Callaway 1998 Annual Report Download - page 22

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CALLAWAY GOLF COMPANY
20
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data) Year ended December 31,
1998 1997 1996
Net sales $697,621 100% $842,927 100% $678,512 100%
Cost of goods sold 401,607 58% 400,127 47% 317,353 47%
Gross profit 296,014 42% 442,800 53% 361,159 53%
Selling expenses 147,022 21% 120,589 14% 80,701 12%
General and administrative expenses 98,048 14% 70,724 8% 74,476 11%
Research and development costs 36,848 5% 30,298 4% 16,154 2%
Restructuring costs 54,235 8%
Litigation settlement 12,000 1%
(Loss) income from operations (40,139) (6%) 209,189 25% 189,828 28%
Interest and other income, net 3,911 4,586 5,804
Interest expense (2,671) (10) (37)
(Loss) income before income taxes (38,899) (6%) 213,765 25% 195,595 29%
Income tax (benefit) provision (12,335) 81,061 73,258
Net (loss) income $ (26,564) (4%) $132,704 16% $122,337 18%
(Loss) earnings per common share
Basic $(0.38) $1.94 $1.83
Diluted $(0.38) $1.85 $1.73
Common equivalent shares
Basic 69,463 68,407 66,832
Diluted 69,463 71,698 70,661
See accompanying notes to consolidated financial statements.