US: Callaway Golf widens FY net loss
Callaway Golf Company has announced a wider full-year loss of US$29.3m, compared with $20.9m last year, due to a dip in the US golf market.
The company posted net sales of $968m, an increase of 2% compared to $951m for the same period last year. On a currency neutral basis, net sales would have been $939m in 2010, a decrease of 1% compared to 2009.
Callaway reported operating expenses of $392m, compared to $374m for 2009. These include a $7.5 million non-cash charge related to a reduction in the recorded book value of certain non-amortizing intangible assets acquired as part of its 2003 Top-Flite acquisition and $2m of charges associated with the company's gobal operations strategy, a statement said. There were no such charges in operating expenses in 2009.
"Although the delayed golf industry recovery, along with some non-operational charges, unfavourably impacted our financial results for the fourth quarter and full year 2010, our underlying operational performance improved significantly in 2010 as we realized additional benefits from our gross margin initiatives, investments in emerging markets, and cost management initiatives," said George Fellows, president and chief executive officer of Callaway Golf Company.
Click here to view the company's full fourth quarter and full-year statement.
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