Callaway 2015 Annual Report Download - page 74

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F-4
CALLAWAY GOLF COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Year Ended December 31,
2015 2014 2013
Net sales ....................................................................................................................... $ 843,794 $ 886,945 $ 842,801
Cost of sales ................................................................................................................. 486,161 529,019 528,043
Gross profit ........................................................................................................... 357,633 357,926 314,758
Selling expenses ........................................................................................................... 228,910 234,231 226,496
General and administrative expenses ........................................................................... 68,567 61,662 68,087
Research and development expenses ........................................................................... 33,213 31,285 30,937
Total operating expenses....................................................................................... 330,690 327,178 325,520
Income (loss) from operations...................................................................................... 26,943 30,748 (10,762)
Interest income ............................................................................................................. 388 438 558
Interest expense ............................................................................................................ (8,733)(9,499)(9,123)
Other income (expense), net......................................................................................... 1,465 (48) 6,005
Income (loss) before income taxes............................................................................... 20,063 21,639 (13,322)
Income tax provision.................................................................................................... 5,495 5,631 5,599
Net income (loss) ......................................................................................................... 14,568 16,008 (18,921)
Dividends on convertible preferred stock .................................................................... — — 3,332
Net income (loss) allocable to common shareholders.................................................. $ 14,568 $ 16,008 $ (22,253)
Earnings (loss) per common share:
Basic...................................................................................................................... $ 0.18 $ 0.21 $ (0.31)
Diluted................................................................................................................... $ 0.17 $ 0.20 $ (0.31)
Weighted-average common shares outstanding:
Basic...................................................................................................................... 83,116 77,559 72,809
Diluted................................................................................................................... 84,611 78,385 72,809
Dividends paid per common share ............................................................................... $ 0.04 $ 0.04 $ 0.04
The accompanying notes are an integral part of these consolidated financial statements.