OAKLEY AND CALLAWAY RELEASE EARNINGS REPORTS
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).