Industry News

Date and event changes for 2010 Golf Industry Show

Based on feedback from attendees and exhibitors, the decision has been made to modify the format for the 2010 GCSAA Education Conference and Golf Industry Show in San Diego. This change does not affect the schedule for the 2009 GIS in New Orleans.

Responding to members' desires to preserve more of their weekends for family and personal time, the trade show portion of the event will be conducted Wednesday and Thursday, with virtually no competing events. GCSAA education will be conducted on Monday, Tuesday and Friday.

The change will also create a better business environment for exhibitors and attendees.

Two sets of Frequently Asked Questions regarding these changes have been prepared and are available online. Visit either the GIS Attendee FAQ or the GIS Exhibitors FAQ.

CMAA rolls out new Clubs and the Economy site

The Club Managers Association of America has created a Clubs and the Economy Web site to support club managers in addressing challenges stemming from the global economic downturn.

The wide-ranging initiatives include blogs, audio conferences, webinars and a library of timely resources. The Economic Resource Library includes market analyses, surveys, articles and a wealth of additional information. The blogs feature industry experts discussing a variety of current issues. CMAA's just-established audio conferences and "Link Up and Learn" webinars are moderated by subject matter experts.

The association says new resources and links will be regularly added to the site. Information and programs will cover topics including membership recruitment and retention, youth programs, club financing, not-for-profit versus for-profit status, strategic leadership through economic challenges, cost-saving methods and much more.

CMAA CEO Jim Singerling, CCM, CEC, said, "While all industries deal with the economic downturn, CMAA will ensure that the club industry, in particular, is as prepared as possible to weather the challenges. We worked quickly to develop timely and concrete resources, and we will continue to enhance CMAA services to meet the current needs of our members. "

NGCOA awards announced

The Resort Club at Grande Dunes, a course that credits its success to its staff and culture as much as course design and conditioning, has been named the NGCOA's 2009 Golf Course of the Year.

"I think we've created a culture that inspires our people to perform at a higher level," says Bob Swezey, executive vice president of golf and resort operations for Burroughs & Chapin, which owns and manages Grande Dunes in Myrtle Beach, S.C. "If you help people feel better about themselves, they’ll feel better about the place they work. In the end, the facility, customers, industry and community win."

Grande Dunes, where Randy Allen, CGCS, is the director of golf course operations, was ranked as one of the best daily fee courses in the U.S. by Golf magazine and last year was ranked by Golfweek as one of South Carolina's 10 "Best Courses You Can Play. "

The Players Stadium Course at TPC Sawgrass, host of the Players Championship, was named the winner of the NGCOA's Jemsek Award for Golf Course Excellence, which honors the world's top championship-caliber courses. GCSAA Class A Member Fred Klauk oversaw development of the Players Stadium Course, and Tom Vlach, CGCS, is the golf course maintenance director.

TPC Sawgrass, which underwent a $12.5 million renovation in 2006-2007 to help the course play firmer and faster, is one of the nation’s most challenging courses. In addition to a stern test of golf, the guest experience at TPC Sawgrass is highlighted by stories that caddies tell of remarkable shots made by professionals en route to a Players championship.

"All the great courses have stories, and we've decided to tell ours," says Bill Hughes, the general manager and regional director at the Ponte Vedra, Fla., course. "Great golf experiences are about memories, and we try to make every guest’s experience here a memorable one."

The NGCOA also recognized the Dedman family, owner of Pinehurst Resort, as the winner of the Award of Merit. The Award of Merit is given to an individual or family who has made significant contributions to golf. When the Dedman family in 2006 sold ClubCorp, the firm that owned and managed a national network of private clubs and resorts, it retained Pinehurst and has continued to make the venerable resort in the sandhills of North Carolina a worldwide destination for those who appreciate the history and traditions of golf.

"I think we'd like to be remembered as a family that gave more than it took. That we not only preserved, but enhanced the game of golf and its importance," says Robert Dedman Jr., whose father, Robert Dedman Sr., founded ClubCorp in 1957. The younger Dedman is the general partner of the family business that controls Pinehurst.

Henry DeLozier, a former president of the NGCOA, won the Don Rossi Award, which goes to an NGCOA member who has served the association with distinction. DeLozier, a principal with Global Golf Advisers, continues to serve on the association’s board of directors. "The thing that sets Henry apart is his vision and his ability always to see the big picture," says Mike Hughes, NGCOA CEO. DeLozier currently serves on GCSAA’s Strategic Communications Committee.

The NGCOA's Champion Award, which recognizes work that improves opportunities for fellow course owners, went to Dudley Darling of Juniper Hill Golf Course in Northborough, Mass., and Bob MacDonald of Brookmeadow Country Club in Canton, Mass. The two course owners led an initiative to allow alcoholic beverages on Massachusetts golf courses. When the new law took effect on Nov. 7, Massachusetts became the 49th state that allows sales of alcoholic beverages on the course. The law is expected to create significant incremental revenue opportunities for the state's golf courses that choose to sell alcoholic beverages from beverage carts.

NGCOA award winners are determined by a panel of golf course owners and operators. Winners will be recognized on Feb. 4 at the NGCOA’s Annual Conference in New Orleans.

Toro reports fiscal 2008 results

The Toro Co. reported net earnings of $119.7 million, or $3.10 per share, on net sales of $1.8782 billion for its fiscal year ended Oct. 31, 2008. The company's results for fiscal 2008 were reduced by a pre-tax charge of $4.7 million, or 8 cents per share on an after-tax basis, taken in its fiscal fourth quarter to account for workforce adjustments. In fiscal 2007, the company posted net earnings of $142.4 million, or $3.40 per share, on net sales of $1.8769 billion.

For the fourth quarter ended Oct. 31, 2008, Toro reported breakeven net earnings on net sales of $341.2 million. Net earnings in the company's fourth quarter were reduced by the charge noted above. In the comparable fiscal 2007 period, the company reported net earnings of $6.5 million, or 16 cents per share, on net sales of $332.5 million.

With a strong focus on asset management, the company achieved significant improvements in working capital and cash flow. During fiscal 2008, the company generated a record $216 million in cash from operating activities - an improvement of $32 million over the previous year. In addition, the company returned $133 million to shareholders through dividend payments and share repurchases. Entering the new fiscal year, the company's liquidity position is solid as indicated by a strong cash balance and supporting committed credit facilities.

"While our revenue growth was impacted for the year due to persistently difficult domestic market conditions, Toro and field inventories are down significantly and should benefit us in the coming year," said Michael J. Hoffman, Toro's chairman and chief executive officer. "As a result of our heightened focus around Lean and asset management, and despite the soft sales environment, we made measurable progress to improve our working capital position and generated record operating cash flow."

Professional segment net sales for fiscal 2008 increased 1 percent to $1.2831 billion. For the year, the company saw strong worldwide demand for golf equipment and irrigation systems from the successful introduction of several new products, and increased shipments of micro irrigation products in Europe and Australia. Additionally, incremental sales from the acquisitions of Rain Master and Turf Guard contributed to the slight increase. These gains helped offset declines in domestic sales of professionally-installed residential and commercial irrigation products and landscape contractor equipment. For the fiscal 2008 fourth quarter, professional segment net sales declined 4.5 percent to $208.4 million.

Professional segment earnings for fiscal 2008 were $234.8 million, down 7.6 percent compared with the same period last year. For the fiscal 2008 fourth quarter, professional segment earnings totaled $14.6 million, compared with $26.7 million in the prior year period.