Callaway 2001 Annual Report Download - page 30

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Callaway Golf Company
28
Selected Financial Data(1)
(in thousands, except per share data) Year ended December 31,
2001 2000 1999 1998 1997
Statement of Operations Data:
Net sales $ 816,163 $ 837,627 $ 719,038 $ 703,060 $ 848,941
Cost of sales 411,585 440,119 384,265 410,341 408,345
Gross profit 404,578 397,508 334,773 292,719 440,596
Selling, general and administrative expenses 259,364 240,874 221,043 241,775 189,109
Research and development expenses 32,697 34,579 34,002 36,848 30,298
Restructuring (credits) expenses — — (5,894) 54,235 —
Sumitomo transition expenses — — 5,713 — —
Litigation settlement — — — — 12,000
Income (loss) from operations 112,517 122,055 79,909 (40,139) 209,189
Interest and other income, net 7,149 8,791 9,182 3,911 4,586
Interest expense (1,552) (1,524) (3,594) (2,671) (10)
Unrealized energy derivative losses (19,922) — — — —
Income (loss) before income taxes and
cumulative effect of accounting change 98,192 129,322 85,497 (38,899) 213,765
Income tax provision (benefit) 39,817 47,366 30,175 (12,335) 81,061
Income (loss) before cumulative effect
of accounting change 58,375 81,956 55,322 (26,564) 132,704
Cumulative effect of accounting change — (957) — — —
Net income (loss) $ 58,375 $ 80,999 $ 55,322 $ (26,564) $ 132,704
Earnings (loss) per common share:
Basic
Income (loss) before cumulative effect
of accounting change $ 0.84 $ 1.17 $ 0.79 $ (0.38) $ 1.94
Cumulative effect of accounting change — (0.01) — — —
Net income (loss) $ 0.84 $ 1.16 $ 0.79 $ (0.38) $ 1.94
Diluted
Income (loss) before cumulative effect
of accounting change $ 0.82 $ 1.14 $ 0.78 $ (0.38) $ 1.85
Cumulative effect of accounting change — (0.01) — — —
Net income (loss) $ 0.82 $ 1.13 $ 0.78 $ (0.38) $ 1.85
Dividends paid per share $ 0.28 $ 0.28 $ 0.28 $ 0.28 $ 0.28
(in thousands) December 31,
2001 2000 1999 1998 1997
Balance Sheet Data:
Cash and cash equivalents $ 84,263 $ 102,596 $ 112,602 $ 45,618 $ 26,204
Marketable securities $ 6,422 $ — $ — $ — $ —
Working capital $ 252,817 $ 233,163 $ 205,198 $ 139,598 $ 209,402
Total assets $ 647,602 $ 630,934 $ 616,783 $ 655,827 $ 561,714
Long-term liabilities $ 31,379 $ 9,884 $ 11,575 $ 18,723 $ 7,905
Total shareholders’ equity $ 514,349 $ 511,744 $ 499,934 $ 453,096 $ 481,425
(1) This information should be read in conjunction with the information set forth below in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Notes to
Consolidated Financial Statements.”