1078547--3/31/2009--TRUE_TEMPER_SPORTS

related topics

{cost, regulation, environmental}

{cost, operation, labor}

{operation, natural, condition}

{condition, economic, financial}

{debt, indebtedness, cash}

{customer, product, revenue}

{product, market, service}

{property, intellectual, protect}

{competitive, industry, competition}

{cost, contract, operation}

{acquisition, growth, future}

{personnel, key, retain}

{operation, international, foreign}

{product, candidate, development}

{product, liability, claim}

We incur environmental compliance costs, including capital, maintenance and operating costs, with respect to pollution control facilities, the cost of ongoing monitoring programs, the cost of reclamation and remediation efforts and other similar costs and liabilities relating to our compliance with Environmental Laws, and we expect these costs and liabilities to continue to increase, including possible new costs, taxes and limitations on operations. Our substantial indebtedness could adversely affect our financial health and prevent us from fulfilling our obligations. To service our indebtedness, we will require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control. Our success depends on the continued popularity of golf and the growth of the market for golf clubs. A reduction in discretionary consumer spending could reduce sales of our products. Our new product development efforts may not be successful. We are subject to work stoppages at our steel manufacturing facility, which could impact the overall profitability of our business. We face intense competition with other golf shaft designers and manufacturers, and our inability to compete effectively for any reason could adversely affect our business. Our profitability would be adversely affected if the operation of our Amory manufacturing plant were interrupted or shut down. Risks related to our operating facility in China could adversely affect our business. Consolidation of our customer base could adversely affect our business. Fluctuations in the cost and availability of raw materials could adversely affect our business. Fluctuations in the cost and availability of energy sources could adversely affect our business. Fluctuations in the availability of energy sources to our customers could adversely affect our business. Fluctuations in cost of health insurance could adversely affect our business. If we are unable to protect our intellectual property rights, our business and prospects may be harmed. We are subject to various environmental, health and safety laws and regulations that govern, and impose liability, for our activities and operations. If we do not comply with these laws and regulations, our business could be materially and adversely affected. Fluctuations in certain general economic conditions could increase our minimum pension liability under our defined benefit pension plan. If we do not retain our key personnel and attract and retain other highly skilled employees our business will suffer. We are subject to risks relating to our international operations. We are subject to product liability claims and other litigation. We may not be able to identify suitable acquisition candidates, and even if we do, we may not be able to acquire those candidates or successfully integrate their operations with ours. We may not be able to achieve necessary output, efficiency and productivity levels in our manufacturing facilities. We may not be able to adequately ramp up production in our new steel golf shaft facility in Suzhou, China, or the start-up process may be delayed or require more investments than we originally anticipated. Terrorist attacks, such as the attacks that occurred on September 11, 2001, and other acts of violence or war, including the military action in Iraq, could negatively impact the U.S. and foreign economies, the financial markets, the industries in which we operate, our operations and our profitability. Changes in the global credit and capital markets could have adverse affects on our capital structure and underlying business.

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1078547--3/31/2009--TRUE_TEMPER_SPORTS_INC