CARLSBAD, Calif., Jan. 29, 2015 /PRNewswire/ -- Callaway Golf Company (NYSE:ELY) today announced its 2014 full year and fourth quarter financial results.  For the full year, despite challenging conditions that beset the golf industry for much of 2014, including unfavorable weather and changes in foreign currency exchange rates, Callaway returned to profitability for the first time since 2008.

Callaway reported full year sales growth of 5% for 2014 driven by growth in most major product categories (woods +8%; irons +12%; golf balls +4%; and accessories and other +2%) and growth in all geographic segments (United States +5%; Japan +3%; Europe +11%; Rest of Asia +7%; and Other foreign countries +1%).  Additionally, income from operations improved significantly to $31 million compared to a loss of ($11) million in 2013 and fully diluted earnings per share increased to $0.20 compared to a loss of ($0.31) in 2013. This positive turnaround was driven by the increase in sales, improvements in gross margins of 310 basis points, and flat operating expenses, all of which more than offset an approximately $6 million increase in other expense due to a decrease in foreign currency contract gains. The 2014 results also benefitted from a $17 million decrease in pre-tax charges related to the cost reduction initiatives that were completed in 2013. 

For the fourth quarter, 2014 sales were $135 million, an increase of 6% compared to last year due primarily to increased sales of woods (+21%), irons (+27%) and golf balls (+3%).  The increase in woods and irons was led by a strategic change in product launch timing resulting in the fourth quarter release of the Big Bertha 815 family of woods and Big Bertha Beta Irons and Hybrids compared to no similar product launches in 2013. Although the Company generally reports a loss during the fourth quarter due to the seasonality of its business, this increase in sales, together with a 440 basis point improvement in gross margins, allowed the Company to reduce its net loss per share to ($0.54) compared to a net loss per share of ($0.65) last year.  The 2014 results also benefitted from a $6 million decrease in pre-tax charges related to the cost reduction initiatives that were completed in 2013.

GAAP RESULTS

For the fourth quarter of 2014, the Company reported the following results, as compared to the same period in 2013:

Dollars in millions except per share amounts

 

2014

% of Sales

 

2013

% of Sales

Improvement/ (Decline)

Net Sales

$135

-

$127

-

$8

Gross Profit

$37

27%

$29

23%

$8

Operating Expenses

$76

57%

$75

59%

($1)

Operating Income/(Loss)

($39)

(29%)

($45)

(36%)

$6

Other Income/(Expense)

-

-

($3)

(3%)

$3

Net Income/(Loss)

($42)

(31%)

($49)

(39%)

$7

Earnings/(Loss) per share (Diluted)

($0.54)

-

($0.65)

-

$0.11

For the full year of 2014, the Company reported the following results, as compared to the same period in 2013:

Dollars in millions except per share amounts

 

2014

% of Sales

 

2013

% of Sales

Improvement/ (Decline)

Net Sales

$887

-

$843

-

$44

Gross Profit

$358

40%

$315

37%

$43

Operating Expenses

$327

37%

$326

39%

($1)

Operating Income/(Loss)

$31

4%

($11)

(1%)

$42

Other Income/(Expense)

($9)

(1%)

($3)

-

($6)

Net Income/(Loss)

$16

2%

($19)

(2%)

$35

Earnings/(Loss) per share (Diluted)

$0.20

-

($0.31)

-

$0.51

"We are pleased with our results for 2014," commented Chip Brewer, President and Chief Executive Officer of Callaway Golf Company. "Notwithstanding challenging market conditions for the golf industry as a whole, we were able to grow sales, increase our market share and return to profitability for the first time since 2008 - a significant milestone for us in our turnaround.  Our return to profitability has clearly benefitted from the many actions we have taken during the last few years to improve our operating efficiencies, as evidenced in part by our 300+ basis point improvement in gross margins in 2014. Also, our continued emphasis on cost management has allowed us to increase our investments in tour and marketing and still hold our operating expenses essentially flat with 2013. All in all, we are pleased with how our turnaround has progressed thus far."    

"Looking forward, while the recent weakening of foreign currencies will adversely impact our 2015 GAAP results, we expect our underlying operational performance to continue to improve in 2015," continued Mr. Brewer.  "Given the strength of our product line for 2015, which was well received at the recent PGA show in Orlando, and anticipated additional improvements in our operations, we expect for 2015 on a constant currency basis not only sales growth and market share gains, but also further improvements in gross margins and profitability. Golf is a momentum business and fortunately momentum is now on our side." 

Business Outlook for 2015

Given the significant effects that the recent weakening of 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 hedge 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 Company provided the following estimated full year results for 2015:


2015 GAAP Estimate

2015 Constant Currency Estimate

2014 Actual

 

Net Sales

$855 - $880 million

$895 - $920 million

$887 million

The Company estimates that its 2015 net sales will decline 1% - 4% due to significant changes in foreign currency rates compared to 2014.  On a constant currency basis, net sales are estimated to increase by approximately 1% - 4%.  This growth is being driven by an estimated 5% - 6% growth in the Company's core channel business, partially offset by a change in product launch timing and a reduction in closeout sales compared to 2014. 


2015 GAAP Estimate

2015 Constant Currency Estimate

2014 Actual

Gross Margins

40.0%

42.5%

40.4%

The Company estimates that its 2015 gross margins as a percent of sales will be about the same as in 2014.  On a constant currency basis, the Company estimates that gross margins will improve by 210 basis points as compared to 2014. This improvement is expected to result from continued supply chain improvements and a more favorable sales mix.


2015 GAAP Estimate

2015 Constant Currency Estimate

2014 Actual

Operating Expenses

$335 million

$345 million

$327 million

The Company estimates that 2015 operating expenses will increase by 2% on a GAAP basis and by 6% on a constant currency basis.  This anticipated increase, on a currency neutral basis, is primarily due to planned additional investment in marketing and tour as well as other normal annual cost increases, partially offset by the Company's continued focus on cost management. 


2015 GAAP Estimate

2015 Constant Currency Estimate

2014 Actual

 

Pre-tax income

($1) - $8 million

$29 - $38 million

$22 million

Due to the effects of changes in foreign currency rates, the Company estimates that its GAAP Pre-tax income will decrease despite anticipated improvement in operational performance. On a constant currency basis, the Company estimates that its pre-tax income will increase by 32% - 73% as compared to 2014.  The Company estimates that its 2015 income tax provision will be approximately $7 million on both a GAAP and constant currency basis. 


2015 GAAP Estimate

2015 Constant Currency Estimate

2014 Actual

Earnings/(Loss)

 Per Share

($0.09) - $0.01

$0.28 - $0.38

$0.20

The Company estimates that its fully diluted earnings/loss per share will decline significantly - solely as a result of adverse changes in foreign currency exchange rates as compared to 2014.  On a constant currency basis, the Company estimates that its earnings per share would increase by 40% - 90% due to the strength of its 2015 product line and the many operational improvements implemented over the last couple of years.  The Company's 2015 earnings per share estimates assume a base of 79 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. PST 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. PST on Thursday, February 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 prior period.  This impact is derived by taking the current or projected local currency results and translating them into U.S. Dollars based upon the foreign currency exchange rates for the applicable comparable prior period. It does not include any other effect of changes in foreign currency rates on the Company's results or business. For additional information concerning the effect of changes in foreign currency rates on the Company's 2015 forecast, see attached schedules.

Excluded Items.  The Company presented certain of the Company's financial results excluding sales related to the Top-Flite and Ben Hogan brands or the products that were transitioned to a third party model, including apparel and footwear in certain regions. 

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

2013 Non-GAAP Information.  Because the Company previously reported its 2013 results on a GAAP and Non-GAAP basis, the Company has included in the schedules to this release a reconciliation of such information for 2013.

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 sales, sales growth, gross margins, operating expenses, pre-tax income, and earnings/loss per share (or related share count), as well as the Company's recovery and future gross margins or profitability, the creation of shareholder value, future market share gains, market conditions, brand momentum, and improved operations or performance, 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; unfavorable weather conditions, 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; 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, 2013 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:

Brad Holiday


Patrick Burke


(760) 931-1771

2015 Foreign Exchange Impacts

Callaway Golf Company

Consolidated Condensed Balance Sheets

(In thousands)

(Unaudited)















December 31,




2014


2013








ASSETS





Current assets:






Cash and cash equivalents

$   37,635


$   36,793



Accounts receivable, net

109,848


92,203



Inventories

207,229


263,492



Other current assets

29,321


29,115



    Total current assets

384,033


421,603








Property, plant and equipment, net

58,093


71,341


Intangible assets, net

116,654


118,113


Other assets

66,031


52,806



    Total assets

$ 624,811


$ 663,863








LIABILITIES AND SHAREHOLDERS' EQUITY





Current liabilities:






Accounts payable and accrued expenses

$ 123,251


$ 157,120



Accrued employee compensation and benefits

37,386


31,585



Asset-based credit facility

15,235


25,660



Accrued warranty expense

5,607


6,406



Deferred taxes

26


-



Income tax liability

2,623


5,425



    Total current liabilities

184,128


226,196








Long-term liabilities

149,149


153,048


Shareholders' equity

291,534


284,619



    Total liabilities and shareholders' equity

$ 624,811


$ 663,863


 

 

Callaway Golf Company

Statements of Operations

(In thousands, except per share data)

(Unaudited)






Quarter Ended


December 31,


2014


2013





Net sales

$ 134,606


$ 127,170

Cost of sales

97,690


97,909

Gross profit

36,916


29,261

Operating expenses:





Selling 

49,445


46,645


General and administrative 

18,203


19,461


Research and development 

8,382


8,502



Total operating expenses

76,030


74,608

Loss from operations

(39,114)


(45,347)

Other expense, net

(445)


(3,494)

Loss before income taxes 

(39,559)


(48,841)

Income tax provision 

1,980


658

Net loss 

$ (41,539)


$ (49,499)







Loss per common share:





Basic

($0.54)


($0.65)


Diluted

($0.54)


($0.65)

Weighted-average common shares outstanding:





Basic

77,582


76,358


Diluted

77,582


76,358










Year Ended




December 31,




2014


2013







Net sales

$ 886,945


$ 842,801

Cost of sales

529,019


528,043

Gross profit

357,926


314,758

Operating expenses:





Selling

234,231


226,496


General and administrative

61,662


68,087


Research and development

31,285


30,937



Total operating expenses

327,178


325,520

Income (loss) from operations

30,748


(10,762)

Other expense, net

(9,109)


(2,560)

Income (loss) before income taxes 

21,639


(13,322)

Income tax provision 

5,631


5,599

Net income (loss)

16,008


(18,921)

Dividends on convertible preferred stock

-


3,332

Net income (loss) allocable to common shareholders

$   16,008


$ (22,253)





Earnings (loss) per common share:





Basic

$0.21


($0.31)


Diluted

$0.20


($0.31)

Weighted-average common shares outstanding:





Basic

77,559


72,809


Diluted

78,385


72,809






 

 

Callaway Golf Company

Consolidated Condensed Statements of Cash Flows

(In thousands)

(Unaudited)


















Year Ended





December 31,





2014


2013


Cash flows from operating activities:






Net income (loss)

$ 16,008


$ (18,921)



Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:







Depreciation and amortization

21,236


25,543




Deferred taxes, net

604


(2,309)




Non-cash share-based compensation

5,740


3,533




(Gain) loss on disposal of long-lived assets

(1,331)


2,242




Discount amortization on convertible notes

739


702




Changes in assets and liabilities

(6,116)


(19,739)



Net cash provided by (used in) operating activities

36,880


(8,949)









Cash flows from investing activities:






Capital expenditures

(10,753)


(13,038)



Proceeds from sale of property, plant and equipment

458


4,148



Investment in golf-related ventures

(13,072)


(13,637)



Other investing activities

(1,699)


-



Net cash used in investing activities

(25,066)


(22,527)









Cash flows from financing activities:






(Repayment of) proceeds from credit facilities, net

(10,425)


25,660



Exercise of stock options

2,291


1,652



Dividends paid

(3,105)


(5,599)



Acquisition of treasury stock

(1,006)


-



Credit facility amendment costs

(608)


-



Equity issuance costs

(7)


(341)



Other financing activities

(26)


(32)



Net cash (used in) provided by financing activities

(12,886)


21,340









Effect of exchange rate changes on cash 

1,914


(5,074)


Net increase (decrease) in cash and cash equivalents

842


(15,210)


Cash and cash equivalents at beginning of period

36,793


52,003


Cash and cash equivalents at end of period

$ 37,635


$  36,793


 

 

Callaway Golf Company

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

(In thousands)

(Unaudited)









































Net Sales by Product Category




Net Sales by Product Category



Quarter Ended








Year Ended







December 31,


Growth/(Decline)




December 31,


Growth/(Decline)



2014


2013 (1)


Dollars


Percent




2014


2013 (1)


Dollars


Percent

Net sales:



















Woods

$    36,594


$    30,361


$  6,233


21%




$        269,468


$  249,809


$    19,659


8%


Irons 

38,327


30,078


8,249


27%




200,174


178,771


21,403


12%


Putters

9,021


14,324


(5,303)


-37%




81,161


87,787


(6,626)


-8%


Accessories and other

30,193


32,501


(2,308)


-7%




199,153


195,330


3,823


2%


Golf balls

20,471


19,906


565


3%




136,989


131,104


5,885


4%



$  134,606


$  127,170


$  7,436


6%




$        886,945


$  842,801


$    44,144


5%




















(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.

 

 



Net Sales by Region




Net Sales by Region













Constant Currency














Constant Currency











Constant Currency


Excluding Businesses










Excluding Businesses



Quarter Ended


Growth (Decline)


Sold or Transitioned 




Year Ended


Constant Currency


Sold or Transitioned 



December 31,


Growth (Decline)


 vs. 2013(1)


Growth (Decline) vs. 2013 (2)




December 31,


Growth


Growth vs. 2013(1)


Growth  vs. 2013 (2)



2014


2013


Dollars


Percent


Percent


Percent




2014


2013


Dollars


Percent


Percent


Percent

Net sales:



























United States

$    50,026


$    50,335


$   (309)


-1%


-1%


-1%




$  421,773


$  401,478


$  20,295


5%


5%


6%


Europe

19,352


16,535


2,817


17%


19%


31%




134,401


121,477


12,924


11%


4%


10%


Japan

38,555


32,177


6,378


20%


36%


36%




166,162


161,598


4,564


3%


12%


12%


Rest of Asia

15,749


17,363


(1,614)


-9%


-8%


-7%




89,602


84,073


5,529


7%


5%


5%


Other foreign countries

10,924


10,760


164


2%


9%


9%




75,007


74,175


832


1%


8%


9%



$  134,606


$  127,170


$  7,436


6%


11%


13%




$  886,945


$  842,801


$  44,144


5%


7%


8%




























(1)Calculated by applying 2013 exchange rates to 2014 reported sales in regions outside the U.S.

(2)Calculated by applying 2013 exchange rates to 2014 reported sales in regions outside the U.S. and excludes sales related to businesses sold or licensed.

 

 



Operating Segment Information



Operating Segment Information



Quarter Ended








Year Ended







December 31,


 

Growth




December 31,


Growth/(Decline)



2014


2013 (1)


Dollars


Percent




2014


2013 (1)


Dollars


Percent

Net sales:



















Golf clubs 

$  114,135


$  107,264


$  6,871


6%




$        749,956


$  711,697


$    38,259


5%


Golf balls 

20,471


19,906


565


3%




136,989


131,104


5,885


4%



$  134,606


$  127,170


$  7,436


6%




$        886,945


$  842,801


$    44,144


5%




















Income before income taxes:


















Golf clubs (2)

$  (27,032)


$  (31,231)


$  4,199


13%




$          50,891


$    32,738


$    18,153


55%


Golf balls (2)

(2,127)


(3,387)


1,260


37%




15,222


(3,472)


18,694


538%


Reconciling items (3)

(10,400)


(14,223)


3,823


27%




(44,474)


(42,588)


(1,886)


-4%



$  (39,559)


$  (48,841)


$  9,282


19%




$          21,639


$  (13,322)


$    34,961


262%




















(1)The prior year amounts have been reclassed 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)In connection with the 2012 Cost Reduction Initiatives,  the Company's golf clubs and golf balls segments recognized pre-tax charges of $2.1 million and $2.3 million, respectively, during the quarter ended December 31, 2013, and $6.4 million and $7.0 million, respectively, during the year ended December 31, 2013.  There were no charges related to these initiatives in 2014.  

(3)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

(In thousands, except per share data)

(Unaudited)











2013 Non-GAAP Reconciliation to GAAP Reported Results:












Quarter Ended December 31,




2013














Non-GAAP Callaway Golf (1)


Cost Reduction Initiatives(1) (3)


Non-Cash Tax Adjustment(2)


Total as Reported

Net sales



$              127,170


$                        -


$                     -


$         127,170

Gross profit



33,036


(3,775)


-


29,261

% of sales



26%


-3%


 n/a 


23%

Operating expenses



72,880


1,728


-


74,608

Loss from operations



(39,844)


(5,503)


-


(45,347)

Other expense, net



(2,806)


(688)


-


(3,494)

Loss before income taxes



(42,650)


(6,191)


-


(48,841)

Income tax provision (benefit)



(16,420)


(2,383)


19,461


658

Net loss



(26,230)


(3,808)


(19,461)


(49,499)

Net loss allocable to common shareholders



$               (26,230)


$              (3,808)


$          (19,461)


$          (49,499)











Diluted loss per share:



$                   (0.34)


$                (0.05)


$              (0.26)


$              (0.65)

Weighted-average shares outstanding:                           



76,358


76,358


76,358


76,358


(1) For comparative purposes, the Company applied an annualized statutory tax rate of 38.5% to derive non-GAAP results.

(2) Impact of applying statutory tax rate of 38.5% to non-GAAP results.

(3) Primarily includes costs associated with the reorganization of the Company's golf ball manufacturing supply chain and costs related to transitioning the Company's European apparel business to a third party model.

 

 




Year Ended December 31,




2013




Non-GAAP Callaway Golf (1)


Cost Reduction Initiatives(1) (3)


Non-Cash Tax Adjustment (2)


Total as Reported

Net sales



$              842,801


$                        -


$                     -


$         842,801

Gross profit



325,907


(11,149)


-


314,758

% of sales



39%


-1%


 n/a 


37%

Operating expenses



320,801


4,719


-


325,520

Income from operations



5,106


(15,868)


-


(10,762)

Other expense, net



(1,872)


(688)


-


(2,560)

Income (loss) before income taxes



3,234


(16,556)


-


(13,322)

Income tax provision (benefit)



1,245


(6,374)


10,728


5,599

Net income (loss)



1,989


(10,182)


(10,728)


(18,921)

Dividends on convertible preferred stock



3,332


-


-


3,332

Net loss allocable to common shareholders



$                 (1,343)


$            (10,182)


$          (10,728)


$          (22,253)











Diluted loss per share:



$                   (0.02)


$                (0.14)


$              (0.15)


$              (0.31)

Weighted-average shares outstanding:                           



72,809


72,809


72,809


72,809


(1) For comparative purposes, the Company applied an annualized statutory tax rate of 38.5% to derive non-GAAP results.

(2) Impact of applying statutory tax rate of 38.5% to non-GAAP results.

(3) Includes costs associated with the reorganization of the Company's golf ball manufacturing supply chain, workforce reductions and costs related to transitioning the Company's European apparel business to a third party model.

 

 


2014 Trailing Twelve Month EBITDA




2013 Trailing Twelve Month EBITDA

EBITDA:

Quarter Ended




Quarter Ended


March 31,


June 30,


September 30,


December 31,






March 31,


June 30,


September 30,


December 31,




2014


2014


2014


2014


Total




2013


2013


2013


2013


Total

Net income (loss)

$                    55,312


$                  3,369


$              (1,134)


$          (41,539)


$           16,008




$                  41,660


$              10,071


$             (21,153)


$             (49,499)


$             (18,921)

Interest expense, net

2,648


2,612


2,037


1,764


9,061




2,157


2,470


1,975


1,963


8,565

Income tax provision

1,474


1,873


304


1,980


5,631




2,469


1,435


1,037


658


5,599

Depreciation and amortization expense

5,697


5,460


5,222


4,857


21,236




6,956


6,472


6,265


5,850


25,543

EBITDA

$                    65,131


$                13,314


$                6,429


$          (32,938)


$           51,936




$                  53,242


$              20,448


$             (11,876)


$             (41,028)


$              20,786

 

Callaway Golf Company Logo.

Photo - http://photos.prnewswire.com/prnh/20150129/172345-INFO

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

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/callaway-golf-company-announces-significant-improvements-in-2014-fourth-quarter-and-full-year-results-callaways-turnaround-and-momentum-continue-callaway-provides-2015-guidance-300028175.html

SOURCE Callaway Golf Company

Copyright 2015 PR Newswire

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