TOPGOLF CALLAWAY BRANDS CORP. CARLSBAD, Calif., July 29, 2015 /PRNewswire/ -- Callaway Golf Company (NYSE:ELY) today announced its second quarter financial results and revised its full year financial outlook. For the second quarter, despite headwinds from unfavorable changes in foreign currency exchange rates and softer than anticipated international market conditions (particularly in Asia), the Company achieved second quarter net sales essentially flat with 2014 but growing over 6% on a constant currency basis. Due to significantly improved gross margins, the Company also increased second quarter 2015 operating income by 72% compared to the same period in 2014 and increased earnings per share by $0.11 to $0.15. As a result of the more challenging international market conditions and the higher than anticipated profitability, the Company revised its full year net sales estimates to $830 - $840 million (as compared to its prior estimate of $840 - $860 million) and increased its earnings outlook to $0.01 - $0.06 earnings per share (as compared to its prior estimate of a loss of ($0.03) to earnings of $0.04 per share).
"Overall, we are pleased with our performance in the second quarter and the progress we have made turning our business around," commented Chip Brewer, President and Chief Executive Officer of Callaway Golf Company. "Foreign currency exchange rates and softer than expected market conditions in Asia have proved challenging this year; however, our brand momentum and market shares have continued to increase, we have made substantial progress improving our profitability, and our product pipeline remains robust. Looking forward, despite a continued rebalancing of retail inventory in Asia, we are encouraged by the overall fundamentals of the golf industry with less overall promotional activity, more reasonable production and inventory levels, and a general stabilization of participation in golf."
Summary of Second Quarter 2015 Financial Results
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, which is calculated by excluding the offsetting hedging gains and losses recorded during the period and applying the prior period exchange rates to the adjusted current period local currency results. 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.
For the second 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 $231 $232 ($1) $247 $232 $15
--------- ---- ---- --- ---- ---- ---
Gross
Profit/ $102 $91 $11 $117 $91 $26
% of Sales 44% 39% 500 b.p. 48% 39% 900 b.p.
---------- --- --- -------- --- --- --------
Operating
Expenses $83 $80 $3 $86 $80 $6
--------- --- --- --- --- --- ---
Pre-Tax
Income $15 $5 $10 $29 $5 $24
------- --- --- --- --- --- ---
EPS $0.15 $0.04 $0.11 $0.30 $0.04 $0.26
--- ----- ----- ----- ----- ----- -----
The Company's $231 million in net sales for the second quarter of 2015 were essentially flat with net sales of $232 million for the same period in 2014 despite unfavorable changes in foreign currency rates and softer than anticipated market conditions in the international markets, particularly Asia. Unfavorable changes in foreign currency exchange rates negatively affected 2015 second quarter net sales by approximately $16 million. On a constant currency basis, net sales for the second quarter of 2015 grew by over 6% compared to 2014.
The Company's earnings per share for the second quarter of 2015 increased by $0.11 per share to $0.15 compared to $0.04 for the same period in 2014. Despite flat sales, the Company was able to significantly improve its earnings as a result of a 500 basis point improvement in gross margins due to more favorable product pricing and mix of higher margin products as well as improved operational efficiencies. This significant improvement in gross margins more than offset a slight increase in operating expenses. On a constant currency basis, the Company's earnings per share would have been $0.30. Compared to 2014, the Company's earnings per share for the second quarter of 2015 were also adversely affected by an increase of over 16 million common equivalent shares in the earnings per share calculation.
Summary of First Half 2015 Financial Results
GAAP and Constant Currency Results
As noted above, in addition to the Company's results prepared in accordance with 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, which is calculated by excluding the offsetting hedging gains and losses recorded during the period and applying the prior period exchange rates to the adjusted current period local currency results. 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.
For the first half 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 $515 $584 ($69) $548 $584 ($36)
--------- ---- ---- ---- ---- ---- ----
Gross
Profit/ $229 $256 ($27) $260 $256 $4
% of Sales 44% 44% --- 48% 44% 400 b.p.
---------- --- --- --- --- --------
Operating
Expenses $173 $183 ($10) $180 $183 ($3)
--------- ---- ---- ---- ---- ---- ---
Pre-Tax
Income $52 $62 ($10) $77 $62 $15
------- --- --- ---- --- --- ---
EPS $0.54 $0.66 ($0.12) $0.80 $0.66 $0.14
--- ----- ----- ------ ----- ----- -----
For the first half of 2015, the Company's net sales decreased 12% (or 6% 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 shift in product launch timing which adversely affected first quarter net sales, and softer than expected market conditions in the Company's international markets, particularly in Asia. The effects of the strategic shift in launch timing should smooth out as the year progresses.
The Company's earnings per share for the first half of 2015 decreased $0.12 compared to the first half of 2014 primarily due to unfavorable changes in foreign currency exchange rates, which adversely affected 2015 first half earnings per share by $0.26. On a constant currency basis, the Company's first half earnings per share increased 21% to $0.80 due to a 400 basis point constant currency improvement in gross margins and a decrease in operating expenses.
Business Outlook for 2015
Given the softer than anticipated market conditions in the Company's international markets and the Company's significantly improved gross margins, the Company is revising 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 Company's hedging program will mitigate but not eliminate the effects of future foreign currency rate changes and therefore any such future changes will affect the Company's GAAP guidance. The constant currency estimates are derived by taking the estimated 2015 local currency results and translating them into U.S. Dollars based upon the foreign currency exchange rates for the comparable period in 2014.
Full Year
The Company currently estimates the following full year results for 2015:
2015 GAAP Estimate 2015 Constant Currency
Estimate 2014 Actual
Net Sales $830 - $840 million $880 - $890 million $887 million
--------- ------------------- ------------------- ------------
The decline in the Company's estimates for full year net sales from its previous GAAP guidance of $840 - $860 million is due to softer than anticipated international market conditions. A further strengthening of the U.S. Dollar for the balance of the year would also negatively affect the Company's GAAP sales estimates.
2015 GAAP Estimate 2015 Constant Currency
Estimate 2014 Actual
Gross
Margins 42.0% 45.0% 40%
-------- ---- ---- ---
The Company estimates that its 2015 GAAP gross margins as a percent of sales will improve approximately 100 basis points from its previous guidance of 41.0% due to a stronger sales mix and continued operational improvements.
2015 GAAP Estimate 2015 Constant Currency
Estimate 2014 Actual
Operating
Expenses $335 million $345 million $327 million
--------- ------------ ------------ ------------
The Company estimates that its 2015 GAAP operating expenses will remain consistent with its previous guidance, despite the decrease in first half operating expenses. Much of the first half decrease reflects a timing shift of marketing expense to support second half product launches and incremental marketing support for the Chrome Soft golf balls.
2015 GAAP Estimate 2015 Constant Currency
Estimate 2014 Actual
Pre-
Tax
Income $7 - $12 million $45 - $50 million $22 million
------- ---------------- ----------------- -----------
The Company estimates that its 2015 Pre-tax income will increase from its previous guidance of $4 - $11 million due to improved gross margins more than offsetting the lower net sales estimates.
2015 GAAP Estimate 2015 Constant Currency
Estimate 2014 Actual
Earnings
Per
Share $0.01 - $0.06 $0.45 - $0.50 $0.20
-------- ------------- ------------- -----
The Company estimates that its fully diluted earnings per share will increase from its previous guidance of ($0.03) - $0.04 due to improved gross margins more than offsetting the softer than expected international market conditions. The Company's 2015 earnings per share estimates assume a base of 80 million shares as compared to 78 million shares in 2014.
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, August 5, 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 excluding the offsetting hedging gains and losses recorded during the applicable period and taking the adjusted 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. It does not include any other effect of changes in foreign currency rates on the Company's results or business.
Adjusted EBITDA. The Company provided information about its results, excluding interest, taxes, depreciation and amortization expenses ("EBITDA").
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 net sales, gross margins, operating expenses, pre-tax income, and earnings per share (or related share count), as well as the Company's recovery, 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; 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; unfavorable weather conditions and seasonality; the ability to manage international business risks; 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 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)
June 30, December 31,
2015 2014
---- ----
ASSETS
Current assets:
Cash and cash
equivalents $26,714 $37,635
Accounts receivable,
net 220,401 109,848
Inventories 171,396 207,229
Other current assets 28,271 29,321
Total current assets 446,782 384,033
Property, plant and
equipment, net 54,701 58,093
Intangible assets,
net 116,018 116,654
Investment in golf-
related ventures 52,376 50,677
Other assets 12,679 15,354
Total assets $682,556 $624,811
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued expenses $112,064 $123,251
Accrued employee
compensation and
benefits 27,259 37,386
Asset-based credit
facility 42,599 15,235
Accrued warranty
expense 6,447 5,607
Income tax liability 1,913 2,623
Deferred taxes, net 25 26
Total current
liabilities 190,307 184,128
Long-term
liabilities: 148,909 149,149
Total shareholders'
equity 343,340 291,534
Total liabilities and
shareholders' equity $682,556 $624,811
======== ========
CALLAWAY GOLF COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended
June 30,
2015 2014
---- ----
Net sales $230,504 $231,893
Cost of sales 128,807 141,087
------- -------
Gross profit 101,697 90,806
Operating expenses:
Selling 59,966 60,604
General and administrative 15,536 12,545
Research and development 7,603 6,846
Total operating expenses 83,105 79,995
------ ------
Income from operations 18,592 10,811
Other income (expense), net (3,957) (5,569)
Income before income taxes 14,635 5,242
Income tax provision 1,817 1,873
Net income $12,818 $3,369
======= ======
Earnings per common share:
Basic $0.16 $0.04
Diluted $0.15 $0.04
Weighted-average common shares outstanding:
Basic 78,395 77,633
Diluted 94,913 78,560
Six Months Ended
June 30,
--------
2015 2014
---- ----
Net sales $514,683 $583,767
Cost of sales 285,720 328,064
------- -------
Gross profit 228,963 255,703
Operating expenses:
Selling 126,285 137,915
General and administrative 31,635 30,541
Research and development 15,519 14,759
Total operating expenses 173,439 183,215
------- -------
Income from operations 55,524 72,488
Other income (expense), net (3,432) (10,460)
Income before income taxes 52,092 62,028
Income tax provision 3,455 3,347
Net income $48,637 $58,681
======= =======
Earnings per common share:
Basic $0.62 $0.76
Diluted $0.54 $0.66
Weighted-average common shares outstanding:
Basic 78,076 77,502
Diluted 94,406 93,367
CALLAWAY GOLF COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Six Months Ended
June 30,
--------
2015 2014
---- ----
Cash flows from operating activities:
Net income $48,637 $58,681
Adjustments to reconcile net income to net cash used in
operating activities:
Depreciation and amortization 9,157 11,157
Deferred taxes, net 145 172
Share-based compensation 3,561 2,539
Gain on disposal of long-
lived assets and deferred
gain amortization (510) (644)
Debt discount amortization on
convertible notes 395 365
Changes in assets and
liabilities (94,052) (103,605)
Net cash used in operating
activities (32,667) (31,335)
------- -------
Cash flows from investing activities:
Capital expenditures (5,912) (6,238)
Proceeds from sale of
property, plant and equipment 2 177
Investment in golf-related
ventures - (4,522)
Net cash used in investing
activities (5,910) (10,583)
------ -------
Cash flows from financing activities:
Proceeds from credit
facilities, net 27,364 34,536
Exercise of stock options 5,330 2,005
Dividends paid (1,565) (1,551)
Acquisition of treasury stock (1,915) -
Credit facility amendment
costs - (584)
Equity issuance costs - (10)
Net cash provided by financing
activities 29,214 34,396
------ ------
Effect of exchange rate
changes on cash and cash
equivalents (1,558) (286)
------ ----
Net decrease in cash and cash
equivalents (10,921) (7,808)
Cash and cash equivalents at
beginning of period 37,635 36,793
Cash and cash equivalents at
end of period $26,714 $28,985
======= =======
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 Growth/(Decline) Non-GAAP Six Months Ended Growth/(Decline) Non-GAAP
June 30, Constant Currency June 30, Constant Currency
vs. 2014(2) vs. 2014(2)
2015 2014(1) Dollars Percent Percent 2015 2014(1) Dollars Percent Percent
---- ------ ------- ------- ------- ---- ------ ------- ------- -------
Net sales:
Woods $49,387 $53,059 $(3,672) (7)% 1 % $138,870 $181,492 $(42,622) (23)% (18)%
Irons 59,268 52,877 6,391 12 % 20 % 120,813 125,519 (4,706) (4)% 2 %
Putters 24,421 27,063 (2,642) (10)% (2)% 55,366 58,625 (3,259) (6)% 1 %
Gear/Accessories/Other 56,540 59,931 (3,391) (6)% 1 % 115,723 126,833 (11,110) (9)% (3)%
Golf balls 40,888 38,963 1,925 5 % 11 % 83,911 91,298 (7,387) (8)% (4)%
$230,504 $231,893 $(1,389) (1)% 7 % $514,683 $583,767 $(69,084) (12)% (6)%
======== ======== ======= ======== ======== ========
(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 Growth/(Decline) Non-GAAP Six Months Ended Decline Non-GAAP
June 30, Constant Currency June 30, Constant Currency
vs. 2014(1) vs. 2014(1)
2015 2014 Dollars Percent Percent 2015 2014 Dollars Percent Percent
---- ---- ------- ------- ------- ---- ---- ------- ------- -------
Net Sales:
United States $121,974 $112,527 $9,447 8 % 8 % $290,597 $297,218 $(6,621) (2)% (2)%
Europe 35,181 39,309 (4,128) (11)% 5 % 76,938 90,482 (13,544) (15)% (0)%
Japan 32,439 32,517 (78) 0% 19 % 69,627 92,518 (22,891) (25)% (11)%
Rest of Asia 19,011 25,119 (6,108) (24)% (20)% 35,484 52,116 (16,632) (32)% (29)%
Other foreign countries 21,899 22,421 (522) (2)% 11 % 42,037 51,433 (9,396) (18)% (8)%
$230,504 $231,893 $(1,389) (1)% 7 % $514,683 $583,767 $(69,084) (12)% (6)%
======== ======== ======= ======== ======== ========
(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 Growth/(Decline) Six Months Ended Decline
June 30, June 30,
-------- --------
2015 2014(1) Dollars Percent 2015 2014(1) Dollars Percent
---- ------ ------- ------- ---- ------ ------- -------
Net Sales
Golf Club $189,616 $192,931 $(3,315) (2)% $430,772 $492,469 $(61,697) (13)%
Golf Ball 40,888 38,962 1,926 5 % 83,911 91,298 (7,387) (8)%
$230,504 $231,893 $(1,389) (1)% $514,683 $583,767 $(69,084) (12)%
======== ======== ======= ======== ======== ========
Income before income taxes:
Golf clubs $22,051 $11,052 $10,999 100 % $62,990 $74,163 $(11,173) (15)%
Golf balls 6,639 5,451 1,188 22 % 14,047 16,806 (2,759) (16)%
Reconciling items(2) (14,055) (11,261) (2,794) (25)% (24,945) (28,941) 3,996 14 %
$14,635 $5,242 $9,393 179 % $52,092 $62,028 $(9,936) (16)%
======= ====== ====== ======= ======= =======
(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) 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 June 30, Six Months Ended June 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 $230,504 $16,534 $247,038 $231,893 $514,683 $32,844 $547,527 $583,767
Gross profit 101,697 15,771 117,468 90,806 228,963 31,491 260,454 255,703
% of sales 44.1 % n/a 47.6 % 39.2 % 44.5 % n/a 47.6 % 43.8 %
Operating
expenses 83,105 3,318 86,423 79,995 173,439 6,385 179,824 183,215
------ ----- ------ ------ ------- ----- ------- -------
Income from
operations 18,592 12,453 31,045 10,811 55,524 25,106 80,630 72,488
Other income
(expense), net (3,957) 2,082 (1,875) (5,569) (3,432) (236) (3,668) (10,460)
------ ----- ------ ------ ------ ---- ------ -------
Income before
income taxes 14,635 14,535 29,170 5,242 52,092 24,870 76,962 62,028
Income tax
provision 1,817 255 2,072 1,873 3,455 411 3,866 3,347
Net income $12,818 $14,280 $27,098 $3,369 $48,637 $24,459 $73,096 $58,681
======= ======= ======= ====== ======= ======= ======= =======
Diluted earnings
per share: $0.15 $0.15 $0.30 $0.04 $0.54 $0.26 $0.80 $0.66
Weighted-
average shares
outstanding: 94,913 94,913 94,913 78,560 94,406 94,406 94,406 93,367
(1) Calculated by excluding the Company's offsetting hedging gains/losses and applying 2014 exchange rates to the adjusted 2015 international results.
EBITDA 2015 Trailing Twelve Month EBITDA 2014 Trailing Twelve Month EBITDA
Quarter Ended Quarter Ended
------------- -------------
September 30, December 31, March 31, June 30, September 30, December 31, March 31, June 30,
2014 2014 2015 2015 Total 2013 2013 2014 2014 Total
---- ---- ---- ---- ----- ---- ---- ---- ---- -----
Net income
(loss) $(1,134) $(41,539) $35,819 $12,818 $5,964 $(21,153) $(49,499) $55,312 $3,369 $(11,971)
Interest
expense, net 2,037 1,764 2,021 1,936 7,758 1,975 1,963 2,648 2,612 9,198
Income tax
provision 304 1,980 1,638 1,817 5,739 1,037 658 1,474 1,873 5,042
Depreciation and
amortization
expense 5,222 4,857 4,703 4,454 19,236 6,265 5,850 5,697 5,460 23,272
EBITDA $6,429 $(32,938) $44,181 $21,025 $38,697 $(11,876) $(41,028) $65,131 $13,314 $25,541
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SOURCE Callaway Golf Company
