion and Analysis of Financial Condition and Results of Operations | 14-22  |
|    |     |                                                                                  |   |
|    | Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                            | 22     |
|    |     |                                                                                  |   |
|    | Item 4.  | Controls and Procedures                                                               | 23     |
|    |     |                                                                                  |   |
| PART II |     | OTHER INFORMATION                                                                     |   |
|    |     |                                                                                  |   |
|    | Item 1.  | Legal Proceedings                                                                     | 24     |
|    |     |                                                                                  |   |
|    | Item 1A. | Risk Factors                                                                          | 24     |
|    |     |                                                                                  |   |
|    | Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                           | N/A    |
|    |     |                                                                                  |   |
|    | Item 3.  | Defaults Upon Senior Securities                                                       | N/A    |
|    |     |                                                                                  |   |
|    | Item 4.  | (Removed and Reserved)                                                                | N/A    |
|    |     |                                                                                  |   |
|    | Item 5.  | Other Information                                                                     | N/A    |
|    |     |                                                                                  |   |
|    | Item 6.  | Exhibits                                                                              | 24     |
|    |     |                                                                                  |   |
|    |     | Signatures                                                                            | 25     |

----

| ASSETS                                                                                                                                     |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                       |   | March 31,2011 |   |   | December 31,2010 |   |
|                                                                                                                                       |   | (unaudited) |   |   |   |   |
| Current assets:                                                                                                                            |   |   |   |   |   |   |
|    Cash and cash equivalents                                                                                                |   | $ | 660 |   |   | $ | 6,724 |   |
|    Trade receivables, net of allowance for doubtful accounts of $1,952(unaudited) and $1,635 in 2011 and 2010, respectively |   |   | 31,981 |   |   |   | 16,594 |   |
|    Inventories, net                                                                                                         |   |   | 28,967 |   |   |   | 27,088 |   |
|    Prepaid expenses                                                                                                         |   |   | 724 |   |   |   | 632 |   |
|    Other current assets                                                                                                     |   |   | 132 |   |   |   | 250 |   |
|       Total current assets                                                                                   |   |   | 62,464 |   |   |   | 51,288 |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Property and equipment, net                                                                                                                |   |   | 899 |   |   |   | 879 |   |
| Deferred tax assets, net                                                                                                                   |   |   | 10,228 |   |   |   | 10,228 |   |
| Other assets, net                                                                                                                          |   |   | 1,484 |   |   |   | 134 |   |
|                                                                                                                                       |   | $ | 75,075 |   |   | $ | 62,529 |   |

| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                                                                                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Current liabilities:                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
|    Accounts payable                                                                                                                                                                                                                                    |   | $ | 8,846 |   |   | $ | 6,255 |   |
|    Accrued expenses and other current liabilities                                                                                                                                                                                                      |   |   | 11,558 |   |   |   | 9,175 |   |
|    Current debt                                                                                                                                                                                                                                        |   |   | 3,008 |   |   |   | -- |   |
|       Total current liabilities                                                                                                                                                                                                         |   |   | 23,412 |   |   |   | 15,430 |   |
| Other liabilities                                                                                                                                                                                                                                                     |   |   | 1 |   |   |   | -- |   |
|       Total liabilities                                                                                                                                                                                                                 |   |   | 23,413 |   |   |   | 15,430 |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Stockholders' equity:                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |
|    Preferred stock, $0.01 par value; authorized 1,250,000 shares; none issued                                                                                                                                                                          |   |   | -- |   |   |   | -- |   |
|    Common stock, $0.001 par value; authorized 12,500,000 shares; 8,100,319 and    8,045,078 shares issued and 7,689,382 and 7,634,141 shares outstanding at    March 31, 2011 (unaudited) and December 31, 2010, respectively |   |   | 8 |   |   |   | 8 |   |
|    Additional paid-in capital                                                                                                                                                                                                                          |   |   | 94,689 |   |   |   | 94,525 |   |
|    Accumulated other comprehensive income                                                                                                                                                                                                              |   |   | 3,026 |   |   |   | 2,666 |   |
|    Accumulated deficit                                                                                                                                                                                                                                 |   |   | (41,307 | ) |   |   | (45,346 | ) |
|    Treasury stock, 410,937 common shares at March 31, 2011 and December 31, 2010, at cost                                                                                                                                                              |   |   | (4,754 | ) |   |   | (4,754 | ) |
|       Total stockholders' equity                                                                                                                                                                                                        |   |   | 51,662 |   |   |   | 47,099 |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                  |   | $ | 75,075 |   |   | $ | 62,529 |   |
| Contingencies                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                                                                                                                                                                        |   | Three Months Ended |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   | March 31,          |   |
|                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                        |   | 2011               |   |   | 2010 |   |
|                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |
| Net sales                                                                                                                                                                                                                                                                                                                   |   | $                  | 30,186 |   |   | $ | 22,358 |   |
| Cost of goods sold                                                                                                                                                                                                                                                                                                          |   |               | 16,030 |   |   |   | 12,291 |   |
|       Gross profit                                                                                                                                                                                                                                                                            |   |               | 14,156 |   |   |   | 10,067 |   |
|                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |   |   |
| Operating expenses:                                                                                                                                                                                                                                                                                                         |   |               |   |   |   |   |   |   |
|    Research and development expenses                                                                                                                                                                                                                                                                         |   |               | 699    |   |   |   | 628 |   |
|    Selling and marketing expenses                                                                                                                                                                                                                                                                            |   |               | 6,586  |   |   |   | 5,693 |   |
|    General and administrative expenses                                                                                                                                                                                                                                                                       |   |               | 2,751  |   |   |   | 2,105 |   |
|          Total operating expenses                                                                                                                                                                                                                                              |   |               | 10,036 |   |   |   | 8,426 |   |
|          Operating income                                                                                                                                                                                                                                                      |   |               | 4,120  |   |   |   | 1,641 |   |
|                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |   |   |
| Other expense:                                                                                                                                                                                                                                                                                                              |   |               |   |   |   |   |   |   |
|    Interest expense, net                                                                                                                                                                                                                                                                                     |   |               | (14    | ) |   |   | (9 | ) |
|    Other income (expense), net                                                                                                                                                                                                                                                                               |   |               | (1     | ) |   |   | -- |   |
|                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |   |   |
|       Income before income taxes                                                                                                                                                                                                                                                              |   |               | 4,105  |   |   |   | 1,632 |   |
| Income tax expense (benefit)                                                                                                                                                                                                                                                                                                |   |               | 66     |   |   |   | (20 | ) |
|       Net income                                                                                                                                                                                                                                                                              |   | $                  | 4,039  |   |   | $ | 1,652 |   |
|                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |   |   |
| Net income  per common share - basic                                                                                                                                                                                                                                                                              |   | $                  | 0.53   |   |   | $ | 0.24 |   |
|                                                    - diluted |   | $                  | 0.50   |   |   | $ | 0.21 |   |
|                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |   |   |

----

|                                           |   | Shares of |      |   |   |   |   | Additional |   |   | Accumulated Other |   |   |        |   |   |          |   |    | Cost of  |   |   | Total         |   |
|------------------------------------------------|--------|-----------|-----------|--------|--------|--------|--------|------------|--------|--------|-------------------|--------|--------|-------------|--------|--------|---------------|--------|---------|----------|--------|--------|---------------|--------|
|                                           |   | Common    |      |   | Common |   |   | Paid-in    |   |   | Comprehensive     |   |   | Accumulated |   |   | Comprehensive |   |    | Treasury |   |   | Stockholders' |   |
|                                           |   | Stock     |      |   | Stock  |   |   | Capital    |   |   | Income            |   |   | Deficit     |   |   | Income        |   |    | Stock    |   |   | Equity        |   |
|                                           |   |      |      |   |   |   |   |       |   |   |              |   |   |        |   |   |          |   |    |     |   |   |          |   |
| Balance, December 31, 2010                     |   |      | 8,045,078 |   |   | $      | 8      |       |   | $      | 94,525            |   |   | $           | 2,666  |   |          | $      | (45,346 | )        |   |   |          |   | $ | (4,754 | ) |   | $ | 47,099 |   |
| Comprehensive income:                          |   |      |      |   |   |   |   |       |   |   |              |   |   |        |   |   |          |   |    |     |   |   |          |   |   |   |   |   |   |   |   |
|    Net income                   |   |      | --        |   |   |   | --     |       |   |   | --                |   |   |        | --     |   |          |   | 4,039   |     |   | $      | 4,039         |   |   |   | -- |   |   |   | 4,039 |   |
|    Foreign currency translation |   |      | --        |   |   |   | --     |       |   |   | --                |   |   |        | 360    |   |          |   | --      |     |   |   | 360           |   |   |   | -- |   |   |   | 360 |   |
| Comprehensive income                           |   |      | --        |   |   |   | --     |       |   |   | --                |   |   |        | --     |   |          |   | --      |     |   | $      | 4,399         |   |   |   | -- |   |   |   | -- |   |
| Issuance of restricted stock                   |   |      | 55,241    |   |   |   | --     |       |   |   | --                |   |   |        | --     |   |          |   | --      |     |   |   |          |   |   |   | -- |   |   |   | -- |   |
| Compensatory stock and stock options           |   |      | --        |   |   |   | --     |       |   |   | 164               |   |   |        | --     |   |          |   | --      |     |   |   |          |   |   |   | -- |   |   |   | 164 |   |
| Balance, March 31, 2011                        |   |      | 8,100,319 |   |   | $      | 8      |       |   | $      | 94,689            |   |   | $           | 3,026  |   |          | $      | (41,307 | )        |   |   |          |   |   | $ | (4,754 | ) |   | $ | 51,662 |   |

----

|                                                                                                                        |   | Three Months Ended |    |
|-----------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                                        |   | March 31,          |    |
|                                                                                                                        |   |               |    |   |   |   |
|                                                                                                                        |   | 2011               |    |   | 2010 |   |
| Cash flows from operating activities:                                                                                       |   |               |    |   |   |   |
|    Net income                                                                                                |   | $                  | 4,039   |   |   | $ | 1,652 |   |
|    Adjustments to reconcile net income to net cash used in operating activities:                             |   |               |    |   |   |   |   |   |
|       Depreciation and amortization                                                           |   |               | 147     |   |   |   | 134 |   |
|       Amortization of deferred compensation                                                   |   |               | 164     |   |   |   | 248 |   |
|       Provision for doubtful accounts                                                         |   |               | 421     |   |   |   | 382 |   |
|       Provision for inventory reserve                                                         |   |               | 77      |   |   |   | 59 |   |
|       Changes in operating assets and liabilities:                                            |   |               |    |   |   |   |   |   |
|          Trade receivables                                                     |   |               | (15,808 | ) |   |   | (10,191 | ) |
|          Inventories                                                           |   |               | (1,956  | ) |   |   | 2,348 |   |
|          Prepaid expenses                                                      |   |               | (92     | ) |   |   | (355 | ) |
|          Other current assets                                                  |   |               | 118     |   |   |   | -- |   |
|          Accounts payable                                                      |   |               | 2,591   |   |   |   | 1,373 |   |
|          Accrued expenses and other current liabilities                        |   |               | 2,388   |   |   |   | (1,101 | ) |
|             Net cash used in operating activities               |   |               | (7,911  | ) |   |   | (5,451 | ) |
|                                                                                                                        |   |               |    |   |   |   |   |   |
| Cash flows from investing activities:                                                                                       |   |               |    |   |   |   |   |   |
|    Purchases of equipment                                                                                    |   |               | (116    | ) |   |   | (8 | ) |
|    Purchases of intangible assets                                                                            |   |               | (1,401  | ) |   |   | -- |   |
|             Net cash used in investing activities               |   |               | (1,517  | ) |   |   | (8 | ) |
|                                                                                                                        |   |               |    |   |   |   |   |   |
| Cash flows from financing activities:                                                                                       |   |               |    |   |   |   |   |   |
|    Principal payments under capital lease obligation                                                         |   |               | (1      | ) |   |   | (4 | ) |
|    Net proceeds from debt                                                                                    |   |               | 3,005   |   |   |   | (6 | ) |
|             Net cash provided by (used in) financing activities |   |               | 3,004   |   |   |   | (10 | ) |
|                                                                                                                        |   |               |    |   |   |   |   |   |
| Effects of exchange rate changes                                                                                            |   |               | 360     |   |   |   | (171 | ) |
| Net decrease in cash and cash equivalents                                                                                   |   |               | (6,064  | ) |   |   | (5,640 | ) |
| Cash and cash equivalents at beginning of period                                                                            |   |               | 6,724   |   |   |   | 12,562 |   |
|                                                                                                                        |   |               |    |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                                                  |   | $                  | 660     |   |   | $ | 6,922 |   |
|                                                                                                                        |   |               |    |   |   |   |   |   |
| Supplemental disclosure of cash flow information                                                                            |   |               |    |   |   |   |   |   |
|    Interest paid                                                                                             |   | $                  | 15      |   |   | $ | 9 |   |
|    Income taxes paid                                                                                         |   | $                  | 66      |   |   | $ | 3 |   |

----

|                                                      |   | March 31,   |   |   | December 31, |   |
|-----------------------------------------------------------|--------|-------------|--------|--------|--------------|--------|
|                                                      |   | 2011        |   |   | 2010         |   |
|                                                      |   | (unaudited) |   |   |         |   |
| Finished goods                                            |   | $           | 22,783 |   |         | $      | 19,096 |   |
| Component parts                                           |   |        | 8,269  |   |         |   | 9,999 |   |
| Allowance for inventory obsolescence                      |   |        | (2,085 | )      |         |   | (2,007 | )  |
|        Total inventory |   | $           | 28,967 |   |         | $      | 27,088 |   |

----

|                                 |   | March 31,   |   |   | December 31, |   |
|--------------------------------------|--------|-------------|--------|--------|--------------|--------|
|                                 |   | 2011        |   |   | 2010         |   |
|                                 |   | (unaudited) |   |   |         |   |
| Intangible assets                    |   | $           | 1,461  |   |         | $      | 108 |   |
| Other assets                         |   |        | 23     |   |         |   | 26 |   |
|    Total other assets |   | $           | 1,484  |   |         | $      | 134 |   |

|     Nine months ended December 31, 2011                        |   | $      |  145,000 |   |
|------------------------------------------------------------------------------------|--------|--------|---------------|--------|
|     Years ending December 31,                                  |   |   |          |   |
|             2012       |   |   | 102,000       |   |
|             2013       |   |   | 93,000        |   |
|             2014       |   |   | 93,000        |   |
|             2015       |   |   | 93,000        |   |
|             Thereafter |   |   | 935,000       |   |
|             Total      |   | $      | 1,461,000     |   |
|                                                                               |   |   |          |

|                                                                                           |   | March 31,   |   |   | December 31, |   |
|------------------------------------------------------------------------------------------------|--------|-------------|--------|--------|--------------|--------|
|                                                                                           |   | 2011        |   |   | 2010         |   |
|                                                                                           |   | (unaudited) |   |   |         |   |
| Payroll and commissions                                                                        |   | $           | 1,868  |   |         | $      | 1,618 |   |
| Product warranty and sales returns and promotional allowances                                  |   |        | 3,182  |   |         |   | 2,567 |   |
| Professional services                                                                          |   |        | 33     |   |         |   | -- |   |
| Accrued inventory                                                                              |   |        | 159    |   |         |   | 85 |   |
| Accrued sales promotions                                                                       |   |        | 2,598  |   |         |   | 2,061 |   |
| Deferred revenue                                                                               |   |        | 1,846  |   |         |   | 1,605 |   |
| Other                                                                                          |   |        | 1,872  |   |         |   | 1,239 |   |
|        Total accrued expenses and other current liabilities |   | $           | 11,558 |   |         | $      | 9,175 |   |

----

|                              |   | Three Months Ended March 31, |   |
|-----------------------------------|--------|------------------------------|--------|
|                              |   | 2011                         |   |   | 2010 |   |
|                              |   | (unaudited)                  |   |
| United States                     |   | $                            | 24,980 |   |   | $ | 18,244 |   |
| Rest of World                     |   |                         | 5,206  |   |   |   | 4,114 |   |
|    Total net sales |   | $                            | 30,186 |   |   | $ | 22,358 |   |

----

|                                     |   |      |    |   | Weighted       |   |   | Aggregate        |   |
|------------------------------------------|--------|-----------|---------|--------|----------------|--------|--------|------------------|--------|
|                                     |   | Number of |    |   | Average        |   |   | Intrinsic        |   |
|                                     |   | Options   |    |   | Exercise Price |   |   | Value of Options |   |
|                                     |   |      |    |   |           |   |   |             |   |
| Options outstanding at December 31, 2010 |   |      | 514,169 |   |           | $      | 0.88   |             |   |   |   |
| Options granted                          |   |      | --      |   |           |   | --     |             |   |   | -- |   |
| Options forfeited / expired              |   |      | --      |   |           |   | --     |             |   |   | -- |   |
| Options exercised                        |   |      | --      |   |           |   | --     |             |   |   | -- |   |
|                                     |   |      |    |   |           |   |   |             |   |   |   |   |
| Options outstanding at March 31, 2011    |   |      | 514,169 |   |           |   | 0.88   |             |   |   | 2,391,788 |   |
|                                     |   |      |    |   |           |   |   |             |   |   |   |   |
| Options exercisable at March 31, 2011    |   |      | 464,169 |   |           |   | 0.65   |             |   |   | 2,266,288 |   |

----

|                                |   |      |    |                | Weighted         |   |
|-------------------------------------|--------|-----------|---------|---------------------|------------------|--------|
|                                |   | Number of |    |                | Average          |   |
|                                |   | Shares    |    |                | Grant Date Price |   |
|                                |   |      |    |                |             |   |
| Stock unvested at December 31, 2010 |   |      | 479,759 |                |             | $      | 3.81 |   |
| Stock granted                       |   |      | 55,241  |                |             |   | 5.49 |   |
| Stock vested                        |   |      | (5,241  | )    |             |   | 4.77 |   |
|                                |   |      |    |                |             |   |   |   |
| Stock unvested at March 31, 2011    |   |      | 529,759 |                |             |   | 3.98 |   |
|                                |   | ======    |    |                | =====            |   |

| Period of Exercise |   |     Total Options to be Exercised                                            |
|--------------------|--------|--------------------------------------------------------------------------------------------------|
|               |   |                                                                                             |
| 2011               |   | 15,000                                                                                           |
| 2012               |   | 15,709                                                                                           |
|  2013         |   | 1,250                                                                                            |
| Beyond 2013        |   | 2,500                                                                                            |
|               |   |                                                                                             |
|               |   |                  |
| Total Options      |   | 34,459                                                                                           |
|               |   |                                                                                             |

----

----

|                            |   | Beginning Balance |   | Charges for Warranty Claims |   | Estimated Accruals |   | Ending Balance |
|---------------------------------|--------|-------------------|--------|-----------------------------|--------|--------------------|--------|----------------|
| Quarter ended December 31, 2010 |   | $                 | 427    |                        |   |               | (80    | )              |   |   | (53 | ) |   | $ | 294 |   |
| Quarter ended March 31, 2011    |   | $                 | 294    |                        |   |               | (75    | )              |   |   | 78 |   |   | $ | 297 |   |

----

|   | -- | The global economic uncertainty and the impact of changing economic conditions; |
|--------|----|---------------------------------------------------------------------------------|

|   | -- | Business conditions in the golf industry; |
|--------|----|-------------------------------------------|

|   | -- | Our ability to maintain historical growth in revenue and profitability;   |
|--------|----|-------------------------------------------------------------------------------------|

|   | -- | Product development difficulties; |
|--------|----|-----------------------------------|

|   | -- | The adequacy of the allowance for doubtful accounts, obsolete inventory and warranty reserves; |
|--------|----|------------------------------------------------------------------------------------------------|

|   | -- | Product approval and conformity to governing body regulations; |
|--------|----|----------------------------------------------------------------|

|   | -- | Our ability to attract and maintain key personnel and the endorsements of golf professionals; |
|--------|----|-----------------------------------------------------------------------------------------------|

|   | -- | Assembly difficulties; |
|--------|----|------------------------|

|   | -- | Product introductions; |
|--------|----|------------------------|

|   | -- | Patent infringement risks; |
|--------|----|----------------------------|

|   | -- | Uncertainty of the ability to protect intellectual property rights; |
|--------|----|---------------------------------------------------------------------|

|   | -- | Market demand and acceptance of products; |
|--------|----|-------------------------------------------|

|   | -- | The future market for our capital stock and the uncertainty in the debt and equity markets; |
|--------|----|---------------------------------------------------------------------------------------------|

|   | -- | The success of our marketing and tour strategies; |
|--------|----|---------------------------------------------------|

|   | -- | Our dependence on one supplier for a majority of our inventory products; |
|--------|----|--------------------------------------------------------------------------|

|   | -- | Our dependence on suppliers who are concentrated in one geographic region; |
|--------|----|----------------------------------------------------------------------------|

|   | -- | Our dependence on one or a limited number of customers; |
|--------|----|---------------------------------------------------------|

|   | -- | Solvency of, and reliance on, third parties, including suppliers, customers, and freight transporters; |
|--------|----|--------------------------------------------------------------------------------------------------------|

|   | -- | The actions of competitors, including pricing, advertising and product development risks in technology; |
|--------|----|---------------------------------------------------------------------------------------------------------|

|   | -- | The uncertainty of the results of pending litigation; |
|--------|----|-------------------------------------------------------|

|   | -- | Investor audience, interest or valuation; |
|--------|----|-------------------------------------------|

|   | -- | The management of inventory levels, sales channels and re-distribution; |
|--------|----|-------------------------------------------------------------------------|

|   | -- | The risk associated with litigation and the risks associated with losses that may prove unrecoverable under existing insurance policies; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | -- | Our ability to manage seasonality in our business and its effects on our quarterly results; |
|--------|----|---------------------------------------------------------------------------------------------|

|   | -- | Our ability to manage international business risks;and |
|--------|----|--------------------------------------------------------|

----

|   | -- | Other factors detailed under Item 1A. "Risk Factors", of our Annual Report on Form 10-K filed with the SEC on March 8, 2011. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                         |   | Three Months Ended March 31, |   |
|--------------------------------------------------------------|--------|------------------------------|--------|
|                                                         |   | 2011                         |   |   | 2010 |   |
|                                                         |   | (unaudited)                  |   |
| Net sales                                                    |   |                         | 100.0  | % |   |   | 100.0 | % |
| Cost of goods sold                                           |   |                         | 53.1   |   |   |   | 55.0 |   |
|    Gross profit                               |   |                         | 46.9   |   |   |   | 45.0 |   |
| Operating expenses:                                          |   |                         |   |   |   |   |   |   |
|    Research and development expenses          |   |                         | 2.3    |   |   |   | 2.8 |   |
|    Sales and marketing expenses               |   |                         | 21.8   |   |   |   | 25.5 |   |
|    General and administrative expenses        |   |                         | 9.2    |   |   |   | 9.4 |   |
|       Total operating expenses |   |                         | 33.3   |   |   |   | 37.7 |   |
|    Income before income taxes                 |   |                         | 13.6   |   |   |   | 7.3 |   |
| Income tax expense (benefit)                                 |   |                         | 0.2    |   |   |   | (0.1 | )   |
| Net income                                                   |   |                         | 13.4   | % |   |   | 7.4 | % |
|                                                         |   |                         |   |   |   |   |   |   |

|                              |   | Three Months Ended March 31, |      |
|-----------------------------------|--------|------------------------------|-----------|
|                              |   | 2011                         |      |   | 2010 |   |
|                              |   | (unaudited)                  |      |
| Irons                             |   |                         | 61.0      | % |   |   | 64.4 | % |
| Fairway woods                     |   |                         | 24.8      |   |   |   | 20.7 |   |
| Drivers                           |   |                         | 14.0      |   |   |   | 17.4 |   |
| Wedges and Other                  |   |                         | 0.2       |   |   |   | (2.5 | )   |
|    Total net sales |   |                         |  100 | % |   |   |  100 | % |

----

|                              |   | Three Months Ended March 31, |   |
|-----------------------------------|--------|------------------------------|--------|
|                              |   | 2011                         |   |   | 2010 |   |
|                              |   | (unaudited)                  |   |
| United States                     |   | $                            | 24,980 |   |   | $ | 18,244 |   |
| Rest of World                     |   |                         | 5,206  |   |   |   | 4,114 |   |
|    Total net sales |   | $                            | 30,186 |   |   | $ | 22,358 |   |

----

----

----

----

----

----

----

|                         | ADAMS GOLF, INC. |                                                                                                                                                                                                      |
|------------------------------|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |             |                                                                                                                                                                                                      |
| Date:  May 3, 2011 |             | By:  /S/ OLIVER G. BREWER III                            |
|                         |             | Oliver G. Brewer, III                                                                                                                                                                                     |
|                         |             | Chief Executive Officer and President                                                                                                                                                                     |
|                         |             | (Principal Executive Officer)                                                                                                                                                                             |
|                         |             |                                                                                                                                                                                                      |
| Date:  May 3, 2011 |             | By:  /S/ PAMELA HIGH                                     |
|                         |             | Pamela J. High                                                                                                                                                                                            |
|                         |             | Chief Financial Officer                                                                                                                                                                                   |
|                         |             | (Principal Financial Officer)                                                                                                                                                                             |
|                         |             |                                                                                                                                                                                                      |

----

|          |                                                                                                                                               |                                                                                                                              |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 3.1   | Amended and Restated Certificate of Incorporation                                                                                                  | Incorporated by reference to Form S-1 File No. 333-51715 (Exhibit 3.1)                                                            |
|          |                                                                                                                                               |                                                                                                                              |   |
| Exhibit 3.2   | Certificate of Amendment to the Restated Certificate of Incorporation filed on February 14, 2008                                                   | Incorporated by reference to the Annual Report on Form 10-K for the year ended December 31, 2007 File No. 001-33978 (Exhibit 3.2) |
|          |                                                                                                                                               |                                                                                                                              |   |   |
| Exhibit 3.3   | Amended and Restated By-laws                                                                                                                       | Incorporated by reference to Form S-1 File No. 333-51715 (Exhibit 3.2)                                                            |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 4.1   | 1998 Stock Incentive Plan of the Company dated February 26, 1998, as amended                                                                       | Incorporated by reference to Form S-8 File No. 333-68129 (Exhibit 4.1)                                                            |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 4.2   | 1996 Stock Option Plan dated April 10, 1998                                                                                                        | Incorporated by reference to Form S-1 File No.333-51715 (Exhibit 4.2)                                                             |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 4.3   | Adams Golf, Ltd. 401(k) Retirement Plan                                                                                                            | Incorporated by reference to Form S-1 File No.333-51715 (Exhibit 4.3)                                                             |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 4.4   | 1999 Non-Employee Director Plan of Adams Golf, Inc.                                                                                                | Incorporated by reference to 1999 Form 10-K File No. 000-24583 (Exhibit 4.4)                                                      |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 4.5   | 1999 Stock Option Plan for Outside Consultants of Adams Golf, Inc.                                                                                 | Incorporated by reference to Form S-8 File No. 333-37320 (Exhibit 4.5)                                                            |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 4.6   | 2002 Stock Incentive Plan for Adams Golf, Inc.                                                                                                     | Incorporated by reference to Annex A of the 2002 Proxy Statement File No. 000-24583 (Annex A)                                     |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 4.7   | Form of Option Agreement under the 2002 Stock Option Plan of Adams Golf, Inc.                                                                      | Incorporated by reference to Form S-8 File No. 333-112622 (Exhibit 4.7)                                                           |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 10.1  | Amendment dated September 1, 2003 to the Commercial Lease Agreement dated April 6, 1998, between Jackson-Shaw Technology Center II and the Company | Incorporated by reference to 2003 Form 10-K File No. 000-24583 (Exhibit 10.12)                                                    |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 10.2* | Asset Purchase Agreement of Women’s Golf Unlimited                                                                                           | Incorporated by reference to 2006 Form 10-K File No. 000-24583 (Exhibit 10.11)                                                    |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 10.3  | Revolving Line of Credit between Adams Golf, Inc and Wachovia Bank, National Association                                                           | Incorporated by reference to the Report on Form 8-K dated November 13, 2007 (Exhibit 10.1)                                        |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 10.4  | Commercial Lease Agreement dated December 15, 2007, between MDN/JSC -II Limited and the Company                                                    | Incorporated by reference to 2007 Form 10-K (Exhibit 10.9)                                                                        |
|          |                                                                                                                                               |                                                                                                                              |
| Exhibit 10.5  | Commercial Lease Agreement dated April 10, 2008, between CLP Properties Texas, L.P. and the Company                                                | Incorporated by reference to the Report on Form 8-K dated April 15, 2008 (Exhibit 10.1)                                           |
|          |                                                                                                                                               |                                                                                                                              |

----

| Exhibit 10.6  | Employment Agreement - Byron (Barney) H. Adams                                                        | Incorporated by reference to the Report on Form 8-K dated January 12, 2009 (Exhibit 10.1)                                             |
|---------------|-------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                  |                                                                                                                                  |
| Exhibit 10.7  | Employment Agreement - Oliver G. (Chip) Brewer                                                        | Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 File No. 001-33978 (Exhibit 10.9) |
|          |                                                                                                  |                                                                                                                                  |
| Exhibit 10.8  | Amendment to Revolving line of Credit between Adams Golf, Inc and Wachovia Bank, National Association | Incorporated by reference to Third quarter 2009 Form 10-Q File No. 001-33978 (Exhibit 10.9)                                           |
|          |                                                                                                  |                                                                                                                                  |
| Exhibit 10.9  | Stipulation of Settlement of In Re Adams Golf, Inc. Securities Litigation, dated December 9, 2009     | Incorporated by reference to 2009 Form 10-K File No. 001-33978 (Exhibit 10.10)                                                        |
|          |                                                                                                  |                                                                                                                                  |
| Exhibit 10.10 | Change of Control Agreement – Pamela High, Chief Financial Officer                              | Incorporated by reference to the Report on Form 8-K dated March 2, 2011 (Exhibit 10.1)                                                |
|          |                                                                                                  |                                                                                                                                  |
| Exhibit 10.11 | Bill of Sale dated January 20, 2011                                                                   | Included in this filing                                                                                                               |
|          |                                                                                                  |                                                                                                                                  |
| Exhibit 31.1  | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                               | Included in this filing                                                                                                               |
|          |                                                                                                  |                                                                                                                                  |
| Exhibit 31.2  | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                               | Included in this filing                                                                                                               |
|          |                                                                                                  |                                                                                                                                  |
| Exhibit 32.1  | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                               | Included in this filing                                                                                                               |

----