<SUBMISSION>
<ACCESSION-NUMBER>0001157523-08-002138
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20080311
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20080311
<DATE-OF-FILING-DATE-CHANGE>20080311
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ASHWORTH INC
<CIK>0000820774
<ASSIGNED-SIC>2320
<IRS-NUMBER>841052000
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1031
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-14547
<FILM-NUMBER>08680733
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2765 LOKER AVE WEST
<CITY>CARLSBAD
<STATE>CA
<ZIP>92008
<PHONE>7604386610
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2765 LOKER AVENUE WEST
<CITY>CARLSBAD
<STATE>CA
<ZIP>92008
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CHARTER GOLF INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5631507.htm
<DESCRIPTION>ASHWORTH, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><br><font style="font-family: Times New Roman; font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">WASHINGTON,
      D.C. 20549 </font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15 (d) OF THE</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Date of
      report (Date of earliest event reported): March 11, 2008 </font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>ASHWORTH,
      INC.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      Name of Registrant as Specified in Its Charter) </font>
    </p>
    <p style="text-align: center">

    </p>
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Delaware</font>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px; width: 34%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">001-14547</font>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">84-1052000</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(State
            or Other Jurisdiction of </font><br><font style="font-family: Times New Roman; font-size: 10pt">Incorporation)</font>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Commission
            </font><br><font style="font-family: Times New Roman; font-size: 10pt">File
            Number)</font>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(IRS
            Employer </font><br><font style="font-family: Times New Roman; font-size: 10pt">Identification
            No.)</font>
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 67%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">2765 Loker Avenue West</font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt">Carlsbad,
            California</font>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">92010</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 67%" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Address
          of Principal Executive Offices)</font>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant's
      Telephone Number, Including Area Code: (760) 438-6610</font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt">N/A</font><br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      Name or Former Address, if Changed Since Last Report) </font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <font style="font-size: 10pt"><b>Item 2.02 Results of Operations and
      Financial Condition.</b></font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt">On March 11, 2008, Ashworth, Inc. (the
      &quot;Company&quot;) issued a press release announcing the financial results for
      its first quarter of fiscal year 2008. The Company will hold an earnings
      call at 4:30 p.m., Eastern Time, on March 11, 2008 to review such
      results. A copy of the press release is attached hereto as Exhibit&#160;99.1. </font>
    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt"><b>Item 9.01 Financial Statements and
      Exhibits.</b></font>
    </p>
    <p style="margin-left: 30.0px">
      <font style="font-size: 10pt"><b>(d)</b></font><font style="font-size: 10pt">
      </font><font style="font-size: 10pt"><b>Exhibits:</b></font>
    </p>
    <p style="margin-left: 30.0px">
      <font style="font-size: 10pt">The following exhibit is furnished with
      this current report on Form 8-K:</font>
    </p>
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 15%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><u>Exhibit Number</u></font>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 2%" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 83%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><u>Description of Exhibit</u></font>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px; width: 15%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">99.1</font>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 2%" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 83%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Ashworth, Inc. press release dated
            March 11, 2008 announcing the financial results for its first
            quarter of fiscal year 2008.</font>
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt">The information in this current report on
      Form 8-K, including the exhibit attached hereto, is being furnished and
      shall not be deemed &quot;filed&quot; for purposes of Section 18 of the Securities
      Exchange Act of 1934, as amended, or otherwise subject to the
      liabilities of such section. The information in this current report on
      Form 8-K shall not be incorporated by reference into any registration
      statement or other document pursuant to the Securities Act of 1933, as
      amended, except as shall be expressly set forth by specific reference in
      such filing.</font>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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.</font>
    </p>
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="width: 7%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 4%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">ASHWORTH, INC.</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td colspan="2">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 4%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 46%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 7%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Date:</font>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 42%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">March 11, 2008</font>
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 4%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">By:</font>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><u>/s/ Greg W. Slack</u></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Greg W. Slack</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Chief Financial Officer and
            Principal Accounting Officer</font>
          </p>
        </td>
      </tr>
    </table>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center; white-space: nowrap">
      <font style="font-size: 10pt"><b>EXHIBIT INDEX</b></font>
    </p>
    <p>

    </p>
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 10%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><u><b>Exhibit No.</b></u></font>
          </p>
        </td>
        <td style="text-align: center; width: 90%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><u><b>Description</b></u></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px; width: 10%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">99.1</font>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 90%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Ashworth, Inc. press release dated
            March 11, 2008 announcing the financial results for its first
            quarter of fiscal year 2008.</font>
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5631507ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Ashworth,
      Inc. Reports First Quarter Fiscal 2008 Financial Results</b></font>
    </p>
    <p>
      CARLSBAD, Calif.--(BUSINESS WIRE)--March 11, 2008--Ashworth, Inc.
      (NASDAQ: ASHW), a leading designer of on-course golf apparel and
      golf-inspired lifestyle sportswear, today announced unaudited financial
      results for its first quarter ended January 31, 2008.
    </p>
    <p>
      <b>Summary of First Quarter Results:</b>
    </p>
    <p>
      Consolidated net revenue for the first quarter ended January 31, 2008
      decreased 9.8% to $34.5 million as compared to $38.3 million for the
      first quarter of 2007. The Company reported a consolidated first quarter
      net loss of $7.4 million, or $0.50 per diluted share, compared to a net
      loss of $2.4 million, or $0.17 per diluted share, for the same quarter
      of the prior year. Net revenue for the domestic segment (including Gekko
      Brands, LLC) decreased 5.8% to $30.1 million from $32.0 million for the
      same period of the prior year. Net revenue from the international
      segment (including Ashworth, U.K., Ltd.) decreased 30.1% to $4.4 million
      from $6.3 million for the same period of the prior year.
    </p>
    <p>
      In the first quarter of fiscal 2008, the Company&#8217;s consolidated gross
      margin decreased 460 basis points to 36.2% as compared to 40.8% in the
      first quarter of fiscal 2007. The decrease in consolidated gross margin
      was driven by the deleveraging effects of the decrease in revenue and an
      increase in product costs not offset by price increases. In addition, as
      a result of a labor stoppage at a key headwear vendor, the Company
      incurred additional costs to divert the production of its NASCAR
      products to alternate manufacturing facilities and expedite
      manufacturing and transportation.
    </p>
    <p>
      Consolidated selling, general and administrative (&#8220;SG&amp;A&#8221;) expenses
      increased 1.3% to $19.4 million for the first quarter of fiscal 2008 as
      compared to $19.1 million for the first quarter of fiscal 2007. As a
      percent of net revenues, SG&amp;A expenses were 56.1% for the first quarter
      of fiscal 2008 as compared to 50.0% for the same period of the prior
      fiscal year. The expense increase is largely due to increased consulting
      fees, primarily associated with product design and supplementing the
      Company&#8217;s accounting function during the executive transition period,
      combined with the expense related to the employment and non-compete
      agreements entered into with the principals of Gekko on June 4, 2007.
      These increases were partially offset by a decrease in commission
      expense primarily as a result of the reduction in revenues.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Analysis of First Quarter Fiscal Year 2008 Revenues by Channel</b>
    </p>
    <p>
      The Company&#8217;s first quarter fiscal 2008 revenues decreased in all
      distribution channels except for the Company&#8217;s domestic golf and
      Collegiate/Racing distribution channels.
    </p>
    <p>
      <u>Golf</u>
    </p>
    <p>
      Total revenues in the domestic golf channel in the first quarter 2008
      increased 5.6% to $9.5 million as compared to the same period last year.
      Revenues from on-course golf retailers increased 8.9% or $578,000 over
      the prior year, but this increase was partially offset by a decrease of
      $76,000 in revenues from off-course golf retailers. The Company
      continues to experience significant competitive pressure and market
      consolidation within the off-course channel of distribution. As part of
      the Company&#8217;s effort to restore sales growth, management is implementing
      new sales management processes in both the on-course and off-course
      channels of distribution. The Company is also establishing a number of
      new programs with key off-course accounts.
    </p>
    <p>
      <u>Corporate</u>
    </p>
    <p>
      Revenues for the corporate distribution channel were $4.1 million in the
      first quarter 2008, a decrease of 28.8% as compared to the same period
      last year. The decrease in the corporate channel was driven by certain
      customer event revenues that occurred in the first quarter of fiscal
      2007 that did not reoccur in the first quarter of fiscal 2008, the
      Company&#8217;s strategic decision to discontinue sales to certain accounts
      and a pull-back in corporate spending as a result of uncertain economic
      conditions. Management is developing plans to address these declines
      through a retooling of sales programs and account coverage.
    </p>
    <p>
      <u>Retail</u>
    </p>
    <p>
      Revenues for the retail distribution channel were $3.1 million in the
      first quarter 2008, a decrease of 24.1% from the first quarter 2007.
      This decrease was driven by the consolidation of retail accounts and
      their associated location closures and a decision by management to exit
      a number of large accounts. The Company is working to open a number of
      new retail doors through specially tailored assortments and sales
      programs.
    </p>
    <p>
      <u>Collegiate/Racing (The Game&#174;/Kudzu&#174;)</u>
    </p>
    <p>
      First quarter 2008 revenues for Gekko Brands, LLC were $10.9 million, an
      increase of 4.6% over the first quarter 2007. This increase was
      primarily driven by improved penetration within the NASCAR channel
      combined with an additional increase as a result of having exclusive
      vendor rights for the 50<sup>th</sup> running of the Daytona 500. These
      increases were partially offset by a delay in production due to a labor
      stoppage at a key vendor and the absence in the first quarter of 2008 of
      certain corporate event revenues that occurred during the first quarter
      of fiscal 2007.
    </p>
    <p>
      <u>Company-owned Outlet Stores</u>
    </p>
    <p>
      Revenues from the Company-owned stores were $2.5 million, a decrease of
      7.9% as compared to the first quarter 2007. The decrease reflects a
      generally difficult retail environment as well as increased promotional
      activity.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u>International</u>
    </p>
    <p>
      Revenues from the international segment decreased 30.1% to $4.4 million
      in the first quarter 2008, a decrease of $1.9 million from the same
      period last year. Net revenues for Ashworth U.K., Ltd. decreased 45.1%
      or $2.2 million to $2.6 million for the first quarter of fiscal 2008
      from $4.8 million for the same period of the prior fiscal year. The
      decrease was due to distribution center inefficiencies resulting from
      the implementation of a new ERP system at the U.K. facility together
      with changes in sales management. Net revenues for the other
      international segment increased 19.8% or $287,000 to $1.7 million for
      the first quarter of fiscal 2008 from $1.4 million for the same period
      of the prior fiscal year. The increase was primarily due to increased
      purchases from the Company&#8217;s international distributors and the
      favorable effect of currency exchange rates, specifically versus the
      Canadian dollar, when compared to the prior year quarter.
    </p>
    <p>
      <b>Balance Sheet:</b>
    </p>
    <p>
      Net accounts receivable decreased 9.1% from the prior year, commensurate
      with the 9.8% decrease in revenues for the first quarter. Net inventory
      increased 3.2% to $58.2 million as of January 31, 2008 as compared to
      $56.4 million as of January 31, 2007 primarily as a result of earlier
      deliveries of inventory to the Company&#8217;s U.K. and Canadian operations.
    </p>
    <p>
      <b>Overview</b>
    </p>
    <p>
      Allan H. Fletcher, the Company&#8217;s Chief Executive Officer, commented, &#8220;We
      are continuing to implement plans to improve our operations and cut
      operating costs. We are establishing channel specific product strategies
      and sales programs to better serve our customers and improve our
      profitability. We are encouraged with the improvement in our domestic
      core golf distribution channel, but a complete turnaround will take more
      time. I believe the plans we&#8217;ve started to implement will, in time,
      return the Company to sustainable profitability.&#8221;
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      Investors and all others are invited to listen to a conference call
      discussing first quarter fiscal year 2008 results, today at 4:30 p.m.
      Eastern Time (1:30 p.m. Pacific Time). Domestic participants can access
      the conference call by dialing 800-765-8779. International participants
      should dial 480-248-5081. Callers should ask to be connected to
      Ashworth's first quarter earnings teleconference or provide the
      conference ID number: 3853161. The call will also be broadcast live over
      the Internet and can be accessed by visiting the Company's investor
      information page at www.ashworthinc.com.
    </p>
    <p>
      <b>About Ashworth, Inc.</b>
    </p>
    <p>
      Ashworth, Inc. (NASDAQ: ASHW) is a leading designer of men&#8217;s and women&#8217;s
      golf-inspired lifestyle sportswear distributed domestically and
      internationally in golf pro shops, resorts, upscale department and
      specialty stores and to corporate customers. Ashworth&#8217;s three
      market-leading brands include: Ashworth Collection (TM), a range of
      upscale sportswear designed to be worn on and off-course; Ashworth
      Authentics (TM), which showcases popular items from the Ashworth line;
      and Ashworth Weather Systems&#174;, a technical performance line. Ashworth is
      also an Official Apparel Licensee of Callaway Golf Company.
    </p>
    <p>
      Ashworth is also a leading designer, producer and distributor of
      headwear and apparel under The Game&#174; and Kudzu&#174; brands. The Game is a
      leading headwear brand in collegiate bookstores and Kudzu products are
      sold into the NASCAR/racing markets and through outdoors sports
      distribution channels, including fishing and hunting. Ashworth is also
      the exclusive on-site event merchandiser for the Kentucky Derby.
    </p>
    <p>
      For more information, please visit the Company&#8217;s Web site at <u>www.ashworthinc.com</u>.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This press release contains forward-looking statements related to the
      Company&#8217;s market position, finances, operating results, marketing and
      business plans and strategies within the meaning of Section&#160;27A of the
      Securities Act, as amended, and Section&#160;21E of the Securities Exchange
      Act of 1934, as amended. These forward-looking statements may contain
      the words &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;expects,&#8221; &#8220;predicts,&#8221; &#8220;estimates,&#8221;
      &#8220;projects,&#8221; &#8220;will be,&#8221; &#8220;will continue,&#8221; &#8220;will likely result,&#8221; or other
      similar words and phrases. Readers are cautioned not to place undue
      reliance on these forward-looking statements, which speak only as of the
      date hereof. The Company undertakes no obligation to update any
      forward-looking statements, whether as a result of new information,
      changed circumstances or unanticipated events unless required by law.
      These statements involve risks and uncertainties that could cause actual
      results to differ materially from those projected. These risks include
      the uncertainties associated with implementing a successful transition
      in executive leadership, successful resolution of the current dispute
      with Callaway Golf, the impact of borrowing base limitations in the
      Company&#8217;s new credit facility, the evaluation of strategic alternatives
      that may be presented, timely development and acceptance of new
      products, as well as strategic alliances, the integration of the
      Company's acquisition of Gekko Brands, LLC, the impact of competitive
      products and pricing, the success of the Sun Ice&#174; and Callaway Golf
      apparel product lines, the preliminary nature of bookings information,
      the ongoing risk of excess or obsolete inventory, the potential
      inadequacy of booked reserves, the successful operation of the
      distribution facility in Oceanside, CA, the successful implementation of
      the Company's ERP system, and other risks described in Ashworth, Inc.'s
      SEC reports, including the annual report on Form 10-K for the year ended
      October 31, 2007 quarterly reports on Form 10-Q filed thereafter and
      amendments to any of the foregoing reports, including the Form 10-K/A
      for the year ended October 31, 2007.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom" colspan="11">
          ASHWORTH, INC.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom" colspan="11">
          Consolidated Statements of Operations
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom" colspan="11">
          First Quarter ended January 31, 2008 and 2007
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          (Unaudited)
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="8">
          Summary of Results of Operations
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="3">
          2008
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="3">
          2007
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>First Quarter</u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          34,519,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          38,272,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Cost of goods sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          22,021,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          22,655,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,498,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          15,617,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          19,362,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          19,117,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Loss from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (6,864,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (3,500,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Other income (expense):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Interest income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          30,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          37,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1,007,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (601,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other income (expense), net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          610,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (16,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Total other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (367,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (580,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Loss before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (7,231,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (4,080,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          (Provision) benefit for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (192,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,632,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Net loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (7,423,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (2,448,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Loss per share &#8211; BASIC
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          ($0.50
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          ($0.17
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Weighted-average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,714,000
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,520,000
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Loss per share &#8211; DILUTED
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          ($0.50
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          ($0.17
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Adjusted weighted-average shares and assumed conversions
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,714,000
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,520,000
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom" colspan="9">
          ASHWORTH, INC.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom" colspan="9">
          Consolidated Balance Sheets
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom" colspan="9">
          As of January 31, 2008 and 2007
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          (Unaudited)
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          January 31,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          January 31,
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>ASSETS</u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          2008
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          2007
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          CURRENT ASSETS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,207,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,966,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Accounts receivable-trade, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25,086,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          27,602,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Inventories, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          58,199,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          56,376,000
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,567,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,898,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          96,059,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          100,842,000
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          36,232,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          39,066,000
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Other assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25,424,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25,800,000
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          157,715,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          165,708,000
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</u>
          </p>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          CURRENT LIABILITIES
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Line of credit payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          31,205,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          17,450,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          869,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,830,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Accounts payable &#8211; trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          9,224,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,230,000
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,433,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          10,048,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          53,731,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          45,558,000
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11,104,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11,495,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,624,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,023,000
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          91,256,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          106,632,000
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          157,715,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          165,708,000
        </td>
      </tr>
    </table>
    <p>

    </p>
    <p>
      CONTACT:<br>Ashworth, Inc.<br>Allan H. Fletcher, CEO<br>Eddie J. Fadel,
      President<br>Greg W. Slack, CFO<br>760-929-6100
    </p>
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