Callaway 2011 Annual Report Download - page 78

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CALLAWAY GOLF COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Year Ended December 31,
2011 2010 2009
Net sales ...................................................... $886,528 $967,656 $950,799
Cost of sales ................................................... 575,226 602,160 607,036
Gross profit ................................................ 311,302 365,496 343,763
Selling expenses ................................................ 265,325 257,285 260,597
General and administrative expenses ................................ 92,756 98,431 81,487
Research and development expenses ................................ 34,309 36,383 32,213
Total operating expenses ...................................... 392,390 392,099 374,297
Loss from operations ............................................. (81,088) (26,603) (30,534)
Interest income ................................................. 546 2,886 1,807
Interest expense ................................................. (1,618) (848) (1,754)
Other income (expense), net ....................................... (8,101) (10,997) 878
Loss before income taxes ......................................... (90,261) (35,562) (29,603)
Income tax provision (benefit) ..................................... 81,559 (16,758) (14,343)
Net loss ....................................................... (171,820) (18,804) (15,260)
Dividends on convertible preferred stock ............................. 10,500 10,500 5,688
Net loss allocable to common shareholders ........................... $(182,320) $ (29,304) $ (20,948)
Loss per common share:
Basic ..................................................... $ (2.82) $ (0.46) $ (0.33)
Diluted .................................................... $ (2.82) $ (0.46) $ (0.33)
Weighted-average common shares outstanding:
Basic ..................................................... 64,601 63,902 63,176
Diluted .................................................... 64,601 63,902 63,176
The accompanying notes are an integral part of these consolidated financial statements.
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