Akio Karashima has hit the ground running as the new president and chief operating officer of Graphite Design International, one of the world's largest manufacturers of graphite shafts. Karashima, who last month succeeded Keith Yagi -- the man who brought GDI to prominence in the golf industry -- has a goal of engineering a paradigm shift in the golf industry from steel to graphite shafts played in irons.
Best estimates now figure that only 40 percent of all golfers use graphite shafts in their irons, the balance playing with steel shafts.
To that end, Karashima wants to unify the Graphite Design brand worldwide, beginning soon with the introduction to the U.S. market of GDI's Tour AD line of shafts that are among the market leaders in Japan.
"Graphite Design is in an excellent position to help golfers improve their games while growing our company even more," Karashima said. "Graphite shafts providing golfers with abilities to hit better irons shots parallels Graphite Design's research, design and manufacturing strengths as well as untapped market share."
History says don't bet against GDI. With product such as the YS Power Shaft introduced earlier this year, along with the popular GAT and Purple Ice shafts, GDI has emerged the past seven years as one of the more successful and innovative shaft companies in the golf industry.
FORTUNE FORECAST: Fortune Brands (NYSE: FO), parent of the Acushnet Company (Titleist, FootJoy, Cobra, Pinnacle) said it expects its second quarter earnings to come in at "the high end'' of analyst expectations, buoyed by strong demand and new product launches.
Wall Street estimates currently range from earnings of $1.17 to $1.26 per share. The average estimate of analysts polled by Thomson First Call is for earnings of $1.21, up from $1.03 a year ago.
Shares of Fortune Brands opened July 19 at $72.70 and by mid-day had dropped to $71.08.
Fortune Brands will report its second quarter earnings on July 23, the day after Callaway Golf Company (NYSE: ELY) reports its second quarter numbers. Callaway's numbers will be the first report since the company last month lowered its 2004 sales and earnings expectations that rocked Callaway's stock. Shares of Callaway Golf opened July 19 at $10.85 and were at $10.60 at mid-day.
STILL ON THE JOB: Fran Conley will remain the chairman and chief executive officer of golf and sportswear company Cutter & Buck Inc. (NASDAQ: CBUK), and a member of the board of directors, through Sept. 15, under a transition plan agreed to by Conley and company management. Conley will then transition to an employee through Mar. 15, 2005.
Cutter & Buck said the agreement will provide for Conley to work with the board on the transition to a new CEO. The company already has begun searching for an apparel industry veteran to become the next CEO, and hopes to have the search narrowed or the process completed by the September date.
RIDING THE RAILS: Attendees to the PGA Fall Expo, Sept. 20-22 in Las Vegas, will see a new mode of transportation along the famed Strip. After months of delays, the city has launched its $650 million monorail that shuttles visitors to casinos on the Strip while easing traffic along that stretch of Las Vegas Blvd.
The fully automated service features four cars that travel around a 3.9-mile, Z-shaped track, dropping off passengers at various hotel-casino stations. An extension to downtown Las Vegas and a connection to the airport are on the drawing board.
MORE SIN CITY: Vegas impresario Steve Wynn has increased his bid for the Las Vegas Country Club, offering members approximately $52.5 million, up from his initial $40 million proposal that was rejected by the club's board of directors. Wynn's new offer, if accepted, would pay $70,000 per full membership and $35,000 per half membership, as well as cover the club's debts.
Wynn wants the Las Vegas Country Club as an overflow golf facility for customers who can't be accommodated on the 18-hole course now being developed east of his new Wynn Las Vegas megaresort, which is scheduled to open next year.
DESERT DIVA: The desert resort city of Indian Wells, Calif., has set aside $21 million to give the 18-year-old Golf Resort at Indian Wells an overhaul it sees as necessary to stay competitive with other resorts in the Coachella Valley. The resort features a pair of Ted Robinson-designed golf courses. The Indian Wells City Council will pay consulting firm Berryman & Henigar $240,000 for two years to lead it the city through the renovation.
CROCODILE ROCK: Seems the United States isn't the only country in the world that's lawsuit happy. Terry Hong Kee Siong, a 42-year-old businessman, is suing the A Famosa Golf Resort in the Malaysian tourist town of Malacca, over an incident in which a crocodile dragged him into a pond as he played the seventh hole of the resort's golf course.
Hong Kee Siong reportedly needed 38 stitches in his left leg after his escape from the beast. He's suing the resort for damages, claiming that aside from the physical trauma, he's suffered mental shock and hasn't been able to hit a golf ball since the Jan. 22 event.
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