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Adidas, Reebok Hope To
Close Merger By Month’s End
Callaway Golf posted a “narrower loss” in Q4 ’05 than in the year-ago period and beat Wall Street expectations as the company “continued restructuring efforts and sales improved,” according to REUTERS. The company’s net loss was $18.7M, or $0.27 a share, compared to a loss of $28.5M, or $0.42 a share, a year ago. Analysts expected a loss of $0.37 per share. The results include a “charge of [$0.05] a share related to the integration of” Top-Flite’s operations and ongoing restructuring. Callaway’s Q4 sales rose 7% to $154.5M, compared to $144.4M in the year-ago period, slightly under Wall Street expectations of $157.4M. Callaway is “in the midst of a companywide reorganization effort that is expected to save it $70[M] before taxes over two years.” For FY ’05, sales rose 7% and the company posted a net profit of $13.3M, or $0.19 per share, compared to a loss of $10.1M, or $0.15 per share, in ’04 (REUTERS, 1/26). In San Diego, Mike Freeman reports the $13.3M profit “is among the company’s smallest since it became publicly traded” in ’92. However, Callaway execs “think the company is now on solid footing to improve this year” (SAN DIEGO UNION-TRIBUNE, 1/26). At presstime, shares of Callaway were trading at $14.78, up .82% from yesterday’s close (THE DAILY).