Callaway Golf Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015
January 29, 2015 at 04:59 pm
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Callaway Golf Co. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of $134,606,000 compared to $127,170,000 a year ago. Loss from operations was $39,114,000 compared to $45,347,000 a year ago. Loss before income taxes was $39,559,000 compared to $48,841,000 a year ago. Net loss was $41,539,000 or $0.54 per basic and diluted share compared to $49,499,000 or $0.65 per basic and diluted share a year ago. LBITDA was $32,938,000 compared to $41,028,000 a year ago.
For the year, the company reported net sales of $886,945,000 compared to $842,801,000 a year ago. Income from operations was $30,748,000 compared to loss from operations of $10,762,000 a year ago. Income before income taxes was $21,639,000 compared to loss before income taxes of $13,322,000 a year ago. Net income was $16,008,000 or $0.20 per diluted share compared to net loss of $18,921,000 or $0.31 per basic and diluted share a year ago. Net cash provided by operating activities was $36,880,000 compared to net cash used in operating activities of $8,949,000 a year ago. Capital expenditures were $10,753,000 compared to $13,038,000 a year ago. The 2014 results benefitted from a $17 million decrease in pre-tax charges related to the cost reduction initiatives that were completed in 2013. EBITDA was $51,936,000 compared to $20,786,000 a year ago.
The company provided earnings guidance for the year 2015. For the year 2015, the company expects net sales of $855 million to $880 million, gross margins of 40.0%, pre-tax income of $8 million and earnings per share of ($0.09) to $0.01. The company estimates that its fully diluted earnings/loss per share will decline significantly - solely as a result of adverse changes in foreign currency exchange rates as compared to 2014. The company estimate capital expenditures to be approximately $15 million for the year and depreciation and amortization will be approximately $20 million.
Topgolf Callaway Brands Corp. is a golf and active lifestyle company. The Company provides golf entertainment experiences, designs, and manufactures golf equipment, and sells golf and active lifestyle apparel and other accessories through its family of brand names, which include Topgolf, Callaway Golf, Odyssey, TravisMathew, Jack Wolfskin, OGIO, Toptracer and World Golf Tour. Its segments include Topgolf, Golf Equipment, and Active Lifestyle. The Topgolf is a technology-enabled golf entertainment business. Its platform offers open-air golf and entertainment venues as well as its Toptracer ball-tracking technology and digital media platform. The Golf Equipment segment is engaged in designing, manufacturing, and selling a full line of golf equipment, which is comprised of the golf clubs and golf balls product groups. Under Active Lifestyle segment, the Company designs, develops and sells soft good products under the Callaway, TravisMathew, OGIO, and Jack Wolfskin brands.
Callaway Golf Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015