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  • PGA TOUR REPORTS NET INCOME UP 17% TO MORE THAN $160M IN '97

              In its annual report, the PGA Tour reported total
         revenues of $362.1M, up 14.3% from $316.8M in '96, according
         to Gene Yasuda of GOLFWEEK.  The PGA Tour has projected that
         revenues this year will top $405M.  PGA Tour Exec VP/CFO
         Charlie Zink said that after operating expenses, the Tour
         had a net income of $166.9M, which is an increase of 17.6%
         compared to the $141.9M in '96.  Net income should top $197M
         this year.  Zink said the Tour allocates most of its net
         income to tournament prize money and the players' retirement
         plans.  In '97, the Tour contributed $158.7M to prize money,
         up from $142.1M in '96.  Looking ahead, Zink said, "We
         expect the average purse per event to reach $3 million by
         the year 2000, as opposed to $1.6 million in 1996."  Yasuda
         writes that the Tour's growth "is being fueled primarily by
         television revenues, tournament revenues and its Tournament
         Player Clubs, the Tour-owned golf course facilities."  TV,
         the Tour's largest revenue source, brought in $95.6M in '96
         and $104.4M in '97 (GOLFWEEK, 5/2 issue). 
    
    

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