Callaway 2009 Annual Report Download - page 39

Download and view the complete annual report

Please find page 39 of the 2009 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 120

  • 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
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120

program. These shares were repurchased to settle shares withheld for taxes due by holders of Restricted Stock
awards. As of December 31, 2009, the Company remained authorized to repurchase up to an additional $75.9
million of its common stock under this program.
The following table summarizes the purchases by the Company under its repurchase programs during the
fourth quarter of 2009 (in thousands, except per share data):
Three Months Ended December 31, 2009
Total Number
of Shares
Purchased
Weighted
Average Price
Paid per Share
Total Number
of Shares
Purchased as
Part of
Publicly
Announced
Programs
Maximum
Dollar
Value that
May Yet Be
Purchased
Under the
Programs
October 1, 2009—October 31, 2009 ............... 3 $7.52 3 $75,890
November 1, 2009—November 30, 2009 ........... — $— — $75,890
December 1, 2009—December 31, 2009 ............ — $— — $75,890
Total .................................... 3 $7.52 3 $75,890
Item 6. Selected Financial Data
The following statements of operations data and balance sheet data for the five years ended December 31,
2009 were derived from the Company’s audited consolidated financial statements. Consolidated balance sheets at
December 31, 2009 and 2008 and the related consolidated statements of operations and cash flows for each of the
three years in the period ended December 31, 2009 and notes thereto appear elsewhere in this report. The
following data should be read in conjunction with the annual consolidated financial statements, related notes and
other financial information appearing elsewhere in this report.
Year Ended December 31,
2009 2008(1) 2007 2006 2005(2)
(In thousands, except per share data)
Statement of Operations Data:
Net sales ............................... $950,799 $1,117,204 $1,124,591 $1,017,907 $998,093
Cost of sales ............................ 607,036 630,371 631,368 619,832 583,679
Gross profit ............................. 343,763 486,833 493,223 398,075 414,414
Selling, general and administrative expenses . . . 342,084 373,275 371,020 334,235 370,219
Research and development expenses ......... 32,213 29,370 32,020 26,785 26,989
Income (loss) from operations .............. (30,534) 84,188 90,183 37,055 17,206
Interest and other income (expense), net ....... 2,685 1,863 3,455 3,364 (390)
Interest expense .......................... (1,754) (4,666) (5,363) (5,421) (2,279)
Change in energy derivative valuation
account .............................. — 19,922 — — —
Income (loss) before income taxes ........... (29,603) 101,307 88,275 34,998 14,537
Income tax provision (benefit) .............. (14,343) 35,131 33,688 11,708 1,253
Net income (loss) ........................ (15,260) 66,176 54,587 23,290 13,284
Dividends on convertible preferred stock ...... 5,688 — — — —
Net income (loss) allocable to common
shareholders ........................... $(20,948) $ 66,176 $ 54,587 $ 23,290 $ 13,284
Earnings (loss) per common share:
Basic .............................. $ (0.33) $ 1.05 $ 0.82 $ 0.34 $ 0.19
Diluted ............................. $ (0.33) $ 1.04 $ 0.81 $ 0.34 $ 0.19
Dividends paid per common share ........... $ 0.10 $ 0.28 $ 0.28 $ 0.28 $ 0.28
26