Callaway Golf Company Announces Second Quarter 2015 Financial Results; Profitability Continues To Exceed The Company's Expectations; And The Company Increases Full Year Earnings Guidance

- Second Quarter 2015 net sales of $231 million consistent with second quarter 2014 net sales of $232 million; on a constant currency basis, second quarter 2015 net sales grew by over 6%.

- Second Quarter 2015 operating income grew by 72% on a GAAP basis compared to the second quarter of 2014.

- Second quarter earnings per share increased on a GAAP basis by $0.11 to $0.15 compared to $0.04 in 2014.

Jul 29, 2015, 16:15 ET from Callaway Golf Company

CARLSBAD, Calif., July 29, 2015 /PRNewswire/ -- Callaway Golf Company (NYSE: ELY) today announced its second quarter financial results and revised its full year financial outlook. For the second quarter, despite headwinds from unfavorable changes in foreign currency exchange rates and softer than anticipated international market conditions (particularly in Asia), the Company achieved second quarter net sales essentially flat with 2014 but growing over 6% on a constant currency basis. Due to significantly improved gross margins, the Company also increased second quarter 2015 operating income by 72% compared to the same period in 2014 and increased earnings per share by $0.11 to $0.15. As a result of the more challenging international market conditions and the higher than anticipated profitability, the Company revised its full year net sales estimates to $830 - $840 million (as compared to its prior estimate of $840 - $860 million) and increased its earnings outlook to $0.01 - $0.06 earnings per share (as compared to its prior estimate of a loss of ($0.03) to earnings of $0.04 per share).

"Overall, we are pleased with our performance in the second quarter and the progress we have made turning our business around," commented Chip Brewer, President and Chief Executive Officer of Callaway Golf Company. "Foreign currency exchange rates and softer than expected market conditions in Asia have proved challenging this year; however, our brand momentum and market shares have continued to increase, we have made substantial progress improving our profitability, and our product pipeline remains robust. Looking forward, despite a continued rebalancing of retail inventory in Asia, we are encouraged by the overall fundamentals of the golf industry with less overall promotional activity, more reasonable production and inventory levels, and a general stabilization of participation in golf."

Summary of Second Quarter 2015 Financial Results

GAAP and Constant Currency Results

In addition to the Company's results prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company also provided additional information concerning its results on a non-GAAP basis. This non-GAAP information presents the Company's financial results on a constant currency basis, which is calculated by excluding the offsetting hedging gains and losses recorded during the period and applying the prior period exchange rates to the adjusted current period local currency results. The manner in which this constant currency 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 the non-GAAP information to the most directly comparable GAAP information.   

For the second quarter of 2015, the Company announced the following GAAP and constant currency financial results, as compared to the same period in 2014 (in millions, except eps):

GAAP RESULTS

NON-GAAP INFORMATION

2015 GAAP

2014 GAAP

Change

2015 Constant Currency

2014 GAAP

Change

Net Sales

$231

$232

($1)

$247

$232

$15

Gross Profit/      

$102

$91

$11

$117

$91

$26

% of Sales

44%

39%

500 b.p.

48%

39%

900 b.p.

Operating Expenses

$83

$80

$3

$86

$80

$6

Pre-Tax Income

$15

$5

$10

$29

$5

$24

EPS

$0.15

$0.04

$0.11

$0.30

$0.04

$0.26

The Company's $231 million in net sales for the second quarter of 2015 were essentially flat with net sales of $232 million for the same period in 2014 despite unfavorable changes in foreign currency rates and softer than anticipated market conditions in the international markets, particularly Asia.  Unfavorable changes in foreign currency exchange rates negatively affected 2015 second quarter net sales by approximately $16 million.  On a constant currency basis, net sales for the second quarter of 2015 grew by over 6% compared to 2014.

The Company's earnings per share for the second quarter of 2015 increased by $0.11 per share to $0.15 compared to $0.04 for the same period in 2014.  Despite flat sales, the Company was able to significantly improve its earnings as a result of a 500 basis point improvement in gross margins due to more favorable product pricing and mix of higher margin products as well as improved operational efficiencies. This significant improvement in gross margins more than offset a slight increase in operating expenses. On a constant currency basis, the Company's earnings per share would have been $0.30. Compared to 2014, the Company's earnings per share for the second quarter of 2015 were also adversely affected by an increase of over 16 million common equivalent shares in the earnings per share calculation.  

Summary of First Half 2015 Financial Results

GAAP and Constant Currency Results

As noted above, 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. This non-GAAP information presents the Company's financial results on a constant currency basis, which is calculated by excluding the offsetting hedging gains and losses recorded during the period and applying the prior period exchange rates to the adjusted current period local currency results. The manner in which this constant currency 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 the non-GAAP information to the most directly comparable GAAP information.  

For the first half of 2015, the Company announced the following GAAP and constant currency financial results, as compared to the same period in 2014 (in millions, except eps):

GAAP RESULTS

NON-GAAP INFORMATION

2015 GAAP

2014 GAAP

Change

2015 Constant Currency

2014 GAAP

Change

Net Sales

$515

$584

($69)

$548

$584

($36)

Gross Profit/      

$229

$256

($27)

$260

$256

$4

% of Sales

44%

44%

----

48%

44%

400 b.p.

Operating Expenses

$173

$183

($10)

$180

$183

($3)

Pre-Tax Income

$52

$62

($10)

$77

$62

$15

EPS

$0.54

$0.66

($0.12)

$0.80

$0.66

$0.14

For the first half of 2015, the Company's net sales decreased 12% (or 6% on a constant currency basis), compared to the same period in 2014.  The decrease was largely the result of unfavorable changes in foreign currency exchange rates, a strategic shift in product launch timing which adversely affected first quarter net sales, and softer than expected market conditions in the Company's international markets, particularly in Asia.  The effects of the strategic shift in launch timing should smooth out as the year progresses.

The Company's earnings per share for the first half of 2015 decreased $0.12 compared to the first half of 2014 primarily due to unfavorable changes in foreign currency exchange rates, which adversely affected 2015 first half earnings per share by $0.26.  On a constant currency basis, the Company's first half earnings per share increased 21% to $0.80 due to a 400 basis point constant currency improvement in gross margins and a decrease in operating expenses.

Business Outlook for 2015

Given the softer than anticipated market conditions in the Company's international markets and the Company's significantly improved gross margins, the Company is revising its full year sales estimates and increasing its full year earnings estimates. Given the significant effects that foreign currencies will have on the Company's GAAP results in 2015, the Company has provided guidance on both a GAAP and constant currency basis. The GAAP guidance is generally based upon a blend of current foreign currency exchange rates and the exchange rates at which the Company entered into hedging transactions. The Company's hedging program will mitigate but not eliminate the effects of future foreign currency rate changes and therefore any such future changes will affect the Company's GAAP guidance. The constant currency estimates are derived by taking the estimated 2015 local currency results and translating them into U.S. Dollars based upon the foreign currency exchange rates for the comparable period in 2014.

Full Year

The Company currently estimates the following full year results for 2015:

2015 GAAP Estimate

 

2015 Constant Currency Estimate

 

2014 Actual

 

Net Sales

$830 - $840 million

$880 - $890 million

$887 million

The decline in the Company's estimates for full year net sales from its previous GAAP guidance of $840 - $860 million is due to softer than anticipated international market conditions. A further strengthening of the U.S. Dollar for the balance of the year would also negatively affect the Company's GAAP sales estimates.

2015 GAAP Estimate

 

2015 Constant Currency Estimate

 

2014 Actual

 

Gross Margins

42.0%

45.0%

40%

The Company estimates that its 2015 GAAP gross margins as a percent of sales will improve approximately 100 basis points from its previous guidance of 41.0% due to a stronger sales mix and continued operational improvements.

2015 GAAP Estimate

 

2015 Constant Currency Estimate

 

2014 Actual

 

Operating Expenses

$335 million

$345 million

$327 million

The Company estimates that its 2015 GAAP operating expenses will remain consistent with its previous guidance, despite the decrease in first half operating expenses. Much of the first half decrease reflects a timing shift of marketing expense to support second half product launches and incremental marketing support for the Chrome Soft golf balls. 

2015 GAAP Estimate

 

2015 Constant Currency Estimate

 

2014 Actual

 

Pre-Tax Income

$7 - $12 million

$45 - $50 million

$22 million

The Company estimates that its 2015 Pre-tax income will increase from its previous guidance of $4 - $11 million due to improved gross margins more than offsetting the lower net sales estimates. 

2015 GAAP Estimate

 

2015 Constant Currency Estimate

 

2014 Actual

 

Earnings Per Share

$0.01 - $0.06

$0.45 - $0.50

$0.20

The Company estimates that its fully diluted earnings per share will increase from its previous guidance of ($0.03) - $0.04 due to improved gross margins more than offsetting the softer than expected international market conditions. The Company's 2015 earnings per share estimates assume a base of 80 million shares as compared to 78 million shares in 2014.

Conference Call and Webcast

The Company will be holding a conference call at 2:00 p.m. PDT today to discuss the Company's financial results, outlook and business.  The call will be broadcast live over the Internet and can be accessed at www.callawaygolf.com.  To listen to the call, please go to the website at least 15 minutes before the call to register and for instructions on how to access the broadcast.  A replay of the conference call will be available approximately three hours after the call ends, and will remain available through 9:00 p.m. PDT on Wednesday, August 5, 2015.  The replay may be accessed through the Internet at www.callawaygolf.com

Non-GAAP Information

The GAAP results contained in this press release and the financial statement schedules attached to this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").  To supplement the GAAP results, the Company has provided certain non-GAAP financial information as follows:

Constant Currency Basis. The Company provided certain information regarding the Company's financial results or projected financial results on a "constant currency basis."  This information estimates the impact of changes in foreign currency rates on the translation of the Company's current or projected future period financial results as compared to the applicable comparable period.  This impact is derived by excluding the offsetting hedging gains and losses recorded during the applicable period and taking the adjusted current or projected local currency results and translating them into U.S. Dollars based upon the foreign currency exchange rates for the applicable comparable period. It does not include any other effect of changes in foreign currency rates on the Company's results or business.  

Adjusted EBITDA. The Company provided information about its results, excluding interest, taxes, depreciation and amortization expenses ("EBITDA").

In addition, the Company has included in the schedules to this release a reconciliation of certain non-GAAP information to the most directly correlated GAAP information.  The non-GAAP information presented in this release and related schedules should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies.  Management uses such non-GAAP information for financial and operational decision-making purposes and as a means to evaluate period over period comparisons and in forecasting the Company's business going forward.  Management believes that the presentation of such non-GAAP information, when considered in conjunction with the most directly comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying performance of the Company's business without regard to these items. The Company has provided reconciling information in the attached schedules.

Forward-Looking Statements:  Statements used in this press release that relate to future plans, events, financial results, performance or prospects, including statements relating to the estimated 2015 net sales, gross margins, operating expenses, pre-tax income, and earnings per share (or related share count), as well as the Company's recovery, and ability to maximize current conditions or to leverage and capitalize on improved conditions, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.  These statements are based upon current information and expectations.  Accurately estimating the forward-looking statements is based upon various risks and unknowns including delays, difficulties, or increased costs in implementing the Company's turnaround strategy; consumer acceptance of and demand for the Company's products; the level of promotional activity in the marketplace; future consumer discretionary purchasing activity, which can be significantly adversely affected by unfavorable economic or market conditions; future retailer purchasing activity, which can be significantly negatively affected by adverse industry conditions and overall retail inventory levels; unfavorable weather conditions and seasonality; the ability to manage international business risks; and future changes in foreign currency exchange rates and the degree of effectiveness of the Company's hedging programs. Actual results may differ materially from those estimated or anticipated as a result of these risks and unknowns or other risks and uncertainties, including continued compliance with the terms of the Company's credit facility; delays, difficulties or increased costs in the supply of components needed to manufacture the Company's products or in manufacturing the Company's products; any rule changes or other actions taken by the USGA or other golf association that could have an adverse impact upon demand or supply of the Company's products; a decrease in participation levels in golf; and the effect of terrorist activity, armed conflict, natural disasters or pandemic diseases on the economy generally, on the level of demand for the Company's products or on the Company's ability to manage its supply and delivery logistics in such an environment.  For additional information concerning these and other risks and uncertainties that could affect these statements, the golf industry, and the Company's business, see the Company's Annual Report on Form 10-K for the year ended December 31, 2014 as well as other risks and uncertainties detailed from time to time in the Company's reports on Forms 10-K, 10-Q and 8-K subsequently filed with the Securities and Exchange Commission.  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 republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Callaway Golf Through an unwavering commitment to innovation, Callaway Golf Company (NYSE: ELY) creates products designed to make every golfer a better golfer. Callaway Golf Company manufactures and sells golf clubs and golf balls, and sells golf accessories, under the Callaway Golf® and Odyssey® brands worldwide. For more information please visit www.callawaygolf.com.

Contacts:

Robert Julian

Patrick Burke

(760) 931-1771

 

CALLAWAY GOLF COMPANY

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)

(In thousands)

June 30,

December 31,

2015

2014

ASSETS

Current assets:

Cash and cash equivalents

$   26,714

$   37,635

Accounts receivable, net

220,401

109,848

Inventories

171,396

207,229

Other current assets

28,271

29,321

Total current assets

446,782

384,033

Property, plant and equipment, net

54,701

58,093

Intangible assets, net

116,018

116,654

Investment in golf-related ventures

52,376

50,677

Other assets

12,679

15,354

Total assets

$ 682,556

$ 624,811

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued expenses

$ 112,064

$ 123,251

Accrued employee compensation and benefits

27,259

37,386

Asset-based credit facility

42,599

15,235

Accrued warranty expense

6,447

5,607

Income tax liability

1,913

2,623

Deferred taxes, net

25

26

Total current liabilities

190,307

184,128

Long-term liabilities:

148,909

149,149

Total shareholders' equity

343,340

291,534

Total liabilities and shareholders' equity

$ 682,556

$ 624,811

 

CALLAWAY GOLF COMPANY

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

Three Months Ended   June 30,

2015

2014

Net sales

$ 230,504

$ 231,893

Cost of sales

128,807

141,087

Gross profit

101,697

90,806

Operating expenses:

Selling

59,966

60,604

General and administrative

15,536

12,545

Research and development

7,603

6,846

Total operating expenses

83,105

79,995

Income from operations

18,592

10,811

Other income (expense), net

(3,957)

(5,569)

Income before income taxes

14,635

5,242

Income tax provision

1,817

1,873

Net income

$   12,818

$     3,369

Earnings per common share:

Basic

$       0.16

$       0.04

Diluted

$       0.15

$       0.04

Weighted-average common shares outstanding:

Basic

78,395

77,633

Diluted

94,913

78,560

Six Months Ended   June 30,

2015

2014

Net sales

$ 514,683

$ 583,767

Cost of sales

285,720

328,064

Gross profit

228,963

255,703

Operating expenses:

Selling

126,285

137,915

General and administrative

31,635

30,541

Research and development

15,519

14,759

Total operating expenses

173,439

183,215

Income from operations

55,524

72,488

Other income (expense), net

(3,432)

(10,460)

Income before income taxes

52,092

62,028

Income tax provision

3,455

3,347

Net income

$   48,637

$   58,681

Earnings per common share:

Basic

$       0.62

$       0.76

Diluted

$       0.54

$       0.66

Weighted-average common shares outstanding:

Basic

78,076

77,502

Diluted

94,406

93,367

 

CALLAWAY GOLF COMPANY

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Six Months Ended   June 30,

2015

2014

Cash flows from operating activities:

Net income

$ 48,637

$  58,681

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and amortization

9,157

11,157

Deferred taxes, net

145

172

Share-based compensation

3,561

2,539

Gain on disposal of long-lived assets and deferred gain amortization

(510)

(644)

Debt discount amortization on convertible notes

395

365

Changes in assets and liabilities

(94,052)

(103,605)

Net cash used in operating activities

(32,667)

(31,335)

Cash flows from investing activities:

Capital expenditures

(5,912)

(6,238)

Proceeds from sale of property, plant and equipment

2

177

Investment in golf-related ventures

-

(4,522)

Net cash used in investing activities

(5,910)

(10,583)

Cash flows from financing activities:

Proceeds from credit facilities, net

27,364

34,536

Exercise of stock options

5,330

2,005

Dividends paid

(1,565)

(1,551)

Acquisition of treasury stock

(1,915)

-

Credit facility amendment costs

-

(584)

Equity issuance costs

-

(10)

Net cash provided by financing activities

29,214

34,396

Effect of exchange rate changes on cash and cash equivalents

(1,558)

(286)

Net decrease in cash and cash equivalents

(10,921)

(7,808)

Cash and cash equivalents at beginning of period

37,635

36,793

Cash and cash equivalents at end of period

$ 26,714

$  28,985

 

CALLAWAY GOLF COMPANY

Consolidated Net Sales and Operating Segment Information and Non-GAAP Reconciliation

(Unaudited)

(In thousands)

Net Sales by Product Category

Net Sales by Product Category

Three Months Ended   June 30,

Growth/(Decline)

Non-GAAP Constant Currency vs. 2014(2)

Six Months Ended   June 30,

Growth/(Decline)

Non-GAAP Constant Currency vs. 2014(2)

2015

2014(1)

Dollars

Percent

Percent

2015

2014(1)

Dollars

Percent

Percent

Net sales:

 Woods

$  49,387

$  53,059

$ (3,672)

(7)%

1 %

$138,870

$181,492

$(42,622)

(23)%

(18)%

 Irons

59,268

52,877

6,391

12 %

20 %

120,813

125,519

(4,706)

(4)%

2 %

 Putters

24,421

27,063

(2,642)

(10)%

(2)%

55,366

58,625

(3,259)

(6)%

1 %

 Gear/Accessories/Other

56,540

59,931

(3,391)

(6)%

1 %

115,723

126,833

(11,110)

(9)%

(3)%

 Golf balls

40,888

38,963

1,925

5 %

11 %

83,911

91,298

(7,387)

(8)%

(4)%

$230,504

$231,893

$ (1,389)

(1)%

7 %

$514,683

$583,767

$(69,084)

(12)%

(6)%

(1) The prior year amounts have been restated to reflect the Company's current year allocation methodology related to freight revenue and costs, certain discounts and other reserves not specific to a product type.

(2) Calculated by applying 2014 exchange rates to 2015 reported sales in regions outside the U.S.

Net Sales by Region

Net Sales by Region

Three Months Ended   June 30,

Growth/(Decline)

Non-GAAP Constant Currency vs. 2014(1)

Six Months Ended   June 30,

Decline

Non-GAAP Constant Currency vs. 2014(1)

2015

2014

Dollars

Percent

Percent

2015

2014

Dollars

Percent

Percent

Net Sales:

 United States

$121,974

$112,527

$  9,447

8 %

8 %

$290,597

$297,218

$  (6,621)

(2)%

(2)%

 Europe

35,181

39,309

(4,128)

(11)%

5 %

76,938

90,482

(13,544)

(15)%

(0)%

 Japan

32,439

32,517

(78)

0%

19 %

69,627

92,518

(22,891)

(25)%

(11)%

 Rest of Asia

19,011

25,119

(6,108)

(24)%

(20)%

35,484

52,116

(16,632)

(32)%

(29)%

 Other foreign countries

21,899

22,421

(522)

(2)%

11 %

42,037

51,433

(9,396)

(18)%

(8)%

$230,504

$231,893

$ (1,389)

(1)%

7 %

$514,683

$583,767

$(69,084)

(12)%

(6)%

(1) Calculated by applying 2014 exchange rates to 2015 reported sales in regions outside the U.S.

Operating Segment Information

Operating Segment Information

Three Months Ended   June 30,

Growth/(Decline)

Six Months Ended   June 30,

Decline

2015

2014(1)

Dollars

Percent

2015

2014(1)

Dollars

Percent

Net Sales

 Golf Club

$189,616

$192,931

$ (3,315)

(2)%

$430,772

$492,469

$(61,697)

(13)%

 Golf Ball

40,888

38,962

1,926

5 %

83,911

91,298

(7,387)

(8)%

$230,504

$231,893

$ (1,389)

(1)%

$514,683

$583,767

$(69,084)

(12)%

Income before income taxes:

 Golf clubs

$  22,051

$  11,052

$10,999

100 %

$  62,990

$  74,163

$(11,173)

(15)%

 Golf balls

6,639

5,451

1,188

22 %

14,047

16,806

(2,759)

(16)%

 Reconciling items(2)

(14,055)

(11,261)

(2,794)

(25)%

(24,945)

(28,941)

3,996

14 %

$  14,635

$    5,242

$  9,393

179 %

$  52,092

$  62,028

$  (9,936)

(16)%

(1) The prior year amounts have been restated to reflect the Company's current year allocation methodology related to freight revenue and costs, certain discounts and other reserves not specific to a product type.

(2) Represents corporate general and administrative expenses and other income (expense) not utilized by management in determining segment profitability.

 

CALLAWAY GOLF COMPANY

Supplemental Financial Information - Non-GAAP Information and Reconciliation

(Unaudited)

(In thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2015

2015

2015(1)

2014

2015

2015

2015(1)

2014

Callaway Golf

Foreign Currency 

Non-GAAP

Callaway Golf

Callaway Golf

Foreign Currency 

Non-GAAP

Callaway Golf

As Reported

Impact

Constant Currency

As Reported

As Reported

Impact

Constant Currency

As Reported

Net sales

$        230,504

$                  16,534

$                  247,038

$        231,893

$        514,683

$                  32,844

$                  547,527

$        583,767

Gross profit

101,697

15,771

117,468

90,806

228,963

31,491

260,454

255,703

% of sales

44.1 %

 n/a 

47.6 %

39.2 %

44.5 %

 n/a 

47.6 %

43.8 %

Operating expenses

83,105

3,318

86,423

79,995

173,439

6,385

179,824

183,215

Income from operations

18,592

12,453

31,045

10,811

55,524

25,106

80,630

72,488

Other income (expense), net

(3,957)

2,082

(1,875)

(5,569)

(3,432)

(236)

(3,668)

(10,460)

Income before income taxes

14,635

14,535

29,170

5,242

52,092

24,870

76,962

62,028

Income tax provision

1,817

255

2,072

1,873

3,455

411

3,866

3,347

Net income

$          12,818

$                  14,280

$                    27,098

$            3,369

$          48,637

$                  24,459

$                    73,096

$          58,681

Diluted earnings per share:

$              0.15

$                      0.15

$                        0.30

$              0.04

$              0.54

$                      0.26

$                        0.80

$              0.66

Weighted-average shares outstanding:

94,913

94,913

94,913

78,560

94,406

94,406

94,406

93,367

(1) Calculated by excluding the Company's offsetting hedging gains/losses and applying 2014 exchange rates to the adjusted 2015 international results.

EBITDA

2015 Trailing Twelve Month EBITDA

2014 Trailing Twelve Month EBITDA

Quarter Ended

Quarter Ended

September 30,

December 31,

March 31,

June 30,

September 30,

December 31,

March 31,

June 30,

2014

2014

2015

2015

Total

2013

2013

2014

2014

Total

Net income (loss)

$           (1,134)

$                (41,539)

$                    35,819

$          12,818

$   5,964

$         (21,153)

$                (49,499)

$                    55,312

$            3,369

$ (11,971)

Interest expense, net

2,037

1,764

2,021

1,936

7,758

1,975

1,963

2,648

2,612

9,198

Income tax provision

304

1,980

1,638

1,817

5,739

1,037

658

1,474

1,873

5,042

Depreciation and amortization expense

5,222

4,857

4,703

4,454

19,236

6,265

5,850

5,697

5,460

23,272

EBITDA

$            6,429

$                (32,938)

$                    44,181

$          21,025

$ 38,697

$         (11,876)

$                (41,028)

$                    65,131

$          13,314

$  25,541

 

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

 

SOURCE Callaway Golf Company



RELATED LINKS

http://www.callawaygolf.com