Callaway 1999 Annual Report Download - page 31

Download and view the complete annual report

Please find page 31 of the 1999 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

29CALLAWAY GOLF COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data) Year ended December 31,
1999 1998 1997
Net sales $714,471 100% $697,621 100% $842,927 100%
Cost of goods sold 376,405 53% 401,607 58% 400,127 47%
Gross profit 338,066 47% 296,014 42% 442,800 53%
Selling expenses 131,858 18% 147,022 21% 120,589 14%
General and administrative expenses 92,478 13% 98,048 14% 70,724 8%
Research and development costs 34,002 5% 36,848 5% 30,298 4%
Restructuring costs (Note 12)(5,894) (1%) 54,235 8%
Sumitomo transition costs (Note 15)5,713 1%
Litigation settlement 12,000 1%
Income (loss) from operations 79,909 11% (40,139) (6%) 209,189 25%
Interest and other income, net (Note 9)9,182 3,911 4,586
Interest expense (3,594) (2,671) (10)
Income (loss) before income taxes 85,497 12% (38,899) (6%) 213,765 25%
Income tax provision (benefit) 30,175 (12,335) 81,061
Net income (loss) $ 55,322 8% ($ 26,564) (4%) $132,704 16%
Earnings (loss) per common share:
Basic $0.79 ($0.38) $1.94
Diluted $0.78 ($0.38) $1.85
Common equivalent shares:
Basic 70,397 69,463 68,407
Diluted 71,214 69,463 71,698
See accompanying notes to consolidated financial statements.