================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
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): January 23, 2006
Adams Golf, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 000-24583 75-2320087
(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) 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))
==============================================================
Item 1.01. Entry into a Material Definitive Agreement.
On January 23, 2006, 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 January 23, 2009. We previously extended the Credit Agreement
for three years in April 2005. As of January 23, 2006, we have no
outstanding loans against the credit facility. The amendment
increased the line of credit available to us under the Credit
Agreement from $5,000,000 to $10,000,000. The amendment modified
the Prohibition of Mergers & Acquisitions to allow us to borrow up
to $10,000,000 under the credit facility to acquire additional
businesses, provided the nature of business is consistent with
current operations, or for general working capital purposes. The
agreement is collateralized by our accounts receivable, inventory,
intellectual property, and equipment and requires, among other
things, for us to maintain certain financial performance levels
relative to cash flow and interest coverage ratio. Interest on
outstanding balances accrues based on a table according to the
amount of debt drawn down against the line of credit and is due
quarterly.
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.
-2-
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: January 26, 2006 By: /s/ Eric Logan
-----------------------
Eric Logan
Chief Financial Officer
-3-