Callaway 2001 Annual Report Download - page 41

Download and view the complete annual report

Please find page 41 of the 2001 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 64

  • 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
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64

Callaway Golf Company
39
Consolidated Balance Sheets
(in thousands, except share and per share data) December 31,
2001 2000
Assets
Current assets:
Cash and cash equivalents $ 84,263 $ 102,596
Marketable securities 6,422 —
Accounts receivable, net 48,653 58,836
Inventories, net 167,760 133,962
Current deferred taxes 27,266 29,354
Other current assets 20,327 17,721
Total current assets 354,691 342,469
Property, plant and equipment, net 133,250 134,712
Intangible assets, net 121,313 113,760
Deferred taxes 20,282 23,332
Other assets 18,066 16,661
$ 647,602 $ 630,934
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable and accrued expenses $ 38,261 $ 44,173
Accrued employee compensation and benefits 25,301 22,574
Accrued warranty expense 34,864 39,363
Note payable, current portion 2,374 —
Income taxes payable 1,074 3,196
Total current liabilities 101,874 109,306
Long-term liabilities:
Deferred compensation 8,297 9,884
Energy derivative valuation account 19,922 —
Note payable, net of current portion 3,160 —
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred Stock, $.01 par value, 3,000,000 shares authorized, none
issued and outstanding at December 31, 2001 and 2000 ——
Common Stock, $.01 par value, 240,000,000 shares authorized,
82,694,173 shares and 78,958,963 shares issued at December 31, 2001 and 2000, respectively 827 790
Paid-in capital 419,541 347,765
Unearned compensation (211) (1,214)
Retained earnings 388,609 349,681
Accumulated other comprehensive loss (4,399) (6,096)
Less: Grantor Stock Trust held at market value, 10,764,690 shares and
5,300,000 shares at December 31, 2001 and 2000, respectively (206,144) (98,713)
598,223 592,213
Less: Common Stock held in treasury, at cost, 4,939,000 shares and
4,815,241 shares at December 31, 2001 and 2000, respectively (83,874) (80,469)
Total shareholders’ equity 514,349 511,744
$ 647,602 $ 630,934
The accompanying notes are an integral part of these financial statements.