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OAKLEY AND CALLAWAY RELEASE EARNINGS REPORTS
Published October 23, 1997
Oakley, Inc. announced its net income for the third quarter ended September 30, was $6.8M, or $0.10 per share, compared with a net income of $15.7M, or $0.22 per share, for the comparable '96 period. Net sales dropped to $59.4M, from $67.8M last year, with domestic sales totalling $36.9M and international net sales at $22.6M, compared with $47.4M and $20.3M, respectively, for the comparable '96 period (Oakley). Oakley's per-share net income fell 55%, while sales fell 12% from '96 3Q (WALL STREET JOURNAL, 10/23). CALLAWAY: Callaway Golf reported a "record net sales" of $257.4M for its third quarter ended September 30, an increase of 32% over net sales of $194.5M over the same period in '96. The company's net income for the same period of $37M, or $0.52 fully diluted earnings per share, includes a one-time pre-tax charge of $12M for the settlement of litigation between the company and a former officer. Net income without the $12M legal expense would have been $44.4M compared to $38.4M in 3Q '96, an increase of 16% (Callaway).