PGA Tour China Appears Grounded For '17 Under Armour Posts First Quarterly Loss Since '05 PGA Tour Spices Up Schedule With Team Event SMI Sees Attendance Revenue Drop In Q1 Everfi Raises $190M Series D Funding Round Allianz Out As PGA Tour Champions Event Sponsor StubHub Ends Q1 With Gains In Revenue, Sales CAA Expands Presence In China With New Deal D.R. Event Moving From Web.com To PGA Tour SeatGeek Buys Software Company TopTix
Upcoming Conferences and Events
May 31 - Jun 1
PGA TOUR REPORTS NET INCOME UP 17% TO MORE THAN $160M IN '97
Published May 6, 1998
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).