Callaway 2003 Annual Report Download - page 43

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40 CALLAWAY GOLF COMPANY
(In thousands, except per share data)
2003 2002 2001
Net sales $ 814,032 100% $ 793,219 100% $ 818,072 100%
Cost of sales 445,417 55% 393,068 50% 411,585 50%
Gross profit 368,615 45% 400,151 50% 406,487 50%
Selling expenses 207,783 26% 200,329 25% 188,415 23%
General and administrative expenses 65,448 8% 56,580 7% 71,058 9%
Research and development expenses 29,529 4% 32,182 4% 32,697 4%
Total operating expenses 302,760 37% 289,091 36% 292,170 36%
Income from operations 65,855 8% 111,060 14% 114,317 14%
Interest and other income, net 3,550 2,271 5,349
Interest expense (1,522) (1,660) (1,552)
Unrealized energy derivative losses — — (19,922)
Income before income taxes 67,883 8% 111,671 14% 98,192 12%
Provision for income taxes 22,360 42,225 39,817
Net income $ 45,523 6% $ 69,446 9% $ 58,375 7%
Earnings per common share:
Basic $ 0.69 $ 1.04 $ 0.84
Diluted $ 0.68 $ 1.03 $ 0.82
Common equivalent shares:
Basic 66,027 66,517 69,809
Diluted 66,471 67,274 71,314
The accompanying notes are an integral part of these financial statements.
CALLAWAY GOLF COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31,