• “It’s a pretty awesome publication that the GRAA has. Hats off to Rick Summers and his wonderful staff. The content is always great and relevant. I’m currently starting to implement some of the ideas I’ve seen in the magazine and emails.”

    - Greg Mason, Waverly Municipal Golf Course

  • “The GRAA Boot Camp was a great experience and I learned a lot. It was great having Mike Malaska there; he really kept things interesting and was very helpful with his insight. I look forward to more educational opportunities through the GRAA.”

    - Chris Talerico, Santa Barbara Golf Club

  • “The GRAA Boot Camp was awesome! Great chance to meet and share with some of the best in the business! Keep it up.”

    - Jason Sedan, Orchid Island Golf & Beach Club

  • “The GRAA is an amazing resource for all phases of golf. Their association encourages golf professionals and facility operators to get excited about utilizing our range to grow this great game. The GRAA’s information is extremely helpful and relevant in today’s world of golf.”

    - Kathy Gildersleeve-Jensen, Jensen Lindebald Impact Golf Academy

  • “In our highly competitive market, Golf Range Magazine is one of my best sources for proven best practices and operational issues that pertain to the range.”

    - Mike Woods, PGA, Haggin Oaks Golf Complex

  • “The past two years Liberty National has been given the honor of a GRAA Top 50 Golf Range. This is something we are very proud of and would like to thank GRAA for inspiring us to continue to improve our range operation through best practices and keeping us updated on industry trends. Thank you GRAA!”

    - Dan Schleichart, Liberty National

  • “The GRAA and its products provide me with a wealth of knowledge. As a teaching professional, the coverage the GRAA gives to instruction is invaluable to me, providing me with ideas and best practices from some of the best instructors in the country!”

    - Lou Guzzi, PGA, Lou Guzzi Golf Academy

  • “Having experienced a growth in junior golf, equipment fitting along with the plans of building a new short game facility, GRAA has been a great tool to help us find ways to improve our bottom line.”

    - Rob Clark, The Ledges of Huntsville Mountain

  • “Every PGA Professional should have a chance to attend a GRAA Boot Camp!”

    - Will Reilly, Royal Palm Beach Golf Academy

  • “The GRAA staff was great at keeping on track and initiating discussion at the recent GRAA Boot Camp at Trump National – Los Angeles. There was way more interaction than I have seen at past educational seminars. Keep up the good work!”

    - Chris Talerico, Santa Barbara Golf Club

  • “The GRAA Boot Camp program is excellent. I will be looking forward to the next one!”

    - Tom Burley, Indian Wells Golf Resort

  • “It was very exciting to be able to host a GRAA Boot Camp at our facility. Having taught at one the previous year, I knew it would be a very professionally run event attracting golf professionals from the area. The GRAA has really created a nice traveling product that is a must-attend if in your area!”

    - Nicole Weller, The Landings Club

  • “Our association with the GRAA goes back several years now. In that time, Shadow Ridge Country Club has been recognized as the region’s leader in practice area and driving range development. We really enjoy your ‘best practices’ features.”

    - Gary Gabrielson, Shadow Ridge Country Club

  • “The GRAA provides valuable industry information from the top teachers in the game on player development and programming. My bottom line has been directly impacted from the information provided.”

    - Jim Estes, Olney Golf Park

  • “The GRAA is a great resource for our business. It is a vehicle through which we can stay relevant, keep up with the latest and greatest and assist in running a top-notch operation.”

    - David Beltre, Chelsea Piers

  • “The GRAA is a great resource for any driving range (stand alone, public, private or resort) to use for networking and operational information. Golf Range Magazine and the Best Practices are invaluable products that provide proven ideas that can help all facilities use the range to drive revenue and grow the game!”

    - Greg Mason, Waverly Municipal Golf Course

  • “Having the opportunity to share my best practices’ with the GRAA community has encouraged great feedback from my peers that I have used to further enhance my own programs. It is important for professionals to share their innovative ideas to continue growing the game.”

    - Scott Shapin, Kenwood Golf & Country Club

  • “I have been using Golf Range Magazine to help me stay current and to learn about trends in the industry. I have found the articles particularly useful in learning about what others have done to stay ahead of the curve. They have also given me ideas on what I can do to make our facility better. Thank you for making us all better.”

    - Dale Abraham, Desert Mountain Club

  • “Since being named one of GRAA’s Top 50 Growth of the Game Teaching Professionals my lesson book has exploded! I’m as busy as I can be. Thank you for this honor.”

    - Mike Richards, Mike Richards Golf Academy

  • “I got some great ideas from the GRAA Boot Camp, which got me thinking of different ways to implement programs at my facility.”

    - Fred Glass, Neshanic Valley Golf Course

  • “I wanted to thank you again for allowing me the opportunity to attend the GRAA Boot Camp. The event was very well organized and the learning opportunities were tremendous!”

    - Paul Vasquez, Muroc Lake Golf Course

  • “The GRAA provides great information and covers a broad spectrum of topics to help me grow my business! I’ve kept in touch with many professionals I met at the Boot Camp, and have continually shared ideas.”

    - Brad Latimer, Smiley’s Golf and Learning Center

  • Golf Range Magazine, GRAA Best Practices and Boot Camp are all great ways to pick up new ideas that have been successful at other facilities in order to enhance my operation. Everything I’ve seen the GRAA do is a home run!”

    - Brian Varsey, Ocean Reef Club

  • “The GRAA boot camp I attended was informal, and educational. Learning from PGA National Teacher of the Year, Lou Guzzi, was a valuable experience. Definitely helped me improve as an instructor and the bottom line of my facility!”

    - Jason Blonder, Ash Brook Golf Course

  • “The GRAA has been an outstanding resource for not only Fox Hollow training center, but the three other ranges in our golf system. Golf Range Magazine keeps us on the leading edge of industry best practices across the country.”

    - Mike Messina, Fox Hollow Driving Range

  • “The GRAA Boot Camp is a very good networking experience. Meeting and building relationships with the sponsors is very beneficial. I have connected with PowerTee and now have an installation in Minnesota — A very good ‘win-win situation’ if notfor the Boot Camp at TPC Twin Cities.”

    - Jim Deutsch, University of St. Thomas

  • “Taking ideas that have been presented by Golf Range Magazine and GRAA best practices, then customizing those ideas to fit our facility has been so beneficial to Pine Meadow. My advice, read the magazine, read the GRAA best practices, you just never know where they may take you or your staff.”

    - Dennis Johnsen, Pine Meadow Golf Club

  • “I actually learned something when I attended the GRAA Boot Camp, which is not always the case with those type of events. I was able to take away few ideas from the facilitators, and watching Keith Lyford reconfirmed that I am teaching the correct way to improve my students quickly.”

    - Phil Green, Home On The Range

  • “The GRAA has been tremendous for our practice range and golf club. It is our go to resource for creative ideas, promotions and vendor referrals.”

    - Stephen Clancy, Granite Links Golf Club

  • “The recent GRAA Boot Camp was upbeat and informative. It was wonderful to hear great speakers like Lou Guzzi and Stephen Kay. I left the Boot Camp with more ideas than expected and will definitely attend another.”

    - Sean Driscoll, Big Swing Golf Center

  • “Thanks so much for an informative GRAA boot camp. I can’t wait to do it again.”

    - Marty Stumpf, Farmer Brown’s Golf Center

  • “Dancing Rabbit Golf Club greatly values our relationship with the GRAA and is very proud of the recognition we have received. The GRAA helps all facilities to offer and show the best ideas, amenities and services possible for all golfers to enjoy.”

    - Mark Powell, Dancing Rabbit Golf Club

  • “I was fortunate to attend the recent GRAA Boot Camp at Fiddler’s Elbow. Hearing Stephen Kay present and to be so engaging concerning practice facility design and me being able to talk to other operators, to learn what is working for them, were both truly valuable.”

    - Bob Issler, Tom’s River Golf Center

  • “The GRAA Boot Camp was great and I feel fortunate to have the opportunity to attend. Many best practices shared by experts at other facilities can only help to improve revenue and profitability at my facility. Even just implementing one idea learned from the GRAA Boot Camp makes it well worth attending.”

    - Joel Weitz, Vitense Golfland

  • “Being recognized as one of the GRAA Top 50 Private Ranges in the country helped our membership grow to a full 300 golf members. We look forward to gathering more ideas in the future from the GRAA, and continuing to improve our golf facilities and the service to our membership.”

    - Dave Bahr, Maketewah Country Club

  • “I am very supportive and appreciative of the GRAA’s efforts to emphasize golf ranges in every capacity. This organization has a huge potential to greatly benefit operators and PGA members.”

    - Joel Weitz, Vitense Golfland

  • “I read GRAA Best Practices and Golf Range Magazine. After reading the topics, I apply the practices that make sense for my operation and modify them to meet the needs of my customers. These have had a positive impact on my business.”

    - Rob Sedorcek, Country Club of St. Albans

  • “The golf architect talk at the GRAA Boot Camp was very eye opening! Great ideas to take back right away!”

    - Alan Manley, Augusta Technical College

  • “More than anything, the GRAA has provided me new ideas and ways to help people play better golf and enjoy the game more. The videos and articles in Golf Range Magazine often give me a different view on a training aid or fresh perspective on a drill/exercise that I may not have used for some time.”

    - Andy Hilts, GolfTec

  • “The exchange of ideas at with other PGA professionals at the Mistwood GRAA Boot Camp and the practice facility design presentation were awesome and terrific. Great job!”

    - Ed Stevenson, Oak Meadows Golf Club

  • “We have been very happy with our relationship with the GRAA. I read much of Golf Range Magazine each month and I archive the ‘Best Practices’ so that when we are looking at something new I can go back and see if someone has already had that experience. Having that information readily at hand is very valuable.”

    - Danny Elkins, Georgia Golf Center

  • “We pride ourselves and work very hard to maintain and grow our facility. It is always nice to be rewarded for our work, especially from a well respected and leading industry organization such as the GRAA.”

    - Phil Scally Jr., Scally’s Golf Center

  • “In our highly competitive market, Golf Range Magazine is one of my best sources for proven best practices and operational issues that pertain to the range.”

    - Mike Woods, Haggin Oaks Golf Complex

  • “Outstanding event! Meeting all of the astute fellow professionals and the private session the first evening with Lester George were the highlights of a great GRAA Boot Camp at Kinloch.”

    - Kevin Lovell, Winton Country Club

  • “The GRAA Boot Camp was outstanding! Seeing the junior golfer so entertained by Nicole Weller was exciting to watch and good to see people like Patrick and Ryan of the GRAA willing to find the challenges that we face in the business.”

    - Lee Puddlefoot, Olde Hickory Golf and Country Club

  • “GRAA Boot Camps are a wonderful forum for professionals to gather and get new information and exchange ideas that can make us better professionals and operators. The value of these events is immeasurable.”

    - Bill Abrams, Balmoral Woods

  • “The GRAA certainly acts as a resource and avenue to research great ideas from leading industry professionals.”

    - Chad Fleming, TPC Jasna Polana

  • “I always enjoy your Best Practices emails as they are chock filled with much, valuable information. Keep them coming!”

    - Judy Alvarez, The Florida Club

  • “Golf Range Magazine has been a great resource for me and our facility to keep us up to speed on GRAA Best Practices and what is happening in the golf industry. I look forward to each issue to see what nugget of information will be helpful to our operation.”

    - Tiffany Faucette, 1757 Golf Academy

  • “The GRAA best practices have been fun to read and always creative. Holding outings on the wedge range and hosting a demo day for women are just two ideas we have implemented.”

    - Mike Barge, Hazeltine National Golf Club

  • “As a three-time winner of the GRAA Top 50 Ranges, Red Ledges has received the positive recognition as one of the top private golf facilities in the state of Utah. This notoriety has brought numerous new golfing members and golf school students to Red Ledges, which has significantly increased operational revenues.”

    - Jon Paupore, Red Ledges

  • “I have to say thanks to the GRAA for hosting their Boot Camps. Great agenda and excellent program!”

    - Patrick Casey, Brentwood Country Club of Los Angeles

  • “The GRAA’s Golf Range Magazine and Best Practice e-mails do an unbelievable job portraying how to grow the game and take instruction to the next level.”

    - Michael Haywood, PGA, Tucson C.C.

  • “I love to read the GRAA best practices and articles. New ways to do things or something a little different is hard to think of when we are all consumed in our own facilities. I also like that GRAA has incorporated videos, which is even more descriptive and love to see the visual aspect.”

    - Shawn Cox, The Grand Golf Club

  • “We can be an isolated industry when we are in the midst of our busy seasons. As a GRAA member, we appreciate the connection to others in our industry that the magazine and best practices provide.”

    - Rick and Patty Kline, Sittler Golf Center

  • “I really enjoy using the GRAA as a resource for my golf operations. From the best practices to equipment reviews, I can always count on the GRAA to help improve on what we do.”

    - Don Hurter, Castle Pines Golf Club

  • “We can be an isolated industry when we are in the midst of our busy seasons. As a GRAA member, we appreciate the connection to others in our industry that Golf Range Magazine and the GRAA Best Practices provide.”

    - Rick Kline, PGA, Sittler Golf Center

  • “Loved the exchange of ideas at the GRAA boot camp. The GRAA staff kept the interest level high.”

    - Mimi Brown, Brown Golf Management

  • “The GRAA is not just for driving ranges! Our golf courses benefit tremendously from our relationship with the GRAA. They provide us a wealth of knowledgeable resources in all facets of our operations from food & beverage to golf course maintenance and everywhere in between.”

    - Carl Filipowicz, Traditional Golf Properties

  • “Always great to hear ideas from the industries best. Great GRAA Boot Camp at Fiddler’s Elbow.”

    - Doug Holub, Fairchild Wheeler Golf Course

  • “The GRAA is great to work with because their goal truly is to help get, and keep, people interested in the game of golf. The association is very adamant about helping to promote the best facilities and instructors who do that!”

    - Scott Hogan, Scott Hogan Golf

  • “I support the GRAA in their Boot Camps, as well as all other opportunities to participate. Why? Because they do a tremendous job of recognizing the many deserving golf teachers across the country.”

    - Dana Rader, Dana Rader Golf School

  • “Being involved with the GRAA is one of the best business decisions I have made. It helps me keep up-to-date with the latest information that is going on in the industry. I highly recommend you get involved.”

    - Rick Grayson, Rivercut Golf Course

  • “The GRAA Boot Camp at Haggin Oaks was a great opportunity to brainstorm with fellow professionals and to get some fresh ideas to try at my facility!”

    - Keith Lyford, Old Greenwood

  • “I love to read the GRAA best practices and articles. New ways to do things or something a little different is hard to think of when we are all consumed in our own facilities. I also like that GRAA has incorporated videos, which is even more descriptive and love to see the visual aspect.”

    - Shawn Cox, The Grand Golf Club

  • “GRAA best practices provide new and exciting ideas that we may be able to incorporate at TopGolf. Even if it’s not something that can be directly implemented at TopGolf, it tends to stimulate thinking towards related items that may be used at our facilities.”

    - Mark Caster, TopGolf

  • “I am very supportive and appreciate of your efforts to emphasize golf ranges in every capacity. The GRAA has huge potential to greatly benefit operators and PGA members.”

    - Joel Weitz, Vitense Golfland

  • “Dulles Golf Center and the Chuck Will Golf Academy have had a long standing, positive relationship with the GRAA. Through seminars, Golf Range Magazine, and Best Practices, we have gained valuable information and ideas that not only improve our facility, but directly impact our bottom line!”

    - Chuck Will, Dulles Golf Center

  • “Being a part of the Golf Range Association of America has given me the opportunity to network with fellow PGA Professionals who share the same passion for growing the game of golf.”

    - Adam Smith, Salisbury Country Club

  • “Thank you for bringing your GRAA Boot Camp to NJ – it was terrific! We got a lot of new ideas.”

    - Sue Delaney, Basking Ridge Country Club

  • “GRAA allows me see what my peers are up to and that really helps me come up with new ideas for our practice areas and teaching programs.”

    - Steve Dresser, Steve Dresser Golf Academy

  • “The sharing of ideas from both the GRAA Boot Camps and Golf Range Magazine is excellent! In a challenging economy, with golf being down not only in rounds played, but equipment and apparel sales, we need to rely on each other to continue to drive ideas for our patrons, customers, and members.”

    - Dan Baker, Golf Galaxy

  • “I took away several ideas from the GRAA Boot Camp at Kinloch that I think will help enhance my business. Thought the ideas were good and learned a lot from others doing things differently. Loved exchanging ideas with different operators.”

    - Jay Perkins, Bel Air Golf Center

GRAA News, Press Releases

October 25, 2013

Golf Pride Parent, Eaton, Announces Third Quarter 2013 Earnings

Editor’s Note:

The following information was excerpted from a press release announcing Eaton third quarter fiscal 2013 results. Note that the information presented below comes from various sections of the company’s press release. The entire press release should be consulted for a complete discussion. To view the entire press release…click here. To view the financial tables…click here.

Power management company Eaton Corporation plc (NYSE:ETN) today announced record sales and operating earnings, driven by the acquisition of Cooper Industries. Operating earnings for the third quarter of 2013, excluding charges of $38 million to integrate recent acquisitions, were $536 million, up 48 percent over the third quarter of 2012. Operating earnings per share for the third quarter of 2013 were $1.12, an increase of 5 percent over the third quarter of 2012. This result reflects the shares issued as part of the acquisition of Cooper Industries and the purchase price accounting charges resulting from the transaction. Sales in the third quarter were $5.6 billion, 42 percent above the third quarter of 2012.

Alexander M. Cutler, Eaton chairman and chief executive officer, said, “Our third quarter results were slightly ahead of our second quarter results. We saw little revenue growth from the second quarter while operating earnings per share were higher at $1.12. We had expected that third quarter sales would be approximately $75 million higher than second quarter sales, reflecting the normal seasonal increase from the second to third quarter. Our actual revenue increase
from the second to the third quarter was only $5 million, as a result of continued sluggish economic growth around the world. Our third quarter bookings, however, strengthened in our Electrical, Hydraulics, and Aerospace businesses, suggesting that growth is likely to accelerate as we go into 2014.

“Sales in the third quarter grew 42 percent over the third quarter of 2012,” said Cutler. “Growth was comprised of 40 percent from acquisitions and 3 percent from core growth, partially offset by a 1 percent decline from currency.

“Our segment margin in the third quarter of 15.6 percent equaled our second quarter record segment margin, reflecting Cooper integration savings and our continued focus on productivity improvements,” said Cutler. “Our electrical segments posted particularly strong margins, with the Electrical Products segment achieving an operating margin of 17.1 percent and the Electrical Systems and Services segment achieving an operating margin of 14.7 percent.

“Our operating cash flow in the third quarter was a quarterly record $704 million,” said Cutler. “Over the last 12 months, operating cash flow has totaled $2.1 billion. We expect operating cash flow in the fourth quarter to be even stronger than in the third quarter, reflecting the typical seasonal decline in working capital as we go through year end. We repurchased $31 million of debt during the third quarter and plan to repurchase additional debt as opportunities arise.

“Due to the recent softness in the NAFTA Class 8 truck market and continued weakness in the global hydraulics markets, we now believe our overall markets in 2013 are likely to be flat,” said Cutler. “This compares to our expectations at the end of the second quarter that our markets would grow 1 percent. For the fourth quarter, we anticipate our sales are likely to be slightly lower than the third quarter, reflecting normal seasonality. We expect operating earnings per share in the fourth quarter, after excluding an estimated $40 million to integrate our recent acquisitions, to be between $1.00 and $1.10. Based on this fourth quarter guidance, for all of 2013 we are narrowing our range for operating earnings per share from between $4.05 and $4.25 to between $4.05 and $4.15.”

Business Segment Results
Third quarter sales for the Electrical Products segment were $1.8 billion, up 98 percent over 2012, reflecting the impact of the Cooper Industries acquisition. Operating profits in the third quarter were $301 million. Excluding acquisition integration charges of $9 million during the quarter, operating profits were $310 million, up 79 percent over results in 2012.

“Our bookings in the Electrical Products segment increased 7 percent from the combined bookings of Eaton and legacy Cooper in the third quarter a year ago,” said Cutler. “We now believe that our Electrical Products markets in 2013 will grow by 1 percent, 1/2 percent lower than our expectation at the end of the second quarter.

“We are pleased with the 17.1 percent operating margin in Electrical Products,” said Cutler. “This margin represents a significant step up from the strong margins of 16.2 percent we recorded in the second quarter.”

Sales for the Electrical Systems and Services segment were $1.6 billion, an increase of 80 percent over the third quarter of 2012, reflecting the impact of the Cooper Industries acquisition. The segment reported operating profits of $231 million. Excluding acquisition integration costs of $10 million during the quarter, operating profits were $241 million, up 115 percent over results in 2012.

“Combined bookings in the quarter increased 3 percent over the third quarter of 2012,” said Cutler. “For all of 2013, we now believe that the markets in our Electrical Systems and Services segment will grow by 1 1/2 percent, up 1/2 percent from our expectation at the end of the second quarter.”

Hydraulics segment sales were $739 million, down 3 percent from the third quarter of 2012. Operating profits in the third quarter were $89 million. Excluding acquisition integration charges of $8 million during the quarter, operating profits were $97 million, down 1 percent from the third quarter of 2012.

“Global hydraulics markets in the third quarter remained sluggish, particularly in the construction equipment industries in the U.S. and China,” said Cutler. “Our bookings in the third quarter increased 8 percent over the third quarter of 2012, the first time quarterly bookings have increased since the fourth quarter of 2011. For all of 2013, we believe global hydraulics markets will decline 6 percent, 1 percent lower than our expectation at the end of the second quarter.”

Aerospace segment sales were $448 million, up 7 percent over the third quarter of 2012. Operating profits in the third quarter were $64 million, up 31 percent over the third quarter of 2012.

“Our Aerospace segment margins were 14.3 percent, the same as the first quarter and just slightly under second quarter margins,” said Cutler. “Aerospace bookings in the third quarter increased 6 percent over 2012. We continue to believe that our aerospace markets will grow by 3 percent in 2013.”

The Vehicle segment posted sales of $964 million in the third quarter, up 3 percent over the third quarter of 2012. The segment reported operating profits of $161 million, up 12 percent over the third quarter of 2012.

“The strongest markets in our Vehicle segment were the Latin American markets, as well as light vehicle markets in the U.S. and Asia,” said Cutler.

Eaton is a power management company providing energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power. A global technology leader, Eaton acquired Cooper Industries plc in November 2012. The 2012 revenue of the combined companies was $21.8 billion on a pro forma basis. Eaton has approximately 102,000 employees and sells products to customers in more than 175 countries. For more information, visit www.eaton.com.

Notice of conference call: Eaton’s conference call to discuss its third quarter results is available to all interested parties as a live audio webcast today at 10 a.m. United States Eastern time via a link on the center of Eaton’s home page. This news release can be accessed under its headline on the home page. Also available on the website prior to the call will be a presentation on third quarter results, which will be covered during the call.

This news release contains forward-looking statements concerning fourth quarter and full year 2013 operating earnings per share, operating cash flow, sales, and the performance of our worldwide markets. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: unanticipated changes in the markets for the company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; increases in the cost of material and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest; the performance of recent acquisitions; unanticipated difficulties integrating acquisitions; new laws and governmental regulations; interest rate changes; stock market and currency fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements.

Financial Results
The company’s comparative financial results for the three months ended September 30, 2013 are available on the company’s website, www.eaton.com.

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