Callaway 2002 Annual Report Download - page 53

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50 CALLAWAY GOLF COMPANY
Note 4. Sele c t ed Financ ia l St a t em ent In fo rm a t io n
De ce mber 31,
(In thousands) 2002 2001
Accounts receivable, net:
Trade accounts receivable $ 69,341 $ 53,810
Allowance for doubtful accounts (5,474) (5,157)
$ 63,867 $ 48,653
Inventories, net:
Raw materials $ 63,953 $ 67,336
Work-in-process 2,550 2,179
Finished goods 102,018 105,381
168,521 174,896
Reserve for excess and obsolescence (16,761) (7,136)
$ 151,760 $ 167,760
Property, plant and equipment, net:
Land $ 10,533 $ 10,533
Buildings and improvements 89,630 84,687
Machinery and equipment 114,635 67,329
Furniture, computers and equipment 79,891 65,300
Production molds 26,059 31,371
Construction-in-process 5,537 7,025
326,285 266,245
Accumulated depreciation (158,945) (132,995)
$ 167,340 $ 133,250
Accounts payable and accrued expenses:
Accounts payable $ 18,544 $ 11,541
Accrued expenses 26,486 16,112
Accrued sales programs 16,690 10,608
$ 61,720 $ 38,261
Accrued employee compensation and benefits:
Accrued payroll and taxes $ 16,015 $ 19,313
Accrued vacation and sick pay 6,172 5,068
Accrued commissions ,981 ,920
$ 23,168 $ 25,301
Ye ar Ended Decem be r 31,
(In thousands, except per share amounts) 2002 2001 2000
Reported net income $ 69,446 $ 58,375 $ 80,999
Non-cash warranty reserve adjustment, net of tax (10,589) — —
Adjusted net income $ 58,857 $ 58,375 $ 80,999
Basic earnings per share:
Reported net income $ 1.04 $ 0.84 $ 1.16
Non-cash warranty reserve adjustment, net of tax (0.16) — —
Adjusted net income $ 0.88 $ 0.84 $ 1.16
Diluted earnings per share:
Reported net income $ 1.03 $ 0.82 $ 1.13
Non-cash warranty reserve adjustment, net of tax (0.16) — —
Adjusted net income $ 0.87 $ 0.82 $ 1.13
The following summarizes what net income and earnings per share would have been had the warranty reserve adjustment, adjusted
for taxes, been excluded from reported results: