Callaway 2001 Annual Report Download - page 42

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Callaway Golf Company
40
Consolidated Statements of Operations
(in thousands, except per share data) Year ended December 31,
2001 2000 1999
Net sales $ 816,163 100% $ 837,627 100% $ 719,038 100%
Cost of sales 411,585 50% 440,119 53% 384,265 53%
Gross profit 404,578 50% 397,508 47% 334,773 47%
Selling expenses 188,306 23% 170,541 20% 128,565 18%
General and administrative expenses 71,058 9% 70,333 8% 92,478 13%
Research and development expenses 32,697 4% 34,579 4% 34,002 5%
Restructuring credits — — — — (5,894) (1%)
Sumitomo transition expenses — — — — 5,713 1%
Income from operations 112,517 14% 122,055 15% 79,909 11%
Interest and other income, net 7,149 8,791 9,182
Interest expense (1,552) (1,524) (3,594)
Unrealized energy derivative losses (19,922) — —
Income before income taxes and cumulative
effect of accounting change 98,192 12% 129,322 16% 85,497 12%
Income taxes 39,817 47,366 30,175
Income before cumulative effect
of accounting change 58,375 81,956 55,322
Cumulative effect of accounting change — (957) —
Net income $ 58,375 7% $ 80,999 10% $ 55,322 8%
Earnings per common share:
Basic
Income before cumulative effect of
accounting change $ 0.84 $ 1.17 $ 0.79
Cumulative effect of
accounting change — (0.01) —
$ 0.84 $ 1.16 $ 0.79
Diluted
Income before cumulative effect of
accounting change $ 0.82 $ 1.14 $ 0.78
Cumulative effect of
accounting change — (0.01) —
$ 0.82 $ 1.13 $ 0.78
Common equivalent shares:
Basic 69,809 69,946 70,397
Diluted 71,314 71,412 71,214
The accompanying notes are an integral part of these financial statements.