The segment is experiencing increased sales volume and market share through the use of national distribution channels such as superstores. The segment has achieved double digit annual operating income growth since it was purchased in 1976. The company's golf products are well positioned for strong growth as golf becomes more popular, especially overseas. The Company has already taken a charge against 1994 earnings in anticipation of these sales, making these sales virtually tax-free. Short selling involves a risk not associated with the purchase of stock including, but not only limited to, unlimited loss and stock borrowing risks.
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