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Callaway Golf Company Announces 2010 Fourth Quarter and Annual Results

CARLSBAD, Calif. Jan. 25, 2011 December 31, 2010

George Fellows the United States

Full Year Results

Net Sales $968 million $951 million $939 million

Gross Profit $365 million $344 million $13 million $6 million

Operating Expenses $392 million $374 million $7.5 million $2 million

Operating Results $27 million $31 million $7.5 million $15 million $6 million

Earnings Results $0.46 $0.33

  • $0.08
  • $0.14 $0.06
  • $0.11
  • $0.16 $0.09

Fourth Quarter Results

Net Sales $186 million $181 million

Gross Profit $56 million $58 million $6 million $2 million

Operating Expenses $98 million $87 million $7.5 million $2 million

Operating Results $42 million $29 million $7.5 million $7 million $2 million

Earnings Results $0.54 $0.29

  • $0.07
  • $0.07 $0.02
  • $0.05
  • $0.09

“When the economic crisis hit the golf industry, we made the decision to weather the downturn with a balanced approach between tightly managing costs while continuing to invest in our business for the long-term,” commented Mr. Fellows.  “And even though the golf industry has taken longer than we expected to fully recover, we still believe this was the correct approach.  The investments we made, while adversely affecting 2009 and 2010 results, have already provided benefits and,  more importantly, have set the foundation for greater returns in 2011 and beyond."  

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“In addition to these benefits from continued investment in our business, we are also encouraged by improving economic and market conditions,” explained Mr. Fellows. “The overall economic picture appears to be improving; the price discounting that was pervasive in 2009 was less in 2010; retail inventory levels are at reasonable levels; and we remain No. 1 or No. 2 in market share in almost all major product categories.  While 2011 will ultimately depend on the degree to which consumers return to purchasing golf equipment, given these improving conditions and the expected continued improvement in our operational performance, we are cautiously optimistic as we begin the new golf season.”

Business Outlook

$980 million to $1.02 billion $375 – $395 million $0.15 to $0.25 $23 million $0.22

Conference Call and Webcast

2:00 p.m. PST www.callawaygolf.com 9:00 p.m. PST Tuesday, February 1, 2011 www.callawaygolf.com the United States

Disclaimer December 31, 2009

Currency Neutral Basis

Regulation G the United States $7.5 million $7.5 million

About Callaway Golf

Through an unwavering commitment to innovation, Callaway Golf Company (NYSE:ELY) creates products and services designed to make every golfer a better golfer. Callaway Golf Company manufactures and sells golf clubs and golf balls, and sells golf apparel, footwear and accessories, under the Callaway Golf®, Odyssey®, Top-Flite®, and Ben Hogan® brands in more than 110 countries worldwide. For more information please visit www.callawaygolf.com or shop.callawaygolf.com .

Contacts:  Brad Holiday

Eric Struik

(760) 931-1771

(Logo:  http://photos.prnewswire.com/prnh/20091203/CGLOGO)

Callaway Golf Company

Consolidated Condensed Balance Sheets

(In thousands)

(Unaudited)

December 31,

December 31,

2010

2009

ASSETS

Current assets:

Cash and cash equivalents

$        55,043

$        78,314

Accounts receivable, net

144,643

139,776

Inventories

268,591

219,178

Deferred taxes, net

24,393

21,276

Income taxes receivable

10,235

19,730

Other current assets

41,703

34,713

   Total current assets

544,608

512,987

Property, plant and equipment, net

129,601

143,436

Intangible assets, net

161,957

174,017

Other assets

48,813

45,490

   Total assets

$      884,979

$      875,930

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued expenses

$      139,312

$      118,294

Accrued employee compensation and benefits

26,456

22,219

Accrued warranty expense

8,427

9,449

Income tax liability

971

1,492

   Total current liabilities

175,166

151,454

Long-term liabilities

13,967

14,594

Shareholders’ equity

695,846

709,882

   Total liabilities and shareholders’ equity

$      884,979

$      875,930

Callaway Golf Company

Statements of Operations

(In thousands, except per share data)

(Unaudited)

Quarter Ended

December 31,

2010

2009

Net sales

$ 185,528

$ 185,852

Cost of sales

130,004

127,695

Gross profit

55,524

58,157

Operating expenses:

Selling

55,620

56,581

General and administrative

25,314

21,690

Research and development

9,152

8,546

Impairment charge

7,547

Total operating expenses

97,633

86,817

Loss from operations

(42,109)

(28,660)

Other income (expense), net

(3,377)

1,963

Loss before income taxes

(45,486)

(26,697)

Income tax benefit

(13,231)

(11,142)

Net loss

(32,255)

(15,555)

Dividends on convertible preferred stock

2,625

2,625

Net loss allocable to common shareholders

$ (34,880)

$ (18,180)

Earnings (loss) per common share:

Basic

($0.54)

($0.29)

Diluted

($0.54)

($0.29)

Weighted-average common shares outstanding:

Basic

64,113

63,472

Diluted

64,113

63,472

Year Ended

December 31,

2010

2009

Net sales

$ 967,656

$ 950,799

Cost of sales

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