Callaway 1999 Annual Report Download - page 18

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16 CALLAWAY GOLF COMPANY
SELECTED FINANCIAL DATA
(in thousands, except per share data) Year ended December 31,
1999 1998 1997 1996 1995
Statement of Operations Data:
Net sales $ 714,471 $ 697,621 $ 842,927 $ 678,512 $553,287
Cost of goods sold 376,405 401,607 400,127 317,353 270,125
Gross profit 338,066 296,014 442,800 361,159 283,162
Selling, general and administrative expenses 224,336 245,070 191,313 155,177 120,201
Research and development costs 34,002 36,848 30,298 16,154 8,577
Restructuring costs (Note 12)(5,894) 54,235
Sumitomo transition costs (Note 15)5,713
Litigation settlement 12,000
Income (loss) from operations 79,909 (40,139) 209,189 189,828 154,384
Interest and other income, net (Note 9)9,182 3,911 4,586 5,804 4,038
Interest expense (3,594) (2,671) (10) (37) (21)
Income (loss) before income taxes 85,497 (38,899) 213,765 195,595 158,401
Income tax provision (benefit) 30,175 (12,335) 81,061 73,258 60,665
Net income (loss) $ 55,322 ($ 26,564) $132,704 $122,337 $ 97,736
Earnings (loss) per common share:
Basic $0.79 ($0.38) $1.94 $1.83 $1.47
Diluted $0.78 ($0.38) $1.85 $1.73 $1.40
Dividends paid per share $0.28 $0.28 $0.28 $0.24 $0.20
(in thousands) December 31,
1999 1998 1997 1996 1995
Balance Sheet Data:
Cash and cash equivalents $ 112,602 $ 45,618 $ 26,204 $ 108,457 $ 59,157
Working capital $ 205,198 $ 139,598 $ 209,402 $ 250,461 $146,871
Total assets $ 616,783 $ 655,827 $ 561,714 $ 428,428 $289,975
Long-term liabilities $ 11,575 $ 18,723 $ 7,905 $ 5,109 $ 2,207
Total shareholders’ equity $ 499,934 $ 453,096 $ 481,425 $ 362,267 $224,934