Callaway loses $28.5 million for quarter
By: North County Times wire services | ∞
CARLSBAD ---- Callaway Golf Co. reported a net loss of $28.5 million, or 42 cents per share, for the quarter ended Dec. 31. In the same quarter a year earlier, Callaway reported losing $33.4 million, or 50 cents per share.
The quarterly loss included charges of $3.2 million, or 5 cents per share, related to the purchase of Top-Flite in late 2003. The year-ago quarter included charges of $16.2 million, or 24 cents per share.
"Our fourth-quarter results reflect the pricing initiatives taken midyear, to reduce inventory levels at retail prior to the start of 2005," William C. Baker, Callaway's chairman and chief executive, said in a statement.
Callaway had long been among the most prestigious names in golf equipment makers and has charged accordingly. However, industry analysts have said that increased competition has reduced the premium Callaway can charge for its products.
Callaway stock closed Thursday before the announcement at $12.31, down 50 cents for the day.
For the year ended Dec. 31, Callaway reported losing $10 million, or 15 cents per share, on sales of $934.6 million. The loss included charges of $17.5 million, or 26 cents per share, related to the Top-Flite purchase.
More Stories
Advertisement
First name only. Comments including last names, contact addresses, e-mail addresses or phone numbers will be deleted. Attempts to misrepresent your identity or impersonate any person will not be approved. All comments are screened before they appear online, so please keep them brief. Comments reflect the views of those commenting and not necessarily those of the North County Times or its staff writers. Click here to view additional comment policies.
Today's Stories
Advertisement