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.