Callaway Golf Company Announces Third Quarter 2015 Financial Results; Profitability And Market Share Exceed Company's Expectations; And The Company Increases Full Year Earnings Guidance

October 21, 2015 at 4:15 PM EDT
- Third quarter 2015 net sales of $176 million, a 4% increase compared with third quarter 2014 net sales of $169 million; on a constant currency basis, third quarter 2015 net sales grew by approximately 12%.
- Third quarter 2015 gross profit of $78 million, a 19% increase compared with third quarter 2014 gross profit of $65 million; on a constant currency basis, third quarter 2015 gross profit increased by approximately 38%.
- The Company increased its annual 2015 EPS guidance to $0.12 - $0.15 as compared to its prior guidance of $0.01 - $0.06.

CARLSBAD, Calif., Oct. 21, 2015 /PRNewswire/ -- Callaway Golf Company (NYSE: ELY) today announced its third quarter financial results and revised its full year financial outlook, including increasing its earnings guidance.

For the third quarter of 2015, despite significant headwinds from unfavorable changes in foreign currency exchange rates, the Company improved both its net sales and gross profit.  Specifically, the Company achieved third quarter net sales growth of 4% over 2014.  On a constant currency basis, the Company grew net sales 12%. The Company's gross margins improved by 540 basis points to 44.1%, resulting in a $13 million (19%) increase in gross profit for the third quarter of 2015 compared to the third quarter of 2014. On a constant currency basis, gross margins improved by 900 basis points and gross profit increased by $25 million (38%) over the same period. Third quarter 2015 loss per share increased to ($0.04), compared to ($0.01) for the third quarter of 2014, as improved gross margins were offset by planned investments in the Company's marketing and tour programs as well as non-recurring expenses related to the exchange transactions to retire the majority of the Company's convertible debt, most of which were non-cash expenses.

The Company has continued to gain market share and drive improved operational efficiencies. As a result, the Company revised its full year net sales estimates to $835 - $840 million (as compared to its prior estimate of $830 - $840 million) and increased its earnings outlook to $0.12 - $0.15 earnings per share (as compared to its prior estimate of $0.01 - $0.06 earnings per share).

"Overall, we are very pleased with our performance in the third quarter and the progress we have made in 2015," commented Chip Brewer, President and Chief Executive Officer of Callaway Golf Company. "Our new products continue to perform well in the marketplace. We have further strengthened our balance sheet, regained leadership in key product categories and markets, and our brand is sustaining its positive momentum. We also continue to be excited about our product pipeline as we move through 2015 and into 2016."

"Additionally, from an overall market perspective we continue to be encouraged by what we believe are improved industry fundamentals," continued Mr. Brewer. "This includes increased excitement around the world's professional game as well as increased average selling prices and less promotional activity in key markets. Looking forward, we believe that our improved market shares and brand momentum will allow us to maximize current global industry conditions and capitalize on any future improvements in market conditions or foreign currency exchange rates."       

GAAP and Constant Currency Results

In addition to the Company's results prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company also provided additional information concerning its results on a non-GAAP basis. This non-GAAP information presents the Company's financial results on a constant currency basis. The manner in which this constant currency information is derived is discussed in more detail toward the end of this release and the Company has provided in the tables to this release a reconciliation of the non-GAAP information to the most directly comparable GAAP information.   

Summary of Third Quarter 2015 Financial Results

For the third quarter of 2015, the Company announced the following GAAP and constant currency financial results, as compared to the same period in 2014 (in millions, except eps):


GAAP  RESULTS


NON-GAAP INFORMATION


2015
GAAP

2014
GAAP

Change


2015
Constant
Currency

2014
GAAP

Change

Net Sales

$176

$169

$7


$189

$169

$20

Gross Profit/ 
% of Sales

$78

44.1%

$65

38.7%

$13

540 b.p.


$90

47.7%

$65

38.7%

$25

900 b.p.

Operating Expenses

$77

$68

$9


$80

$68

$12

Pre-Tax Income (loss)

($2)

($1)

($1)


$7

($1)

$8

EPS

($0.04)

($0.01)

($0.03)


$0.07

($0.01)

$0.08

The Company's $176 million in net sales for the third quarter of 2015 were up 4% versus the third quarter last year despite unfavorable changes in foreign currency rates and softer market conditions in Asia.  Unfavorable changes in foreign currency exchange rates negatively impacted 2015 third quarter net sales by $13 million.  On a constant currency basis, net sales for the third quarter of 2015 grew by approximately 12% compared to 2014.

The Company's loss per share for the third quarter of 2015 increased to ($0.04) compared to ($0.01) for the same period in 2014.  The Company was able to significantly improve its gross profit as a result of a 540 basis point improvement in gross margins due to more favorable product pricing, less closeouts, less promotional activity as well as improved operational efficiencies. This significant improvement in gross margins was offset by increased investment in marketing and tour programs as well as expenses recorded during the quarter related to the convertible debt exchange transactions. On a constant currency basis, the Company's earnings per share would have been $0.07. Compared to 2014, the Company's earnings per share for the third quarter of 2015 was also affected by an increase of over 5 million common equivalent shares in the earnings per share calculation as a result of the convertible debt exchange transactions.  

Summary of First Nine Months of 2015 Financial Results

For the first nine months of 2015, the Company announced the following GAAP and constant currency financial results, as compared to the same period in 2014 (in millions, except eps):


GAAP RESULTS


NON-GAAP INFORMATION


2015
GAAP

2014
GAAP

Change

 


2015
Constant
Currency

2014
GAAP

Change

Net Sales

$690

$752

($62)


$737

$752

($15)

Gross Profit/
% of Sales

$307

44.4%

$321

42.7%

($14)
170 b.p.


$351

47.6%

$321

42.7%

$30

490 b.p.

Operating Expenses

$250

$251

($1)


$259

$251

$8

Pre-Tax Income

$50

$61

($11)


$85

$61

$24

EPS

$0.53

$0.66

($0.13)


$0.89

$0.66

$0.23

For the first nine months of 2015, the Company's net sales decreased 8% (or 2% on a constant currency basis), compared to the same period in 2014.  The decrease was largely the result of unfavorable changes in foreign currency exchange rates, a strategic decision on launch timing which negatively impacted revenues in the first quarter of this year, less closeouts and softer than expected market conditions in Asia. 

The Company's earnings per share for the first nine months of 2015 decreased $0.13 compared to the first nine months of 2014 primarily due to unfavorable changes in foreign currency exchange rates, which adversely affected 2015 first nine months earnings per share by $0.36.  On a constant currency basis, the Company's first nine months earnings per share increased 35% to $0.89 due to a 490 basis point constant currency improvement in gross margins driven by increased pricing, less closeouts, a lower promotional environment and increased operational efficiencies.

Business Outlook for 2015

Given the Company's continuing market share performance and its significantly improved gross margins, the Company is narrowing its full year sales estimates and increasing its full year earnings estimates. Given the significant effects that foreign currencies will have on the Company's GAAP results in 2015, the Company has provided guidance on both a GAAP and constant currency basis. The GAAP guidance is generally based upon a blend of current foreign currency exchange rates and the exchange rates at which the Company entered into hedging transactions. The manner in which this constant currency information is derived is discussed in more detail toward the end of this release. Future changes in the applicable foreign currency exchange rates will affect the Company's GAAP guidance. 

Full Year

The Company currently estimates the following full year results for 2015:


2015 GAAP Estimate

2015 Constant Currency Estimate

2014 Actual

Net Sales

$835 - $840 million

$885 - $890 million

$887 million

The increase in the low end of the Company's estimates for full year net sales from its previous GAAP guidance of $830 - $840 million is due to continued improvement in market share partially offset by weakening foreign currencies. If the U.S. Dollar were to strengthen during the balance of the year, the   Company's GAAP sales estimates would be adversely affected.


2015 GAAP Estimate

2015 Constant Currency Estimate

2014 Actual

Gross Margins

42.8%

45.8%

40.0%

The Company estimates that its 2015 GAAP gross margins as a percent of sales will improve approximately 80 basis points from its previous guidance of 42.0% due to a stronger sales mix and less promotional activity as well as continued operational improvements.


2015 GAAP Estimate

2015 Constant Currency Estimate

2014 Actual

Operating Expenses

$333 million

$343 million

$327 million

The Company estimates that its 2015 GAAP operating expenses will be slightly lower than its previous guidance of $335 million driven by cost management activities. The Company expects to continue to support the second half product launches and to support the successful launch of its soft-fast core golf ball. 


2015 GAAP Estimate

2015 Constant Currency Estimate

2014 Actual

Pre-Tax Income

$16 - $19 million

$54 - $57 million

$22 million

The Company estimates that its 2015 pre-tax income will increase from its previous guidance of $7 - $12 million due to improved gross margins and slightly better net sales. 


2015 GAAP Estimate

2015 Constant Currency Estimate

2014 Actual

Earnings Per Share

$0.12 - $0.15

$0.56 - $0.59

$0.20

The Company estimates that its fully diluted earnings per share will increase from its previous guidance of $0.01 - $0.06 due to improved gross margins and better than expected market share gains. The Company's 2015 earnings per share estimates assume a base of 83 million shares as compared to 78 million shares in 2014. The increased share count in 2015 is primarily the result of the retirement of the Company's convertible debt.

Conference Call and Webcast

The Company will be holding a conference call at 2:00 p.m. PDT today to discuss the Company's financial results, outlook and business.  The call will be broadcast live over the Internet and can be accessed at www.callawaygolf.com.  To listen to the call, please go to the website at least 15 minutes before the call to register and for instructions on how to access the broadcast.  A replay of the conference call will be available approximately three hours after the call ends, and will remain available through 9:00 p.m. PDT on Wednesday, October 28, 2015.  The replay may be accessed through the Internet at www.callawaygolf.com.  

Non-GAAP Information

The GAAP results contained in this press release and the financial statement schedules attached to this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").  To supplement the GAAP results, the Company has provided certain non-GAAP financial information as follows:

Constant Currency Basis. The Company provided certain information regarding the Company's financial results or projected financial results on a "constant currency basis." This information estimates the impact of changes in foreign currency rates on the translation of the Company's current or projected future period financial results as compared to the applicable comparable period.  This impact is derived by taking the current or projected local currency results and translating them into U.S. Dollars based upon the foreign currency exchange rates for the applicable comparable period. This calculation also excludes foreign currency net gains and losses recognized in other income/expense from the translation of transactions denominated in foreign currencies and foreign currency gains and losses recognized from the Company's hedging contracts. It does not include any other effect of changes in foreign currency rates on the Company's results or business.  

In addition, the Company has included in the schedules to this release a reconciliation of certain non-GAAP information to the most directly correlated GAAP information.  The non-GAAP information presented in this release and related schedules should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies.  Management uses such non-GAAP information for financial and operational decision-making purposes and as a means to evaluate period over period comparisons and in forecasting the Company's business going forward. Management believes that the presentation of such non-GAAP information, when considered in conjunction with the most directly comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying performance of the Company's business without regard to these items. The Company has provided reconciling information in the attached schedules.

Forward-Looking Statements:  Statements used in this press release that relate to future plans, events, financial results, performance or prospects, including statements relating to the estimated 2015 sales, gross margins, operating expenses, pre-tax income, and earnings per share (or related share count), as well as the Company's recovery, momentum, future products, and ability to maximize current conditions or to leverage and capitalize on improved conditions, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.  These statements are based upon current information and expectations.  Accurately estimating the forward-looking statements is based upon various risks and unknowns including delays, difficulties, or increased costs in implementing the Company's turnaround strategy; consumer acceptance of and demand for the Company's products; the level of promotional activity in the marketplace; unfavorable weather conditions; future consumer discretionary purchasing activity, which can be significantly adversely affected by unfavorable economic or market conditions; future retailer purchasing activity, which can be significantly negatively affected by adverse industry conditions and overall retail inventory levels; and future changes in foreign currency exchange rates and the degree of effectiveness of the Company's hedging programs. Actual results may differ materially from those estimated or anticipated as a result of these risks and unknowns or other risks and uncertainties, including continued compliance with the terms of the Company's credit facility; delays, difficulties or increased costs in the supply of components or commodities needed to manufacture the Company's products or in manufacturing the Company's products; any rule changes or other actions taken by the USGA or other golf association that could have an adverse impact upon demand or supply of the Company's products; a decrease in participation levels in golf; and the effect of terrorist activity, armed conflict, natural disasters or pandemic diseases on the economy generally, on the level of demand for the Company's products or on the Company's ability to manage its supply and delivery logistics in such an environment.  For additional information concerning these and other risks and uncertainties that could affect these statements, the golf industry, and the Company's business, see the Company's Annual Report on Form 10-K for the year ended December 31, 2014 as well as other risks and uncertainties detailed from time to time in the Company's reports on Forms 10-K, 10-Q and 8-K subsequently filed with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.  The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Callaway Golf
Through an unwavering commitment to innovation, Callaway Golf Company (NYSE:ELY) creates products designed to make every golfer a better golfer. Callaway Golf Company manufactures and sells golf clubs and golf balls, and sells golf accessories, under the Callaway Golf® and Odyssey® brands worldwide. For more information please visit www.callawaygolf.com.

Contacts: 

Robert Julian


Patrick Burke


(760) 931-1771

 

CALLAWAY GOLF COMPANY

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)

(In thousands)



September 30,
2015


December 31,
2014

ASSETS












Current assets:






Cash and cash equivalents


$

41,592




$

37,635


Accounts receivable, net


153,040




109,848


Inventories


184,845




207,229


Other current assets


26,001




29,321


Total current assets


405,478




384,033








Property, plant and equipment, net


53,810




58,093


Intangible assets, net


115,663




116,654


Investment in golf-related ventures


52,376




50,677


Other assets


11,263




15,354


Total assets


$

638,590




$

624,811








LIABILITIES AND SHAREHOLDERS' EQUITY












Current liabilities:






Accounts payable and accrued expenses


$

117,080




$

123,251


Accrued employee compensation and benefits


29,630




37,386


Asset-based credit facility





15,235


Accrued warranty expense


6,015




5,607


Income tax liability


3,097




2,623


Deferred taxes, net


25




26


Total current liabilities


155,847




184,128








Long-term liabilities:


66,609




149,149


Total shareholders' equity


416,134




291,534


Total liabilities and shareholders' equity


$

638,590




$

624,811


 


CALLAWAY GOLF COMPANY

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)



Three Months Ended
 September 30,


2015


2014

Net sales

$

175,780



$

168,572


Cost of sales

98,178



103,265


Gross profit

77,602



65,307


Operating expenses:




Selling

52,390



46,871


General and administrative

15,772



12,918


Research and development

8,673



8,144


Total operating expenses

76,835



67,933


Income (loss) from operations

767



(2,626)


Other income (expense), net

(2,837)



1,796


Loss before income taxes

(2,070)



(830)


Income tax provision

1,547



304


Net loss

$

(3,617)



$

(1,134)






Loss per common share:




Basic

$

(0.04)



$

(0.01)


Diluted

$

(0.04)



$

(0.01)


Weighted-average common shares outstanding:




Basic

83,875



77,646


Diluted

83,875



77,646







Nine Months Ended
 September 30,


2015


2014

Net sales

$

690,463



$

752,339


Cost of sales

383,898



431,329


Gross profit

306,565



321,010


Operating expenses:




Selling

178,675



184,786


General and administrative

47,407



43,459


Research and development

24,192



22,903


Total operating expenses

250,274



251,148


Income from operations

56,291



69,862


Other income (expense), net

(6,269)



(8,664)


Income before income taxes

50,022



61,198


Income tax provision

5,002



3,651


Net income

$

45,020



$

57,547






Earnings per common share:




Basic

$

0.56



$

0.74


Diluted

$

0.53



$

0.66


Weighted-average common shares outstanding:




Basic

80,030



77,551


Diluted

94,614



93,384


 

CALLAWAY GOLF COMPANY

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW

(Unaudited)

(In thousands)



Nine Months Ended
 September 30,


2015


2014

Cash flows from operating activities:




Net income

$

45,020



$

57,547


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

13,350



16,379


Deferred taxes, net

(184)



(179)


Share-based compensation

5,535



3,979


Gain on disposal of long-lived assets and deferred gain amortization

(772)



(1,097)


Debt discount amortization on convertible notes

515



551


Changes in assets and liabilities

(35,074)



(38,838)


Net cash provided by operating activities

28,390



38,342






Cash flows from investing activities:




Capital expenditures

(8,513)



(8,803)


Proceeds from sale of property, plant and equipment

2



458


Investment in golf-related ventures



(4,712)


Net cash used in investing activities

(8,511)



(13,057)






Cash flows from financing activities:




Repayment of asset-based credit facilities, net

(15,235)



(25,660)


Exercise of stock options

5,330



2,222


Dividends paid

(2,454)



(2,330)


Acquisition of treasury stock

(1,942)



(1,006)


Credit facility amendment costs



(608)


Equity issuance costs



(7)


Net cash used in financing activities

(14,301)



(27,389)






Effect of exchange rate changes on cash and cash equivalents

(1,621)



(1,227)


Net increase (decrease) in cash and cash equivalents

3,957



(3,331)


Cash and cash equivalents at beginning of period

37,635



36,793


Cash and cash equivalents at end of period

$

41,592



$

33,462


 

CALLAWAY GOLF COMPANY

Consolidated Net Sales and Operating Segment Information and Non-GAAP Reconciliation

(Unaudited)

(In thousands)






Net Sales by Product Category


Net Sales by Product Category


Three Months Ended
 September 30,


Growth/(Decline)


Non-GAAP Constant Currency

vs. 2014(2)


Nine Months Ended
 September 30,


Growth/(Decline)


Non-GAAP Constant Currency

vs. 2014(2)


2015


2014(1)


Dollars


Percent


Percent


2015


2014(1)


Dollars


Percent


Percent

Net sales:




















Woods

$

48,408



$

51,382



$

(2,974)



(6)%



1%


$

187,278



$

232,874



$

(45,596)



(20)%



(14)%

Irons

42,459



36,328



6,131



17%



26%


163,272



161,847



1,425



1%



8%

Putters

17,221



13,516



3,705



27%



40%


72,586



72,141



445



1%



8%

Gear/Accessories/Other

38,434



42,127



(3,693)



(9)%



(2)%


154,158



168,959



(14,801)



(9)%



(2)%

Golf balls

29,258



25,219



4,039



16%



24%


113,169



116,518



(3,349)



(3)%



2%


$

175,780



$

168,572



$

7,208



4%



12%


$

690,463



$

752,339



$

(61,876)



(8)%



(2)%





















(1) The prior year amounts have been restated to reflect the Company's current year allocation methodology related to freight revenue and costs, certain discounts and other reserves not specific to a product type.

(2) Calculated by applying 2014 exchange rates to 2015 reported sales in regions outside the U.S.






















Net Sales by Region


Net Sales by Region


Three Months Ended
 September 30,


Growth/(Decline)


Non-GAAP Constant Currency

vs. 2014(1)


Nine Months Ended
 September 30,


Growth/(Decline)


Non-GAAP Constant Currency

vs. 2014(1)


2015


2014


Dollars


Percent


Percent


2015


2014


Dollars


Percent


Percent

Net Sales




















United States

$

86,980



$

74,532



$

12,448



17%



17%


$

377,577



$

371,749



$

5,828



2%



2%

Europe

26,699



24,567



2,132



9%



24%


103,637



115,049



(11,412)



(10)%



5%

Japan

33,623



35,090



(1,467)



(4)%



11%


103,250



127,607



(24,357)



(19)%



(5)%

Rest of Asia

16,855



21,736



(4,881)



(22)%



(15)%


52,340



73,852



(21,512)



(29)%



(25)%

Other foreign countries

11,623



12,647



(1,024)



(8)%



12%


53,659



64,082



(10,423)



(16)%



(4)%


$

175,780



$

168,572



$

7,208



4%



12%


$

690,463



$

752,339



$

(61,876)



(8)%



(2)%





















(1) Calculated by applying 2014 exchange rates to 2015 reported sales in regions outside the U.S.






















Operating Segment Information




Operating Segment Information




Three Months Ended
 September 30,


Growth/(Decline)




Nine Months Ended
 September 30,


Growth/(Decline)




2015


2014


Dollars


Percent




2015


2014


Dollars


Percent



Net Sales




















Golf Club

$

146,522



$

143,353



$

3,169



2%





$

577,294



$

635,821



$

(58,527)



(9)%




Golf Ball

29,258



25,219



4,039



16%





113,169



116,518



(3,349)



(3)%





$

175,780



$

168,572



$

7,208



4%





$

690,463



$

752,339



$

(61,876)



(8)%
























Income before income taxes:



















Golf clubs

$

6,564



$

3,760



$

2,804



75%





$

69,555



$

77,922



$

(8,367)



(11)%




Golf balls

3,511



543



2,968



547%





17,559



17,350



209



1%




Reconciling items(1)

(12,145)



(5,133)



(7,012)



137%





(37,092)



(34,074)



(3,018)



9%





$

(2,070)



$

(830)



$

(1,240)



149%





$

50,022



$

61,198



$

(11,176)



(18)%
























(1) Represents corporate general and administrative expenses and other income (expense) not utilized by management in determining segment profitability.

 

CALLAWAY GOLF COMPANY

Supplemental Financial Information - Non-GAAP Information and Reconciliation

(Unaudited)

(In thousands, except per share data)



Three Months Ended September 30,




Nine Months Ended September 30,




2015


2015


2015(1)


2014




2015


2015


2015(1)


2014




Callaway Golf


Foreign Currency


Non-GAAP


Callaway Golf




Callaway Golf


Foreign Currency


Non-GAAP


Callaway Golf




As Reported


Impact


Constant Currency


As Reported




As Reported


Impact


Constant Currency


As Reported



Net sales

$

175,780



$

13,506



$

189,286



$

168,572





$

690,463



$

46,659



$

737,122



$

752,339




Gross profit

77,602



12,741



90,343



65,307





306,565



44,521



351,086



321,010




% of sales

44.1%



 n/a



47.7%



38.7%





44.4%



 n/a



47.6%



42.7%




Operating expenses

76,835



3,068



79,903



67,933





250,274



9,153



259,427



251,148




Income (loss) from operations

767



9,673



10,440



(2,626)





56,291



35,368



91,659



69,862




Other income (expense), net

(2,837)



(693)



(3,530)



1,796





(6,269)



(929)



(7,198)



(8,664)




Income (loss) before income taxes

(2,070)



8,980



6,910



(830)





50,022



34,439



84,461



61,198




Income tax provision

1,547



(109)



1,438



304





5,002



302



5,304



3,651




Net income (loss)

$

(3,617)



$

9,089



$

5,472



$

(1,134)





$

45,020



$

34,137



$

79,157



$

57,547
























Diluted earnings (loss) per share:

$

(0.04)



$

0.11



$

0.07



$

(0.01)





$

0.53



$

0.36



$

0.89



$

0.66




Weighted-average shares outstanding:

83,875



83,875



83,875



77,646





94,614



94,614



94,614



93,384
























(1) Calculated by applying 2014 exchange rates to 2015 reported results in regions outside the U.S.





















EBITDA

2015 Trailing Twelve Month EBITDA


2014 Trailing Twelve Month EBITDA


Quarter Ended


Quarter Ended


December 31,


March 31,


June 30,


September 30,




December 31,


March 31,


June 30,


September 30,




2014


2015


2015


2015


Total


2013


2014


2014


2014


Total

Net income (loss)

$

(41,539)



$

35,819



$

12,818



$

(3,617)



$

3,481



$

(49,499)



$

55,312



$

3,369



$

(1,134)



$

8,048


Interest expense, net

1,764



2,021



1,936



3,520



9,241



1,963



2,648



2,612



2,037



9,260


Income tax provision

1,980



1,638



1,817



1,547



6,982



658



1,474



1,873



304



4,309


Depreciation and amortization expense

4,857



4,703



4,454



4,193



18,207



5,850



5,697



5,460



5,222



22,229


EBITDA

$

(32,938)



$

44,181



$

21,025



$

5,643



$

37,911



$

(41,028)



$

65,131



$

13,314



$

6,429



$

43,846






















Callaway Golf Company Logo.

Logo - http://photos.prnewswire.com/prnh/20091203/CGLOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/callaway-golf-company-announces-third-quarter-2015-financial-results-profitability-and-market-share-exceed-companys-expectations-and-the-company-increases-full-year-earnings-guidance-300164083.html

SOURCE Callaway Golf Company