Callaway Golf Saw Net Sales Of $1.12B In '08, Slightly Less Than '07
Callaway Golf saw net sales of $1.117B in '08, the second-highest sales level in the company's history, and only slightly less than the record sales of $1.125B in '07. Gross profit for '08 was $486.8M, or 44% of net sales, compared to $493.2M in '07. Operating expenses for '08 were $402.6M, or 36% of net sales, compared to $403M in '07 (Callaway Golf). Callaway said that its net loss in Q4 '08 was $3.2M, or $0.05 per share, compared with a loss of $16.2M, or $0.25 per share in '07. Reuters estimates indicated that "excluding a non-operational benefit and charges for ongoing initiatives to boost gross margins, Callaway reported a loss" of $0.24, "matching the Wall Street consensus view." Callaway, which has been improving its supply chain while cutting costs, said that Q4 revenue fell 2% to $171.27M, which was "just above" the $171.07M in revenue expected by analysts. Sales rose 45% in Japan but fell 24% in Europe and the rest of Asia. U.S. sales rose 5% in Q4 (REUTERS, 1/27). In San Diego, Chris Bagley reports Callaway's revenue fell in '08 for the "first time in several years." Callaway reported annual profit rising 6% from '07 to $66.2M. The company reported "cutting several categories of expenses last year, including research and development." Callaway laid off 164 of its 1,800 Carlsbad, California, employees in September. N.Y.-based Gilford Securities analyst Casey Alexander said that his discussions with execs at smaller golf companies "led him to believe that Callaway's 0.8[%] decline in annual revenue was tiny in comparison" (NORTH COUNTY TIMES, 1/28). At presstime, shares of Callaway were trading at $8.59, down 1.94% from yesterday's close of $8.76 (THE DAILY)
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