Callaway 2014 Annual Report Download - page 72

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F-4
CALLAWAY GOLF COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Year Ended December 31,
2014 2013 2012
Net sales.................................................................................................................... $ 886,945 $ 842,801 $ 834,065
Cost of sales.............................................................................................................. 529,019 528,043 585,897
Gross profit........................................................................................................ 357,926 314,758 248,168
Selling expenses........................................................................................................ 234,231 226,496 268,088
General and administrative expenses........................................................................ 61,662 68,087 66,773
Research and development expenses........................................................................ 31,285 30,937 29,542
Total operating expenses ................................................................................... 327,178 325,520 364,403
Income (loss) from operations .................................................................................. 30,748 (10,762)(116,235)
Interest income.......................................................................................................... 438 558 550
Interest expense ........................................................................................................ (9,499)(9,123)(5,513)
Other (expense) income, net ..................................................................................... (48) 6,005 3,152
Income (loss) before income taxes ........................................................................... 21,639 (13,322)(118,046)
Income tax provision ................................................................................................ 5,631 5,599 4,900
Net income (loss)...................................................................................................... 16,008 (18,921)(122,946)
Dividends on convertible preferred stock................................................................. — 3,332 8,447
Net income (loss) allocable to common shareholders .............................................. $ 16,008 $ (22,253)$
(131,393)
Earnings (loss) per common share:
Basic .................................................................................................................. $ 0.21 $ (0.31)$ (1.96)
Diluted ............................................................................................................... $ 0.20 $ (0.31)$ (1.96)
Weighted-average common shares outstanding:
Basic .................................................................................................................. 77,559 72,809 67,061
Diluted ............................................................................................................... 78,385 72,809 67,061
Dividends paid per common share ........................................................................... $ 0.04 $ 0.04 $ 0.04
The accompanying notes are an integral part of these consolidated financial statements.