Today, True Temper Sports, Inc. ("True Temper" or the "Company") announced its 2005 fourth quarter and full year results of operations. Net sales for the fourth quarter increased 27.4%, to $27.4 million from the $21.5 million recorded during the fourth quarter of 2004. Net sales for the full year 2005 increased 19.5%, to $117.6 million from $98.4 million in 2004. Adjusted EBITDA (defined below) for the fourth quarter increased 69.4%, to $8.6 million from $5.1 million in the fourth quarter of 2004. Adjusted EBITDA for the full year 2005 increased 26.1%, to $36.0 million from $28.6 million in 2004. Net income for the full year 2005 increased $19.6 million, to a net loss of $0.5 million from a net loss of $20.1 million in 2004. As more fully described below, the Company completed an acquisition and recapitalization during 2004 which had an impact on the net income reported for both 2004 and 2005. The effect of this acquisition has been eliminated from the presentation of Adjusted EBITDA.

In his comments about the Company's performance, Scott Hennessy, President and CEO said, "This past year certainly represented a rebound for True Temper, and to some extent the overall golf industry. In contrast to 2004, we saw some clearing of the wholesale and retail inventory channels, and a number of significant new product launches from our OEM partners. These market forces combined with several key sales initiatives at True Temper helped to drive revenue to a new full year record of $117.6 million. Internally, we saw a continued shift in the sales mix of our steel golf shafts sold towards more premium, high performance products. While on the graphite golf side of our business we delivered significant increases in unit volume as a result of our successful branded line of Grafalloy ProLaunch shafts, and the execution of our penetration strategy into the stock OEM distribution channel. This penetration strategy was made possible by the successful establishment of our new graphite shaft manufacturing facility in Guangzhou, China. Adding to these positive factors in golf, we also experienced double digit growth in our performance sports division, as our diversification strategy into the hockey and cycling markets truly begins to gain momentum."

Mr. Hennessy continued, "As always, in addition to our focus on the top line growth of our Company we are equally committed to the profitability delivered on that revenue base. During 2005 we were able to complement the favorable product sales and profit mix with a number of new cost reduction and productivity programs in our manufacturing facilities. These initiatives were designed to improve quality and efficiency, and to ensure that True Temper remains the shaft company of choice for the world's top golf companies and equipment distributors. The success of these programs is evident in the gross profit results for 2005, which exceeded 40% on a full year basis, as we effectively offset considerable inflation pressures in raw material costs and energy sources. Through continued discipline in the SG&A area, we were able to drop a significant portion of this gross profit straight to the bottom line, with full year Adjusted EBITDA back to record levels of $36.0 million and 30.6% to net sales. When combined with effective working capital management, this drove significant free cash flow during 2005, which we used to make voluntary prepayments on our term debt totaling $12.0 million for the full year. We are very pleased to report that our improvement in profitability, combined with this voluntary debt reduction, has enabled us to de-leverage the Company approximately two full turns during 2005."

Outlook

Commenting about the Company's outlook for the future, Mr. Hennessy said, "We are encouraged about the outlook for 2006, especially in the back half of the year as many of the exciting new products from True Temper and our OEM partners are scheduled for second half launches this year. We also feel that the significant growth in our graphite golf business during 2005 will carryover and continue in 2006. In addition, the momentum gained in our performance sports division, specifically in the hockey and cycling areas, should continue to build throughout each quarter of 2006. During the first half of 2006 we expect these positive factors to be mitigated somewhat by the launch timing and inventory channel management of some of our key global OEM partners. While we are driving for revenue improvement each quarter, the near record levels achieved in the first and second quarters of 2005 certainly make for challenging targets in 2006."

Mr. Hennessy continued, "Operationally, we see plenty of runway in 2006. Our productivity targets and plant efficiency programs planned for this year are equal to or greater than those of 2005. In addition to these manufacturing initiatives, we are focusing intently on our global distribution and warehousing efforts during 2006. With continued expansion overseas in both operations and sales activity, we must keep our logistics efforts one step ahead of the market demand. To that end, we will continue the initiatives begun in 2005 to consolidate facilities and streamline the movement of inventory and supplies around the world. Our overall goals from a profitability standpoint remain unchanged as we head into 2006; offset inflation with productivity enhancements and deliver the highest possible read-through to Adjusted EBITDA on the mix of sales in our various lines of business. Beyond that, we will continue to manage our working capital levels very closely, in order to maximize free cash flow and continue to de-leverage the Company."

Acquisition and Recapitalization

On January 30, 2004, TTS Holdings LLC, a company formed by Gilbert Global Equity Partners, L.P., entered into a stock purchase agreement with our direct parent company, True Temper Corporation, and certain of its security holders, pursuant to which TTS Holdings LLC and certain members of our senior management agreed to purchase all of the outstanding shares of capital stock of True Temper Corporation. The transaction contemplated by the purchase agreement closed on March 15, 2004. As part of this transaction, the Company was recapitalized through the establishment of a new senior credit facility and the issuance of new 8-3/8% senior subordinated notes due 2011. In conjunction with this recapitalization, certain expenses related to the early extinguishment of long-term debt and other related transaction fees were recorded totaling $14.6 million, resulting in a $10.9 million after-tax reduction to the 2004 net income.

As part of the required purchase accounting, the Company recorded the estimated fair value of certain intangible assets. Non-cash amortization of these intangible assets during 2005 and 2004 totaled $13.8 million and $11.0 million, respectively, and resulting in a $8.6 million and $6.8 million after- tax reduction to net income in 2005 and 2004, respectively. In addition, as part of the required purchase accounting, the Company made a one time fair value adjustment to its inventory of approximately $11.7 million, which was subsequently amortized through cost of sales in 2004, resulting in a $7.2 million after-tax reduction to net income.

The transaction was accounted for using the purchase method of accounting. Accordingly, the financial statements included in this press release present the historical cost basis results of the Company as "predecessor company" through March 14, 2004, and the results of the Company as "successor company" from March 15, 2004 through December 31, 2005. The sum of the results of the predecessor and successor companies is also included where appropriate, and labeled as "combined company."

Conference Call

True Temper management is scheduled to discuss the Company's operating performance in a conference call on Tuesday, March 28, 2006 at 2:00 pm Eastern Time. Interested parties may participate by calling 888-946-7793 or 517-308- 9015 just prior to the start time. Callers should request the "True Temper Earnings Call," with the passcode "True Temper." A replay of the conference call will be available from approximately 5:00 pm Eastern Time on March 28, 2006 until 5:00 pm Eastern Time on April 4, 2006. The replay may be accessed by calling 800-294-3091 or 402-220-9769.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by the Company. This document, including but not limited to comments under the "Outlook" section of this document, contains forward-looking statements. All statements which address future operating or financial performance, events or developments that we expect, plan, believe, hope, wish, forecast, predict, intend, or anticipate will occur in the future, and other similar meanings or phrases, are forward- looking statements within the meaning of the Act.

The forward-looking statements are based on management's current views and assumptions regarding future events and future operating or financial performance. However, there are many risk factors, including but not limited to, the Company's substantial leverage, the Company's ability to service its debt, the general state of the economy, the Company's ability to execute its plans, fluctuations in the availability and price of energy, fluctuations in the availability and price of raw materials, potentially significant increases to employee health and welfare costs, competitive factors, and other risks that could cause the actual results to differ materially from estimates or predictions contained in the Company's forward-looking statements. Additional information concerning the Company's risk factors is contained from time to time in the Company's public filings with the Securities and Exchange Commission ("SEC"), and recently in item 1A, Risk Factors, in our 2005 Annual Report on Form 10-K.

The Company's views, estimates, plans and outlook as described within this document may change subsequent to the release of this statement. The Company is under no obligation to modify or update any or all of the statements it has made herein despite any subsequent changes the Company may make in its views, estimates, plans or outlook for the future.

Definitions

EBITDA and Adjusted EBITDA are non-GAAP measurements we believe gauge our liquidity and operating performance. The Company's definitions and calculations of EBITDA and Adjusted EBITDA are outlined in the attached schedules.

TRUE TEMPER SPORTS, INC.

(A wholly-owned subsidiary of True Temper Corporation)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands)

QUARTERLY

Successor Successor Predecessor

Company Company Company

Period Period Period

from from from

October 3 September 27 September 29

To To To

December 31, December 31, December 31,

2005 2004 2003

NET SALES $27,406 $21,515 $27,447

Cost of sales 16,737 26,064 16,698

GROSS PROFIT (LOSS) 10,669 (4,549) 10,749

Selling, general and

administrative expenses 2,927 3,007 3,364

Amortization of intangible assets 3,472 10,984 -

Business development, start-up and

transition costs 36 243 410

Impairment charge on long lived assets 357 - -

OPERATING INCOME (LOSS) 3,877 (18,783) 6,975

Interest expense, net of interest

income 4,697 4,701 3,124

Other expenses, net 2 14 14

INCOME (LOSS) BEFORE INCOME TAXES (822) (23,498) 3,837

Income tax expense (benefit) (263) (8,976) 1,613

NET INCOME (LOSS) $(559) $(14,522) $2,224

TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES

(A wholly-owned subsidiary of True Temper Corporation)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands)

YEAR - TO - DATE

Successor Combined Successor Predecessor Predecessor

Company Company Company Company Company

Period Period

Year Ended Year Ended from from Year Ended

Dec. 31, Dec. 31, March 15 Jan. 1 Dec. 31,

2005 2004 To To 2003

Dec. 31, March 14,

2004 2004

NET SALES $117,594 $98,367 $78,120 $20,247 $116,206

Cost of sales 70,362 71,975 60,104 11,871 69,470

GROSS PROFIT 47,232 26,392 18,016 8,376 46,736

Selling,

general and

administrative

expenses 14,660 13,155 9,520 3,635 14,747

Amortization

of intangible

assets 13,840 10,984 10,984 - -

Business

development,

start-up and

transition

costs 208 838 738 100 869

Transaction and

reorganization

expense - 5,406 25 5,381 -

Impairment

charge on

long lived

assets 357 - - - -

Loss on early

extinguishment

of long-term

debt - 9,217 - 9,217 -

OPERATING

INCOME (LOSS) 18,167 (13,208) (3,251) (9,957) 31,120

Interest

expense, net

of interest

income 18,631 15,989 13,491 2,498 13,017

Other (income)

expenses, net (31) 70 72 (2) 132

INCOME (LOSS)

BEFORE INCOME

TAXES (433) (29,267) (16,814) (12,453) 17,971

Income tax expense

(benefit) 33 (9,195) (6,350) (2,845) 7,113

NET INCOME

(LOSS) $(466) $(20,072) $(10,464) $(9,608) $10,858

TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES

(A wholly-owned subsidiary of True Temper Corporation)

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)

Successor Company

December 31, December 31,

2005 2004

ASSETS

CURRENT ASSETS

Cash and cash equivalents $4,733 $3,337

Receivables, net 17,949 14,578

Inventories 19,633 21,910

Deferred financing costs 1,239 1,449

Prepaid expenses and other current assets 2,591 2,084

Total current assets 46,145 43,358

Property, plant and equipment, net 12,210 13,407

Goodwill, net 150,883 150,883

Intangible assets, net 132,629 146,266

Deferred financing costs, net 5,265 6,504

Other assets 923 407

Total assets $348,055 $360,825

LIABILITIES & STOCKHOLDER'S EQUITY

CURRENT LIABILITIES

Current portion of long-term debt $245 $545

Accounts payable 4,410 4,356

Accrued expenses and other current liabilities 9,896 9,796

Total current liabilities 14,551 14,697

Deferred tax liability, net 4,531 5,403

Long-term debt, net of current portion 220,480 232,180

Other liabilities 8,729 7,215

Total liabilities 248,291 259,495

STOCKHOLDER'S EQUITY

Common stock - par value $0.01 per share;

authorized 1,000 shares; issued and outstanding

100 shares - -

Additional paid-in capital 111,943 111,943

Accumulated deficit (10,930) (10,464)

Accumulated other comprehensive loss, net of taxes (1,249) (149)

Total stockholder's equity 99,764 101,330

Commitments and contingent liabilities - -

Total liabilities and stockholder's

equity $348,055 $360,825

TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES

(A wholly-owned subsidiary of True Temper Corporation)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

Successor Combined Successor Predecessor Predecessor

Company Company Company Company Company

Period Period

Year Ended Year Ended from from Year Ended

Dec. 31, Dec. 31, March 15 Jan. 1 Dec. 31,

2005 2004 To To 2003

Dec. 31, March 14,

2004 2004

OPERATING

ACTIVITIES

Net income

(loss) $(466) $(20,072) $(10,464) $(9,608) $10,858

Adjustments to

reconcile net

income (loss)

to net cash

provided by

operating

activities:

Depreciation

and

amortization 2,725 3,091 2,420 671 2,906

Amortization

of deferred

financing

costs 1,449 1,143 1,034 109 632

Amortization

of intangible

assets 13,840 10,984 10,984 - -

Inventory

fair value

adjustment

recorded

in cost

of sales - 11,663 11,663 - -

Loss (gain)

on disposal

of property,

plant and

equipment 300 40 40 - 89

Transaction

and

reorganization

expenses - 5,406 25 5,381 -

Loss on early

extinguishment

of long-term

debt - 9,217 - 9,217 -

Deferred

taxes (201) (9,447) (6,432) (2,898) 6,883

Changes in

operating

assets and

liabilities,

net (1,711) (2,341) (2,568) 110 34

Net cash

provided by

operating

activities 15,936 9,684 6,702 2,982 21,402

INVESTING

ACTIVITIES

Purchase of

property, plant

and equipment (2,612) (1,562) (1,232) (330) (3,460)

Proceeds from

sale of

property,

plant

and equipment 784 50 50 - -

Other

investing

activity (203) - - - -

Net cash

used in

investing

activities (2,031) (1,512) (1,182) (330) (3,460)

FINANCING

ACTIVITIES

Proceeds from

issuance of

bank debt - 110,000 110,000 - -

Proceeds from

issuance of

Senior

Subordinated

Notes - 125,000 125,000 - -

Principal

payments on

bank debt (12,000) (9,975) (2,275) (7,700) (11,000)

Repayment of

bank debt,

including

accrued

interest - (6,335) (6,335) - -

Call senior

subordinated

notes,

including

accrued

interest and

call premiums - (109,160) (109,160) - -

Payment of

debt issuance

costs - (8,678) (8,678) - (278)

Dividends paid - - - - (5,207)

Distribution

of net equity to

selling

shareholders - (102,518) (102,518) - -

Transaction and

reorganization

expenses,

including cash

payments for

direct

acquisition

costs - (11,268) (10,805) (463) -

Other

financing

activity (509) (290) (248) (42) (138)

Net cash

used in

financing

activities (12,509) (13,224) (5,019) (8,205) (16,623)

Net increase

(decrease) in

cash 1,396 (5,052) 501 (5,553) 1,319

Cash at

beginning of

period 3,337 8,389 2,836 8,389 7,070

Cash at end of

period $4,733 $3,337 $3,337 $2,836 $8,389

EBITDA and Adjusted EBITDA Defined

EBITDA represents operating income or loss plus depreciation and amortization of intangible assets. Adjusted EBITDA represents EBITDA plus business development, start-up and transition costs, transaction and reorganization expenses, impairment charges on long lived assets, the 2004 inventory fair value adjustment, loss on early extinguishment of long-term debt, initial Sarbanes-Oxley compliance costs, the 2003 union ratification bonus, and management service fees. Not all adjustments described are applicable to the periods identified in the tables below.

EBITDA and Adjusted EBITDA for the periods indicated are calculated as follows:

QUARTERLY

Successor Successor Predecessor

Company Company Company

Period Period Period

from from from

October 3 September 27 September 29

To To To

December 31, December 31, December 31,

2005 2004 2003

Operating income (loss) $3,877 $(18,783) $6,975

Plus:

Depreciation 700 749 727

Amortization of intangible

assets 3,472 10,984 -

EBITDA 8,049 (7,050) 7,702

Plus:

Business development,

start-up and transition

costs 36 243 410

Impairment charge on long

lived assets 357 - -

Inventory fair value adjustment

recorded in cost of sales - 11,663 -

Sarbanes-Oxley initial

compliance costs - 75 -

Management services fee 125 125 125

Adjusted EBITDA $8,567 $5,056 $8,237

YEAR - TO - DATE

Successor Combined Successor Predecessor Predecessor

Company Company Company Company Company

Period from Period from

Year Year March 15 January 1

Ended Ended To To Year Ended

December December December March December

31, 31, 31, 14, 31,

2005 2004 2004 2004 2003

Operating

income (loss) $18,167 $(13,208) $(3,251) $(9,957) $31,120

Plus:

Depreciation 2,725 3,091 2,420 671 2,906

Amortization

of intangible

assets 13,840 10,984 10,984 - -

EBITDA 34,732 867 10,153 (9,286) 34,026

Plus:

Business

development,

start-up and

transition

costs 208 838 738 100 869

Transaction

and

reorganization

expenses - 5,406 25 5,381 -

Impairment

charge on long

lived assets 357 - - - -

Inventory

fair value

adjustment

recorded in

cost of

sales - 11,663 11,663 - -

Loss on early

extinguishment

of long-

term debt - 9,217 - 9,217 -

Sarbanes-

Oxley initial

compliance

costs 219 75 75 - -

Union

contract

ratification

bonus - - - - 683

Management

services fee 500 500 392 108 500

Adjusted EBITDA $36,016 $28,566 $23,046 $5,520 $36,078

EBITDA and Adjusted EBITDA reconciled to net cash provided by operating activities

EBITDA and Adjusted EBITDA are presented because they are widely accepted financial indicators used by certain investors and analysts as a measure of the Company's liquidity and an indicator of the Company's operating performance. EBITDA and Adjusted EBITDA are not intended to represent cash flows for the period, nor have they been presented as an alternative to operating income as an indicator of operating performance and should not be considered in isolation or as substitutes for measures of liquidity or operating performance prepared in accordance with GAAP.

Following is a reconciliation of Adjusted EBITDA to net cash provided by operating activities for the periods indicated:

QUARTERLY

Successor Successor Predecessor

Company Company Company

Period Period Period

from from from

October September September

3 To 27 To 29 To

December 31, December 31, December 31,

2005 2004 2003

Adjusted EBITDA $8,567 $5,056 $8,237

Cash interest payments (1,802) (1,428) (5,831)