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Callaway Golf Company Announces First Quarter 2012 Results; Provides Revised Guidance

CARLSBAD, Calif. April 26, 2012

GAAP RESULTS. 

For the first quarter of 2012, the Company reported the following results:


2012


2011



Net Sales

$285

$286

($1)

Gross Profit

$124

44%

$124

43%

Operating Expenses

$97

34%

$101

35%

$4

Operating Income

$28

10%

$23

8%

$5


 

($0.3)

 

0%

 

$9

 

3%

 

$9

Net Income

$32

11%

$13

4%

$19


$0.37

$0.15

$0.22

NON-GAAP FINANCIAL RESULTS.

In addition to the Company’s results prepared in accordance with GAAP, the Company also provided additional information concerning its results on a non-GAAP basis. The manner in which this non-GAAP information is derived is discussed in more detail toward the end of this release and the Company has provided in the tables to this release a reconciliation of this non-GAAP information to the most directly comparable GAAP information.

For the first quarter of 2012, the Company reported the following non-GAAP results:

 


 

2012

 


 

2011

 


 


Net Sales

$285

 

 

$286

 

 

($1)

Gross Profit

$124

44%

$130

46%

($6)

Operating Expenses

$103

36%

$107

37%

$4

Operating Income

$21

7%

$23

8%

($2)

Income Tax Provision

$10

3%

$9

3%

($1)

Net Income

$15

5%

$13

5%

$2


$0.18

$0.15

$0.03

Chip Brewer Tony Thornley

the United States Japan North America

"While the actions we have taken recently to reduce costs and provide renewed focus on the Company’s core brands were important initiatives, there is more work to be done to maximize the Company’s full potential," continued Mr. Brewer. "During my brief time here, we have already made changes aimed at strengthening our business and increasing our long-term competitiveness and we will continue to do so.  With a renewed focus on our core business, strong Callaway Golf and Odyssey brands, industry leading research and development capabilities, and an outstanding group of employees, we believe we have all the components necessary to drive sustainable long term growth and increase shareholder value."

Business Outlook

Brad Holiday North America

The Company provided revised guidance for the first half of 2012 as follows: 

  • $560 – $575 million $559 million $610 – $630 million
  • Gross margins for the first half of 2012 are projected to be approximately 43%, compared to 43% in 2011 and compared to prior guidance of 44%.*
  • $214 million $209 million
  • $0.20 to $0.25 $0.15

 

$6.6 million

Conference Call and Webcast

2:00 p.m. PDT www.callawaygolf.com 9:00 p.m. PDT Thursday, May 3 www.callawaygolf.com the United States 69148430

Non-GAAP Information the United States

Forward-Looking Statements December 31, 2011


www.callawaygolf.com

Contacts:

Brad Holiday

Patrick Burke

Tim Buckman

(760) 931-1771

http://photos.prnewswire.com/prnh/20091203/CGLOGO

 

 

Callaway Golf Company

Consolidated Condensed Balance Sheets

(In thousands)

(Unaudited)

March 31,

December 31,

2012

2011

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