CARLSBAD, Calif., April 23, 2015 /PRNewswire/ -- Callaway Golf
Company (NYSE: ELY) today announced its 2015 first quarter
financial results. Overall, compared to what the Company originally
anticipated, first quarter 2015 net sales decreased slightly but
its earnings were higher. As a result, the Company is decreasing
its full year revenue estimate to $840
million - $860 million (compared to its prior estimate of
$855 million - $880 million).
The Company, however, is increasing its full year earnings per
share estimate to ($0.03) - $0.04,
(compared to its prior estimate of ($0.09) -
$0.01), as a result of continued manufacturing improvements
and a better sales mix.
For the first quarter of 2015, the Company reported net sales of
$284 million, or a decrease of 19%,
compared to $352 million in the first
quarter of 2014. Most of this decrease was expected. The Company
had previously estimated that the decrease in first quarter 2015
net sales would be in the mid-teens (as a percent of net sales),
primarily as a result of a planned strategic shift in product
launch timing, but also as the result of weaker foreign currency
rates and an anticipated decrease in first quarter sales in
Japan due to the consumption tax
increase which took effect in April
2014. Since providing such guidance, the U.S. Dollar
strengthened further and market conditions, particularly in
Asia, showed less improvement than
anticipated. These factors ultimately resulted in a slightly
greater than anticipated decrease in net sales for the first
quarter of 2015, and the Company has revised its full year sales
guidance to reflect this
decrease.
Also for the first quarter of 2015, the Company reported
earnings per share of $0.39 compared
to $0.61 per share for the same
period last year. This performance is better than anticipated due
in part to better than expected gross margins and other
income/expense. The Company expects these results to carry through
the year and therefore has increased its full year earnings
guidance as discussed above.
"Although sales for the first quarter were slightly lower than
we expected, overall I feel good about the business and our
continued progress," commented Chip
Brewer, President and Chief Executive Officer. "Our brand
momentum and market shares continue to improve and our
profitability exceeded our expectations due in part to continued
improvements in our manufacturing and supply chain along with tight
cost management. The first quarter effect from the strategic
shift in product launch timing and the consumption tax increase in
Japan should smooth out as the
year progresses. In addition, some regions are just beginning to
open up for the new golf season and we are cautiously optimistic
for improved market conditions as the year progresses."
"We continue to realize the benefits from the many changes we
have made in our business over the last few years," continued Mr.
Brewer. "As a result of these changes, we have generated increased
consumer interest in our products, improved our operating
efficiencies, and improved overall profitability. While there is
certainly more work to be done, I believe we have set the
foundation for steadily improved financial performance and
long-term shareholder value."
GAAP RESULTS
For the first quarter of 2015, the Company reported the
following results, as compared to the same period in 2014:
Dollars in
millions except per share amounts
|
2015
|
% of
Sales
|
2014
|
% of
Sales
|
Improvement/
(Decline)
|
Net Sales
|
$284
|
-
|
$352
|
-
|
($68)
|
Gross
Profit
|
$127
|
45%
|
$165
|
47%
|
($38)
|
Operating
Expenses
|
$90
|
32%
|
$103
|
29%
|
$13
|
Other
Income/(Expense)
|
$1
|
-
|
($5)
|
(1%)
|
$6
|
Pre-Tax
Income
|
$37
|
13%
|
$57
|
16%
|
($20)
|
Net Income
|
$36
|
13%
|
$55
|
16%
|
($19)
|
Earnings Per Share
(Diluted)
|
$0.39
|
-
|
$0.61
|
-
|
($0.22)
|
|
The Company has included in the schedules to its press
release the Company's results on a constant currency basis.
Business Outlook for 2015
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 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 provided the following estimated full year results
for 2015:
|
2015 GAAP
Estimate
|
2015 Constant
Currency Estimate
|
2014
Actual
|
Net Sales
|
$840 - $860
million
|
$890 - $910
million
|
$887
million
|
|
The decline in the Company's estimates for full year net sales
from its previous GAAP guidance of $855
million - $880 million is due to the amount by which first
quarter net sales missed Company expectations as discussed
above. A further strengthening of the U.S. Dollar for the
balance of the year would also negatively affect the Company's
sales estimates.
|
2015 GAAP
Estimate
|
2015 Constant
Currency Estimate
|
2014
Actual
|
Gross
Margins
|
41.0%
|
43.5%
|
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 40.0% due to a stronger sales mix and
continued operational improvements more than offsetting adverse
foreign currency rates.
|
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 quarter operating expenses. A majority of the first
quarter expense savings is expected to be used in the second
quarter with the balance used in the second half of the
year.
|
2015 GAAP
Estimate
|
2015 Constant
Currency Estimate
|
2014
Actual
|
Pre-Tax
Income
|
$4 - $11
million
|
$36 - $43
million
|
$22
million
|
|
The Company estimates that its 2015 Pre-tax income will increase
from its previous guidance of ($1)
million - $8 million due to
improved gross margins more than offsetting the decline in net
sales.
|
2015 GAAP
Estimate
|
2015 Constant
Currency Estimate
|
2014
Actual
|
Earnings/(Loss)
Per
Share
|
($0.03) -
$0.04
|
$0.36 -
$0.43
|
$0.20
|
|
The Company estimates that its fully diluted earnings/loss per
share will increase from its previous guidance of ($0.09) - $0.01 due to improved gross margins
more than offsetting the decline in net sales. The Company's 2015
earnings per share estimates assume a base of 79 million shares as
compared to 78 million shares in 2014.
Second Quarter 2015
The Company noted that net sales for the second quarter of 2015
are expected to be approximately 1% higher on a GAAP basis than for
the second quarter of 2014, which would equate to approximately 8%
sales growth on a constant currency basis.
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 Thursday,
April 30, 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 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 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 second quarter or full year 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, improved financial performance, the creation of
shareholder value, future market conditions, and the full year
effect of the change in product launch timing or the increase in
the Japan consumption tax, 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, 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:
|
Brad
Holiday
|
|
Patrick
Burke
|
|
(760)
931-1771
|
|
|
Callaway Golf
Company
|
Consolidated
Condensed Balance Sheets
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$ 23,236
|
|
$
37,635
|
|
Accounts receivable,
net
|
261,888
|
|
109,848
|
|
Inventories
|
181,488
|
|
207,229
|
|
Other current
assets
|
29,932
|
|
29,321
|
|
Total current assets
|
496,544
|
|
384,033
|
|
|
|
|
|
Property, plant and
equipment, net
|
55,588
|
|
58,093
|
Intangible assets,
net
|
115,495
|
|
116,654
|
Other
assets
|
65,517
|
|
66,031
|
|
Total assets
|
$ 733,144
|
|
$ 624,811
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable and
accrued expenses
|
$ 131,586
|
|
$ 123,251
|
|
Accrued employee
compensation and benefits
|
26,019
|
|
37,386
|
|
Asset-based credit
facility
|
94,318
|
|
15,235
|
|
Accrued warranty
expense
|
6,408
|
|
5,607
|
|
Income tax
liability
|
1,984
|
|
2,623
|
|
Deferred
taxes
|
26
|
|
26
|
|
Total current liabilities
|
260,341
|
|
184,128
|
|
|
|
|
|
Long-term
liabilities
|
148,689
|
|
149,149
|
Shareholders'
equity
|
324,114
|
|
291,534
|
|
Total liabilities and shareholders' equity
|
$ 733,144
|
|
$ 624,811
|
Callaway Golf
Company
|
Statements of
Operations
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Net sales
|
$ 284,179
|
|
$ 351,874
|
Cost of
sales
|
156,913
|
|
186,977
|
Gross
profit
|
127,266
|
|
164,897
|
Operating
expenses:
|
|
|
|
|
Selling
|
66,319
|
|
77,311
|
|
General and
administrative
|
16,099
|
|
17,996
|
|
Research and
development
|
7,916
|
|
7,913
|
|
|
Total operating
expenses
|
90,334
|
|
103,220
|
Income from
operations
|
36,932
|
|
61,677
|
Other income
(expense), net
|
525
|
|
(4,891)
|
Income before income
taxes
|
37,457
|
|
56,786
|
Income tax
provision
|
1,638
|
|
1,474
|
Net income
|
$ 35,819
|
|
$ 55,312
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
Basic
|
$0.46
|
|
$0.71
|
|
Diluted
|
$0.39
|
|
$0.61
|
Weighted-average
common shares outstanding:
|
|
|
|
|
Basic
|
77,753
|
|
77,370
|
|
Diluted
|
93,896
|
|
93,172
|
Callaway Golf
Company
|
Consolidated
Condensed Statements of Cash Flows
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2015
|
|
2014
|
Cash flows from
operating activities:
|
|
|
|
|
Net
income
|
$ 35,819
|
|
$ 55,312
|
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
4,703
|
|
5,697
|
|
|
Deferred taxes,
net
|
(15)
|
|
14
|
|
|
Share-based
compensation
|
1,826
|
|
1,163
|
|
|
Gain on disposal of
long-lived assets
|
(257)
|
|
(282)
|
|
|
Debt discount
amortization on convertible notes
|
202
|
|
182
|
|
|
Changes in assets and
liabilities
|
(132,626)
|
|
(186,884)
|
|
Net cash used in
operating activities
|
(90,348)
|
|
(124,798)
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(2,393)
|
|
(4,048)
|
|
Proceeds from sale of
property, plant and equipment
|
1
|
|
44
|
|
Net cash used in
investing activities
|
(2,392)
|
|
(4,004)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from credit
facilities, net
|
79,083
|
|
114,927
|
|
Exercise of stock
options
|
2,239
|
|
1,591
|
|
Dividends
paid
|
(780)
|
|
(774)
|
|
Acquisition of
treasury stock
|
(1,402)
|
|
-
|
|
Equity issuance
costs
|
-
|
|
5
|
|
Net cash provided by
financing activities
|
79,140
|
|
115,749
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(799)
|
|
(183)
|
Net decrease in cash
and cash equivalents
|
(14,399)
|
|
(13,236)
|
Cash and cash
equivalents at beginning of period
|
37,635
|
|
36,793
|
Cash and cash
equivalents at end of period
|
$ 23,236
|
|
$ 23,557
|
Callaway Golf
Company
|
Consolidated Net
Sales and Operating Segment Information and Non-GAAP
Reconciliation
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales by Product
Category
|
|
|
|
|
|
|
|
|
|
|
Constant
Currency
|
|
|
Three Months
Ended
|
|
|
|
|
|
Growth
(Decline)
|
|
|
March 31,
|
|
Decline
|
|
vs.
2014(2)
|
|
|
2015
|
|
2014
(1)
|
|
Dollars
|
|
Percent
|
|
Percent
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
Woods
|
$ 89,483
|
|
$ 128,433
|
|
$ (38,950)
|
|
-30%
|
|
-28%
|
|
Irons
|
61,545
|
|
72,642
|
|
(11,097)
|
|
-15%
|
|
-12%
|
|
Putters
|
30,945
|
|
31,562
|
|
(617)
|
|
-2%
|
|
2%
|
|
Gear/Accessories/Other
|
59,183
|
|
66,901
|
|
(7,718)
|
|
-12%
|
|
-4%
|
|
Golf balls
|
43,023
|
|
52,336
|
|
(9,313)
|
|
-18%
|
|
-16%
|
|
|
$ 284,179
|
|
$ 351,874
|
|
$ (67,695)
|
|
-19%
|
|
-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)Calculated by applying 2014 exchange
rates to 2015 reported sales in regions outside the U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales by
Region
|
|
|
|
|
|
|
|
|
|
|
Constant
Currency
|
|
|
Three Months
Ended
|
|
Growth
(Decline)
|
|
|
March 31,
|
|
Decline
|
|
vs.
2014(1)
|
|
|
2015
|
|
2014
|
|
Dollars
|
|
Percent
|
|
Percent
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$ 168,623
|
|
$ 184,691
|
|
$ (16,068)
|
|
-9%
|
|
-9%
|
|
Europe
|
41,757
|
|
51,173
|
|
(9,416)
|
|
-18%
|
|
-11%
|
|
Japan
|
37,188
|
|
60,001
|
|
(22,813)
|
|
-38%
|
|
-28%
|
|
Rest of
Asia
|
16,473
|
|
26,997
|
|
(10,524)
|
|
-39%
|
|
-37%
|
|
Other foreign
countries
|
20,138
|
|
29,012
|
|
(8,874)
|
|
-31%
|
|
-22%
|
|
|
$ 284,179
|
|
$ 351,874
|
|
$ (67,695)
|
|
-19%
|
|
-16%
|
|
|
|
|
|
|
|
|
|
|
|
(1)Calculated by applying 2014 exchange
rates to 2015 reported sales in regions outside the U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Segment
Information
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
March 31,
|
|
Growth/(Decline)
|
|
|
|
|
2015
|
|
2014
(1)
|
|
Dollars
|
|
Percent
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
Golf
clubs
|
$ 241,156
|
|
$ 299,538
|
|
$ (58,382)
|
|
-19%
|
|
|
|
Golf
balls
|
43,023
|
|
52,336
|
|
(9,313)
|
|
-18%
|
|
|
|
|
$ 284,179
|
|
$ 351,874
|
|
$ (67,695)
|
|
-19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes:
|
|
|
|
|
|
|
|
|
|
|
Golf clubs
|
$ 40,940
|
|
$ 63,111
|
|
$ (22,171)
|
|
-35%
|
|
|
|
Golf balls
|
7,409
|
|
11,355
|
|
(3,946)
|
|
-35%
|
|
|
|
Reconciling items
(2)
|
(10,892)
|
|
(17,680)
|
|
6,788
|
|
38%
|
|
|
|
|
$ 37,457
|
|
$ 56,786
|
|
$ (19,329)
|
|
-34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2015 As Reported and
Currency Neutral vs 2014 As Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2015(1)
|
|
2014
|
|
|
|
Callaway Golf
As Reported
|
|
Callaway Golf
Currency Neutral
|
|
Callaway Golf
As Reported
|
Net sales
|
|
|
$
284,179
|
|
$
297,294
|
|
$ 351,874
|
Gross
profit
|
|
|
127,266
|
|
139,789
|
|
164,897
|
% of sales
|
|
|
45%
|
|
47%
|
|
47%
|
Operating
expenses
|
|
|
90,334
|
|
93,244
|
|
103,220
|
Income from
operations
|
|
|
36,932
|
|
46,545
|
|
61,677
|
Other income
(expense), net
|
|
|
525
|
|
(1,793)
|
|
(4,891)
|
Income before income
taxes
|
|
|
37,457
|
|
44,752
|
|
56,786
|
Income tax
provision
|
|
|
1,638
|
|
1,824
|
|
1,474
|
Net income
|
|
|
35,819
|
|
42,928
|
|
55,312
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
$
0.39
|
|
$
0.47
|
|
$
0.61
|
Weighted-average
shares outstanding:
|
|
93,896
|
|
93,896
|
|
93,172
|
|
|
|
|
|
|
|
|
(1)Calculated by applying 2014 exchange
rates to 2015 reported results in regions outside the
U.S.
|
|
2015 Trailing Twelve
Month EBITDA
|
|
2014 Trailing Twelve
Month EBITDA
|
EBITDA:
|
Quarter
Ended
|
|
Quarter
Ended
|
|
June 30,
|
|
September
30,
|
|
December
31,
|
|
March 31,
|
|
|
|
June 30,
|
|
September
30,
|
|
December
31,
|
|
March 31,
|
|
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
Total
|
|
2013
|
|
2013
|
|
2013
|
|
2014
|
|
Total
|
Net income
(loss)
|
$ 3,369
|
|
$ (1,134)
|
|
$ (41,539)
|
|
$ 35,819
|
|
$ (3,485)
|
|
$ 10,071
|
|
$ (21,153)
|
|
$ (49,499)
|
|
$ 55,312
|
|
$ (5,269)
|
Interest expense,
net
|
2,612
|
|
2,037
|
|
1,764
|
|
2,021
|
|
8,434
|
|
2,470
|
|
1,975
|
|
1,963
|
|
2,648
|
|
9,056
|
Income tax
provision
|
1,873
|
|
304
|
|
1,980
|
|
1,638
|
|
5,795
|
|
1,435
|
|
1,037
|
|
658
|
|
1,474
|
|
4,604
|
Depreciation and
amortization expense
|
5,460
|
|
5,222
|
|
4,857
|
|
4,703
|
|
20,242
|
|
6,472
|
|
6,265
|
|
5,850
|
|
5,697
|
|
24,284
|
EBITDA
|
$ 13,314
|
|
$ 6,429
|
|
$ (32,938)
|
|
$ 44,181
|
|
$ 30,986
|
|
$ 20,448
|
|
$ (11,876)
|
|
$ (41,028)
|
|
$ 65,131
|
|
$ 32,675
|
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/callaway-golf-company-announces-2015-first-quarter-financial-results-brand-momentum-and-market-shares-continue-to-improve-and-callaway-increases-full-year-earnings-guidance-300071345.html
SOURCE Callaway Golf Company