Callaway 1998 Annual Report Download - page 9

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CALLAWAY GOLF COMPANY
7
SELECTED FINANCIAL DATA
(in thousands, except per share data) Year ended December 31,
1998 1997 1996 1995 1994
Statement of Operations Data:
Net sales $697,621 $842,927 $678,512 $553,287 $448,729
Cost of goods sold 401,607 400,127 317,353 270,125 208,906
Gross profit 296,014 442,800 361,159 283,162 239,823
Selling, general and administrative expenses 245,070 191,313 155,177 120,201 106,913
Research and development costs 36,848 30,298 16,154 8,577 6,380
Restructuring costs 54,235
Litigation settlement 12,000
(Loss) income from operations (40,139) 209,189 189,828 154,384 126,530
Interest and other income, net 3,911 4,586 5,804 4,038 2,879
Interest expense (2,671) (10) (37) (21) (4)
(Loss) income before income taxes (38,899) 213,765 195,595 158,401 129,405
Income tax (benefit) provision (12,335) 81,061 73,258 60,665 51,383
Net (loss) income $(26,564) $132,704 $122,337 $ 97,736 $ 78,022
(Loss) earnings per common share:
Basic $(0.38) $1.94 $1.83 $1.47 $1.14
Diluted $(0.38) $1.85 $1.73 $1.40 $1.07
Dividends paid per share $ 0.28 $0.28 $0.24 $0.20 $0.10
(in thousands) December 31,
1998 1997 1996 1995 1994
Balance Sheet Data:
Cash and cash equivalents $ 45,618 $ 26,204 $108,457 $ 59,157 $ 54,356
Working capital $139,598 $209,402 $250,461 $146,871 $130,792
Total assets $655,827 $561,714 $428,428 $289,975 $243,622
Long-term liabilities $ 18,723 $ 7,905 $ 5,109 $ 2,207 $ 610
Total shareholders’ equity $453,096 $481,425 $362,267 $224,934 $186,414