New Chairman at Royal Precision

Richard P Johnston has succeeded Raymond J Minella as chairman of Royal Precision's board of directors. Minella has been elected chairman of the company's executive committee.

Meanwhile, Royal Precision's sales for the three-month period which ended on August 31, the first quarter of their fiscal year, were $6.5 million (£3.9 million) compared to $6 million (£3.6 million) for the comparable quarter of the previous year.

Also during the quarter, sales of their club grips increased 19 per cent, largely the result of introducing a new buffed grip to the Japanese market in November 1998. The company also attributed their improved financial performance to a reduction of selling, general and administrative expenses by seven per cent.