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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 13, 2005
Adams Golf, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 000-24583 75-2320087
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
300 Delaware Avenue, Suite 572
Wilmington, Delaware 19801
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (302) 427-5892
Not Applicable
(Former Name or Former Address, if Changed Since Last Report
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12(b) under the
Exchange Act (17 CFR 240.14a-12(b))
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01. Entry into a Material Definitive Agreement.
On April 13, 2005, we amended our Credit Agreement originally dated
February 13, 2004 (the "Credit Agreement") and executed an amended and
restated promissory note with Bank of Texas, N.A. to extend the
termination date of the Credit Agreement to April 13, 2008. We
previously extended the Credit Agreement for sixty days in February
2005. As of April 13, 2005, we have no outstanding loans against the
credit facility. The amendment increased the amount of short term debt
available to us under the Credit Agreement from $2,000,000 to
$5,000,000. The short term debt is limited to 75% of the eligible
accounts receivable and 10% of the eligible inventory (the inventory
coverage is applicable only in the months of December, January and
February). The agreement is collateralized by all of our assets and
requires, among other things, for us to maintain certain financial
performance levels relative to net worth and interest coverage ratio.
Interest on outstanding balances accrues at prime less one-half percent
and is due quarterly. The prime interest rate at April 13, 2005 was
5.75%.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant
See "Item 1.01 - Entry into a Material Definitive Agreement" above.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
ADAMS GOLF, INC.
Date: April 14, 2005 By: /s/ ERIC LOGAN
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Eric Logan
Chief Financial Officer