Callaway 2013 Annual Report Download - page 112

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F-42
Note 21. Summarized Quarterly Data (Unaudited)
Fiscal Year 2013 Quarters
1st 2nd 3rd 4th Total
(In thousands, except per share data)
Net sales......................................................................... $ 287,756 $ 249,646 $ 178,229 $127,170 $ 842,801
Gross profit(1) ................................................................. $130,436 $ 95,652 $ 59,409 $ 29,261 $ 314,758
Net income (loss)(1)(2)
..................................................... $ 41,660 $ 10,071 $ (21,153)$
(49,499)$
(18,921)
Dividends on convertible preferred stock...................... $ 783 $ 783 $ 1,766 $ — $ 3,332
Net income (loss) allocable to common
shareholders(1)(2)
........................................................... $ 40,877 $ 9,288 $ (22,919)$
(49,499)$
(22,253)
Earnings (loss) per common share(6)
Basic(1)(2) ................................................................ $ 0.58 $ 0.13 $ (0.32)$ (0.65)$ (0.31)
Diluted(1)(2) ............................................................. $ 0.47 $ 0.12 $ (0.32)$ (0.65)$ (0.31)
Fiscal Year 2012 Quarters
1st 2nd 3rd 4th Total
(In thousands, except per share data)
Net sales......................................................................... $ 285,098 $ 281,123 $ 147,906 $119,938 $ 834,065
Gross profit(3) ................................................................. $124,371 $110,653 $ 3,800 $ 9,344 $ 248,168
Net income (loss)(3)(4)(5).................................................. $ 31,802 $ 2,799 $ (86,798)$
(70,749)$
(122,946)
Dividends on convertible preferred stock...................... $ 2,625 $ 2,625 $ 2,414 $ 783 $ 8,447
Net income (loss) allocable to common
shareholders(3)(4)(5)........................................................ $ 29,177 $ 174 $ (89,212)$
(71,532)$
(131,393)
Earnings (loss) per common share(6)
Basic(3)(4)(5) ............................................................. $ 0.45 $ — $ (1.31)$ (1.01)$ (1.96)
Diluted(3)(4)(5) .......................................................... $ 0.37 $ — $ (1.31)$ (1.01)$ (1.96)
(1) During the first, second, third and fourth quarters of 2013, the Company recognized charges of $2,282,000, $4,087,000,
$1,005,000 and $3,775,000, respectively, in cost of goods sold in connection with the Company’s Cost Reduction
Initiatives (see Note 3).
(2) During the first, second, third and fourth quarters of 2013, the Company recognized charges of $2,158,000 ($0.03
per share), $3,074,000 ($0.04 per share), $1,142,000 ($0.02 per share) and $3,808,000 ($0.05 per share), respectively,
in after-tax charges in connection with the Company's Cost Reduction Initiatives (see Note 3).
(3) During the second, third and fourth quarters of 2012, the Company recognized charges of $961,000, $27,302,000,
and $7,965,000, respectively, in cost of goods sold in connection with the Company’s Cost Reduction Initiatives (see
Note 3).
(4) During the first quarter of 2012, the Company recognized an after-tax gain of $4,069,000 ($0.06 per share) in
connection with the sale of the Top-Flite and Ben Hogan brands (see Note 8).
(5) During the second, third and fourth quarters of 2012, the Company recognized after-tax charges of $2,855,000 ($0.04
per share), $21,576,000 ($0.32 per share), and $8,798,000 ($0.13 per share), respectively, in connection with the
Company’s Cost Reduction Initiatives (see Note 3).
(6) Earnings per share is computed individually for each of the quarters presented; therefore, the sum of the quarterly
earnings per share may not necessarily equal the total for the year.