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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).