Callaway 2002 Annual Report Download - page 41

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38 CALLAWAY GOLF COMPANY
Callaw ay Golf Co m pany
Consolidated Statements of Operations
Ye ar Ended Decem be r 31,
(In thousands, except per share data) 2002 2001 2000
Net sales $ 792,064 100% $ 816,163 100% $ 837,627 100%
Cost of sales 393,068 50% 411,585 50% 440,119 53%
Gross profit 398,996 50% 404,578 50% 397,508 47%
Selling expenses 200,153 25% 188,306 23% 170,541 20%
General and administrative expenses 56,580 7% 71,058 9% 70,333 8%
Research and development expenses 32,182 4% 32,697 4% 34,579 4%
Total operating expenses 288,915 36% 292,061 36% 275,453 33%
Income from operations 110,081 14% 112,517 14% 122,055 15%
Interest and other income, net 3,250 7,149 8,791
Interest expense (1,660) (1,552) (1,524)
Unrealized energy derivative losses — (19,922) —
Income before income taxes and
cumulative effect of accounting change 111,671 14% 98,192 12% 129,322 16%
Income taxes 42,225 39,817 47,366
Income before cumulative effect
of accounting change 69,446 58,375 81,956
Cumulative effect of accounting change — — (957)
Net income $ 69,446 9% $ 58,375 7% $ 80,999 10%
Earnings per common share:
Basic
Income before cumulative effect
of accounting change $ 1.04 $ 0.84 $ 1.17
Cumulative effect of accounting change — — (0.01)
$ 1.04 $ 0.84 $ 1.16
Diluted
Income before cumulative effect
of accounting change $ 1.03 $ 0.82 $ 1.14
Cumulative effect of accounting change — — (0.01)
$ 1.03 $ 0.82 $ 1.13
Common equivalent shares:
Basic 66,517 69,809 69,946
Diluted 67,274 71,314 71,412
The accompanying notes are an integral part of these financial statements.