Callaway 2000 Annual Report Download - page 18

Download and view the complete annual report

Please find page 18 of the 2000 Callaway annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 52

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52

Callaway Golf Company | 18
SELECTED FINANCIAL DATA(1)
(in thousands, except per share data) Year ended December 31,
2000 1999 1998 1997 1996
Statement of Operations Data:
Net sales $837,627 $719,038 $703,060 $848,941 $683,536
Cost of goods sold 440,119 384,265 410,341 408,345 323,364
Gross profit 397,508 334,773 292,719 440,596 360,172
Selling, general and administrative expenses 240,874 221,043 241,775 189,109 154,190
Research and development costs 34,579 34,002 36,848 30,298 16,154
Restructuring costs (Note 14) (5,894) 54,235
Sumitomo transition costs (Note 16) 5,713
Litigation settlement 12,000
Income (loss) from operations 122,055 79,909 (40,139) 209,189 189,828
Interest and other income, net (Note 11) 8,791 9,182 3,911 4,586 5,804
Interest expense (1,524) (3,594) (2,671) (10) (37)
Income (loss) before income taxes and cumulative effect
of accounting change 129,322 85,497 (38,899) 213,765 195,595
Income tax provision (benefit) 47,366 30,175 (12,335) 81,061 73,258
Income before cumulative effect of accounting change 81,956 55,322 (26,564) 132,704 122,337
Cumulative effect of accounting change (957)
Net income (loss) $ 80,999 $ 55,322 $ (26,564) $132,704 $122,337
Earnings (loss) per common share:
Basic
Income before cumulative effect of accounting change $1.17 $0.79 $(0.38) $1.94 $1.83
Cumulative effect of accounting change (0.01)
Net income $1.16 $0.79 $(0.38) $1.94 $1.83
Diluted
Income before cumulative effect of accounting change $1.14 $0.78 $(0.38) $1.85 $1.73
Cumulative effect of accounting change (0.01)
Net income $1.13 $0.78 $(0.38) $1.85 $1.73
Dividends paid per share $0.28 $0.28 $ 0.28 $0.28 $0.24
(in thousands) December 31,
2000 1999 1998 1997 1996
Balance Sheet Data:
Cash and cash equivalents $102,596 $112,602 $ 45,618 $ 26,204 $108,457
Working capital $233,163 $205,198 $139,598 $209,402 $250,461
Total assets $630,934 $616,783 $655,827 $561,714 $428,428
Long-term liabilities $ 9,884 $ 11,575 $ 18,723 $ 7,905 $ 5,109
Total shareholders’ equity $511,744 $499,934 $453,096 $481,425 $362,267
(1)Shipping revenues and expenses have been reclassified in accordance with Emerging Issues Task Force Issue No. 00-10, "Accounting for Shipping and
Handling Revenues and Costs." See accompanying Notes to Consolidated Financial Statements.