Callaway Golf Co. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported sales totaled $118 million, a decrease of 23% compared to $153,872,000 reported in last year due to the impact of the sale of Top-Flite and Hogan businesses, as well as an increase in promotional activity this year, due to the slow sell-through of some of products earlier in the year. Capital expenditures were $2 million, bringing the total for the full year to $80 million. Loss from operations was $71,433,000 against $49,747,000 a year ago. Loss before income taxes was $68,998,000 against $50,543,000 a year ago. Net loss allocable to common shareholders was $72,789,000 or $1.03 per diluted share against $65,610,000 or $1.01 per diluted share a year ago. Adjusted LBITDA was $59,307,000 against $44,020,000 a year ago.

For the year, the company reported consolidated sales were $832 million, a decrease of 6% compared to $886,528,000 reported in the last year, due to a 4% decline in core business with the balance due to the sale of Top-Flite and Hogan businesses. OpEx run rate was about $381 million. Loss from operations was $116,730,000 against $81,088,000 a year ago. Loss before income taxes was $118,541,000 against $90,261,000 a year ago. Net loss allocable to common shareholders was $132,650,000 or $1.98 per diluted share against $182,320,000 or $2.82 per diluted share a year ago. Net cash used in operating activities was $28,808,000 against net cash provided by operating activities of $10,098,000 a year ago. Capital expenditures were $18,403,000 against $28,931,000 a year ago.