Callaway Golf Company Announces Fourth Quarter And Full Year 2015 Financial Results With Revenue And Profitability Exceeding The Company's Expectations; And Announces Plans For A New Joint Venture In Japan In Late 2016
For the fourth 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, on the strength of the Company's 2015 product line-up and its increased market share, the Company achieved fourth quarter net sales growth of 14% compared to fourth quarter 2014. On a constant currency basis, the Company grew net sales by 19%. The Company's gross margin improved by 590 basis points to 33.3%, resulting in a
In 2015, the Company continued to gain market share and drive improved operational efficiencies. As a result, the Company exceeded both its full year net sales estimate of
"Overall, 2015 was a strong year for
"As we enter 2016, the Company is on solid footing from multiple perspectives: the balance sheet has been significantly strengthened through the elimination of the convertible debt, our product pipeline is robust and Callaway is once again a leader in the industry," continued Mr. Brewer. "Furthermore, we continue to be encouraged by what we see in the golf industry. Participation in the game has stabilized,
Planned Joint Venture in 2016
The Company also announced today that its
"We are delighted to evolve our partnership with
Callaway Apparel K.K.'s operations are planned to begin in the second half of 2016. The two companies have been licensing partners since 2002, when
"Callaway has been a tremendous partner over the years," commented Manabu Senza, President,
The completion of the planned joint venture is subject to the negotiation of definitive agreements and closing conditions and no assurance can be provided that it will close on the terms or timing described in this release or at all.
GAAP and Constant Currency Results
In addition to the Company's results prepared in accordance with generally accepted accounting principles in
Summary of Fourth Quarter 2015 Financial Results
For the fourth 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 |
$153 |
$135 |
$18 |
$160 |
$135 |
$25 |
|
Gross Profit/ |
$51 33.3% |
$37 27.4% |
$14 590 b.p. |
$57 35.4% |
$37 27.4% |
$20 800 b.p. |
|
Operating Expenses |
$80 |
$76 |
$4 |
$82 |
$76 |
$6 |
|
Pre-Tax Income (loss) |
($30) |
($40) |
$10 |
($27) |
($40) |
$13 |
|
EPS |
($0.33) |
($0.54) |
$0.21 |
($0.29) |
($0.54) |
$0.25 |
The Company's
The Company's loss per share for the fourth quarter of 2015 improved to
Summary of Full Year 2015 Financial Results
For the full year 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 |
$844 |
$887 |
($43) |
$897 |
$887 |
$10 |
|
Gross Profit/ |
$358 42.4% |
$358 40.4% |
$0 200 b.p. |
$408 45.5% |
$358 40.4% |
$50 510 b.p. |
|
Operating Expenses |
$331 |
$327 |
$4 |
$342 |
$327 |
$15 |
|
Pre-Tax Income |
$20 |
$22 |
($2) |
$58 |
$22 |
$36 |
|
EPS |
$0.17 |
$0.20 |
($0.03) |
$0.62 |
$0.20 |
$0.42 |
For the full year 2015, the Company's net sales decreased 5% (or increased 1% on a constant currency basis), compared to the same period in 2014. The constant currency sales growth was tempered by a strategic decision on launch timing, which negatively impacted revenues in the first quarter of 2015, and softer than expected market conditions in Asia.
The Company's earnings per share for full year 2015 decreased
Business Outlook for 2016
The Company is providing its full year estimates for 2016. The planned joint venture in
Given the significant negative effects that foreign currencies are expected to have on the Company's GAAP results in 2016, 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 the 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 2016
The Company currently estimates the following full year results for 2016:
2016 GAAP Estimate |
2016 Constant Currency Estimate |
2015 Actual |
|
Net Sales |
$845 - $870 million |
$857 - $882 million |
$844 million |
Constant currency growth of 1.5 - 4.5% is expected to be driven by continued success in the market and assumes overall global market conditions of +/– 2% in 2016. The GAAP net sales estimate includes approximately
2016 GAAP Estimate |
2016 Constant Currency Estimate |
2015 Actual |
|
Gross Margins |
43.5% |
44.0% |
42.4% |
The Company estimates that its 2016 gross profit as a percent of sales will improve approximately 160 basis points from last year on a constant currency basis. This increase is expected to be driven by higher pricing, a lower mix of closeout products as well as continued operational improvements.
2016 GAAP Estimate |
2016 Constant Currency Estimate |
2015 Actual |
|
Operating Expenses |
$345 million |
$349 million |
$331 million |
The Company estimates that its 2016 operating expenses on a constant currency basis will increase versus 2015 due to cost of living and inflationary increases along with investment related to the joint venture, other new investment activities, and normally occurring expenses that did not occur in 2015.
2016 GAAP Estimate |
2016 Constant Currency Estimate |
2015 Actual |
|
Pre-Tax Income |
$20 - $30 million |
$26 - $36 million |
$20 million |
The Company estimates that its 2016 pre-tax income will increase due to improved gross margins and higher sales.
2016 GAAP Estimate |
2016 Constant Currency Estimate |
2015 Actual |
|
Earnings Per Share |
$0.15 - $0.25 |
$0.22 - $0.32 |
$0.17 |
The Company estimates that its fully diluted earnings per share on a constant currency basis will increase
First Quarter 2016
The Company currently estimates the following results for the first quarter of 2016:
2016 GAAP Estimate |
2016 Constant Currency Estimate |
2015 Actual |
|
Net Sales |
$270 - $280 million |
$275 - $285 million |
$284 million |
Constant currency net sales of flat to slightly negative is primarily due to a change in product launch timing and lower retail inventory levels, partially offset by continuing share gains versus last year. The GAAP net sales estimate includes approximately
2016 GAAP Estimate |
2016 Constant Currency Estimate |
2015 Actual |
|
Earnings Per Share |
$0.33 - $0.39 |
$0.36 - $0.42 |
$0.39 |
The Company's 2016 first quarter earnings per share estimates assume approximately 94 million shares as compared to a similar share count in 2015. The estimate also includes taxes of approximately
Conference Call and Webcast
The Company will be holding a conference call at
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
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.
EBITDA. The Company provides information about its results excluding interest, taxes, and depreciation and amortization expenses.
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 2016 sales, gross margins, operating expenses, pre-tax income, taxes, and earnings per share (or related share count), the expected terms and timing of the Company's planned joint venture in
About
Through an unwavering commitment to innovation,
Contacts: |
Robert Julian |
Patrick Burke |
|
(760) 931-1771 |
CALLAWAY GOLF COMPANY CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In thousands) |
|||||||||
December 31, 2015 |
December 31, 2014 |
||||||||
ASSETS |
|||||||||
Current assets: |
|||||||||
Cash and cash equivalents |
$ |
49,801 |
$ |
37,635 |
|||||
Accounts receivable, net |
115,607 |
109,848 |
|||||||
Inventories |
208,883 |
207,229 |
|||||||
Other current assets |
17,196 |
29,321 |
|||||||
Total current assets |
391,487 |
384,033 |
|||||||
Property, plant and equipment, net |
55,808 |
58,093 |
|||||||
Intangible assets, net |
115,282 |
116,654 |
|||||||
Investment in golf-related ventures |
53,315 |
50,677 |
|||||||
Other assets |
15,332 |
15,354 |
|||||||
Total assets |
$ |
631,224 |
$ |
624,811 |
|||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||
Current liabilities: |
|||||||||
Accounts payable and accrued expenses |
$ |
122,620 |
$ |
123,251 |
|||||
Accrued employee compensation and benefits |
33,518 |
37,386 |
|||||||
Asset-based credit facilities |
14,969 |
15,235 |
|||||||
Accrued warranty expense |
5,706 |
5,607 |
|||||||
Income tax liability |
1,823 |
2,623 |
|||||||
Deferred taxes, net |
— |
26 |
|||||||
Total current liabilities |
178,636 |
184,128 |
|||||||
Long-term liabilities |
39,643 |
149,149 |
|||||||
Total shareholders' equity |
412,945 |
291,534 |
|||||||
Total liabilities and shareholders' equity |
$ |
631,224 |
$ |
624,811 |
CALLAWAY GOLF COMPANY CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) |
|||||||
Quarter Ended |
|||||||
2015 |
2014 |
||||||
Net sales |
$ |
153,331 |
$ |
134,606 |
|||
Cost of sales |
102,263 |
97,690 |
|||||
Gross profit |
51,068 |
36,916 |
|||||
Operating expenses: |
|||||||
Selling |
50,235 |
49,445 |
|||||
General and administrative |
21,160 |
18,203 |
|||||
Research and development |
9,021 |
8,382 |
|||||
Total operating expenses |
80,416 |
76,030 |
|||||
Loss from operations |
(29,348) |
(39,114) |
|||||
Other expense, net |
(611) |
(445) |
|||||
Loss before income taxes |
(29,959) |
(39,559) |
|||||
Income tax provision |
493 |
1,980 |
|||||
Net loss |
$ |
(30,452) |
$ |
(41,539) |
|||
Loss per common share: |
|||||||
Basic |
$ |
(0.33) |
$ |
(0.54) |
|||
Diluted |
$ |
(0.33) |
$ |
(0.54) |
|||
Weighted-average common shares outstanding: |
|||||||
Basic |
92,272 |
77,582 |
|||||
Diluted |
92,272 |
77,582 |
|||||
Year Ended |
|||||||
2015 |
2014 |
||||||
Net sales |
$ |
843,794 |
$ |
886,945 |
|||
Cost of sales |
486,161 |
529,019 |
|||||
Gross profit |
357,633 |
357,926 |
|||||
Operating expenses: |
|||||||
Selling |
228,910 |
234,231 |
|||||
General and administrative |
68,567 |
61,662 |
|||||
Research and development |
33,213 |
31,285 |
|||||
Total operating expenses |
330,690 |
327,178 |
|||||
Income from operations |
26,943 |
30,748 |
|||||
Other expense, net |
(6,880) |
(9,109) |
|||||
Income before income taxes |
20,063 |
21,639 |
|||||
Income tax provision |
5,495 |
5,631 |
|||||
Net income |
$ |
14,568 |
$ |
16,008 |
|||
Earnings per common share: |
|||||||
Basic |
$ |
0.18 |
$ |
0.21 |
|||
Diluted |
$ |
0.17 |
$ |
0.20 |
|||
Weighted-average common shares outstanding: |
|||||||
Basic |
83,116 |
77,559 |
|||||
Diluted |
84,611 |
78,385 |
CALLAWAY GOLF COMPANY CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW (Unaudited) (In thousands) |
|||||||
Year Ended |
|||||||
2015 |
2014 |
||||||
Cash flows from operating activities: |
|||||||
Net income |
$ |
14,568 |
$ |
16,008 |
|||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||
Depreciation and amortization |
17,379 |
21,236 |
|||||
Deferred taxes, net |
128 |
604 |
|||||
Share-based compensation |
7,542 |
5,740 |
|||||
Gain on disposal of long-lived assets and deferred gain amortization |
(1,006) |
(1,331) |
|||||
Debt discount amortization on convertible notes |
531 |
739 |
|||||
Changes in assets and liabilities |
(8,561) |
(6,116) |
|||||
Net cash provided by operating activities |
30,581 |
36,880 |
|||||
Cash flows from investing activities: |
|||||||
Capital expenditures |
(14,369) |
(10,753) |
|||||
Note receivable |
(3,104) |
— |
|||||
Proceeds from sale of property, plant and equipment |
2 |
458 |
|||||
Investment in golf-related ventures |
(940) |
(14,771) |
|||||
Net cash used in investing activities |
(18,411) |
(25,066) |
|||||
Cash flows from financing activities: |
|||||||
Repayment of asset-based credit facilities, net |
(266) |
(10,425) |
|||||
Exercise of stock options |
6,565 |
2,291 |
|||||
Dividends paid |
(3,391) |
(3,105) |
|||||
Acquisition of treasury stock |
(1,960) |
(1,006) |
|||||
Credit facility amendment costs |
— |
(608) |
|||||
Other financing activities |
— |
(33) |
|||||
Net cash provided by (used in) financing activities |
948 |
(12,886) |
|||||
Effect of exchange rate changes on cash and cash equivalents |
(952) |
1,914 |
|||||
Net increase in cash and cash equivalents |
12,166 |
842 |
|||||
Cash and cash equivalents at beginning of period |
37,635 |
36,793 |
|||||
Cash and cash equivalents at end of period |
$ |
49,801 |
$ |
37,635 |
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 |
||||||||||||||||||||||||||||||||
Quarter Ended |
Growth/(Decline) |
Non-GAAP Constant Currency vs. 2014(1) |
Year Ended |
Growth/(Decline) |
Non-GAAP Constant Currency vs. 2014(1) |
||||||||||||||||||||||||||||
2015 |
2014 |
Dollars |
Percent |
Percent |
2015 |
2014 |
Dollars |
Percent |
Percent |
||||||||||||||||||||||||
Net sales: |
|||||||||||||||||||||||||||||||||
Woods |
$ |
34,915 |
$ |
36,594 |
$ |
(1,679) |
(5)% |
1% |
$ |
222,193 |
$ |
269,468 |
$ |
(47,275) |
(18)% |
(12)% |
|||||||||||||||||
Irons |
42,250 |
38,327 |
3,923 |
10% |
15% |
205,522 |
200,174 |
5,348 |
3% |
9% |
|||||||||||||||||||||||
Putters |
13,707 |
9,021 |
4,686 |
52% |
59% |
86,293 |
81,161 |
5,132 |
6% |
14% |
|||||||||||||||||||||||
Gear/Accessories/Other |
32,483 |
30,193 |
2,290 |
8% |
12% |
186,641 |
199,153 |
(12,512) |
(6)% |
—% |
|||||||||||||||||||||||
Golf balls |
29,976 |
20,471 |
9,505 |
46% |
51% |
143,145 |
136,989 |
6,156 |
4% |
10% |
|||||||||||||||||||||||
$ |
153,331 |
$ |
134,606 |
$ |
18,725 |
14% |
19% |
$ |
843,794 |
$ |
886,945 |
$ |
(43,151) |
(5)% |
1% |
||||||||||||||||||
(1) Calculated by applying 2014 exchange rates to 2015 reported sales in regions outside the U.S. |
|||||||||||||||||||||||||||||||||
Net Sales by Region |
Net Sales by Region |
||||||||||||||||||||||||||||||||
Quarter Ended |
Growth/(Decline) |
Non-GAAP Constant Currency vs. 2014(1) |
Year Ended |
Growth/(Decline) |
Non-GAAP Constant Currency vs. 2014(1) |
||||||||||||||||||||||||||||
2015 |
2014 |
Dollars |
Percent |
Percent |
2015 |
2014 |
Dollars |
Percent |
Percent |
||||||||||||||||||||||||
Net Sales |
|||||||||||||||||||||||||||||||||
United States |
$ |
68,897 |
$ |
50,026 |
$ |
18,871 |
38% |
38% |
$ |
446,474 |
$ |
421,773 |
$ |
24,701 |
6% |
6% |
|||||||||||||||||
Europe |
21,479 |
19,352 |
2,127 |
11% |
20% |
125,116 |
134,401 |
(9,285) |
(7)% |
7% |
|||||||||||||||||||||||
Japan |
34,781 |
38,555 |
(3,774) |
(10)% |
(5)% |
138,031 |
166,162 |
(28,131) |
(17)% |
(5)% |
|||||||||||||||||||||||
Rest of Asia |
17,975 |
15,749 |
2,226 |
14% |
20% |
70,315 |
89,603 |
(19,288) |
(22)% |
(17)% |
|||||||||||||||||||||||
Other foreign countries |
10,199 |
10,924 |
(725) |
(7)% |
9% |
63,858 |
75,006 |
(11,148) |
(15)% |
(2)% |
|||||||||||||||||||||||
$ |
153,331 |
$ |
134,606 |
$ |
18,725 |
14% |
19% |
$ |
843,794 |
$ |
886,945 |
$ |
(43,151) |
(5)% |
1% |
||||||||||||||||||
(1) Calculated by applying 2014 exchange rates to 2015 reported sales in regions outside the U.S. |
|||||||||||||||||||||||||||||||||
Operating Segment Information |
Operating Segment Information |
||||||||||||||||||||||||||||||||
Quarter Ended |
Growth |
Year Ended |
Growth/(Decline) |
||||||||||||||||||||||||||||||
2015 |
2014 |
Dollars |
Percent |
2015 |
2014 |
Dollars |
Percent |
||||||||||||||||||||||||||
Net Sales |
|||||||||||||||||||||||||||||||||
Golf Club |
$ |
123,355 |
$ |
114,135 |
$ |
9,220 |
8% |
$ |
700,649 |
$ |
749,956 |
$ |
(49,307) |
(7)% |
|||||||||||||||||||
Golf Ball |
29,976 |
20,471 |
9,505 |
46% |
143,145 |
136,989 |
6,156 |
4% |
|||||||||||||||||||||||||
$ |
153,331 |
$ |
134,606 |
$ |
18,725 |
14% |
$ |
843,794 |
$ |
886,945 |
$ |
(43,151) |
(5)% |
||||||||||||||||||||
Income before income taxes: |
|||||||||||||||||||||||||||||||||
Golf clubs |
$ |
(16,556) |
$ |
(27,032) |
$ |
10,476 |
(39)% |
$ |
52,999 |
$ |
50,891 |
$ |
2,108 |
4% |
|||||||||||||||||||
Golf balls |
165 |
(2,127) |
2,292 |
(108)% |
17,724 |
15,222 |
2,502 |
16% |
|||||||||||||||||||||||||
Reconciling items(1) |
(13,568) |
(10,400) |
(3,168) |
30% |
(50,660) |
(44,474) |
(6,186) |
14% |
|||||||||||||||||||||||||
$ |
(29,959) |
$ |
(39,559) |
$ |
9,600 |
(24)% |
$ |
20,063 |
$ |
21,639 |
$ |
(1,576) |
(7)% |
||||||||||||||||||||
(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) |
|||||||||||||||||||||||||||||||||||||||
Quarter Ended December 31, |
Year Ended December 31, |
||||||||||||||||||||||||||||||||||||||
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 |
$ |
153,331 |
$ |
6,532 |
$ |
159,863 |
$ |
134,606 |
$ |
843,794 |
$ |
53,170 |
$ |
896,964 |
$ |
886,945 |
|||||||||||||||||||||||
Gross profit |
51,068 |
5,596 |
56,664 |
36,916 |
357,633 |
50,099 |
407,732 |
357,926 |
|||||||||||||||||||||||||||||||
% of sales |
33.3 |
% |
n/a |
35.4 |
% |
27.4 |
% |
42.4 |
% |
n/a |
45.5 |
% |
40.4 |
% |
|||||||||||||||||||||||||
Operating expenses |
80,416 |
1,848 |
82,264 |
76,030 |
330,690 |
11,001 |
341,691 |
327,178 |
|||||||||||||||||||||||||||||||
Income (loss) from operations |
(29,348) |
3,748 |
(25,600) |
(39,114) |
26,943 |
39,098 |
66,041 |
30,748 |
|||||||||||||||||||||||||||||||
Other income (expense), net |
(611) |
(338) |
(949) |
(445) |
(6,880) |
(1,266) |
(8,146) |
(9,109) |
|||||||||||||||||||||||||||||||
Income (loss) before income taxes |
(29,959) |
3,410 |
(26,549) |
(39,559) |
20,063 |
37,832 |
57,895 |
21,639 |
|||||||||||||||||||||||||||||||
Income tax provision |
493 |
112 |
605 |
1,980 |
5,495 |
285 |
5,780 |
5,631 |
|||||||||||||||||||||||||||||||
Net income (loss) |
$ |
(30,452) |
$ |
3,298 |
$ |
(27,154) |
$ |
(41,539) |
$ |
14,568 |
$ |
37,547 |
$ |
52,115 |
$ |
16,008 |
|||||||||||||||||||||||
Diluted earnings (loss) per share: |
$ |
(0.33) |
$ |
0.04 |
$ |
(0.29) |
$ |
(0.54) |
$ |
0.17 |
$ |
0.45 |
$ |
0.62 |
$ |
0.20 |
|||||||||||||||||||||||
Weighted-average shares outstanding: |
92,272 |
92,272 |
92,272 |
77,582 |
84,611 |
84,611 |
84,611 |
78,385 |
|||||||||||||||||||||||||||||||
(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 |
||||||||||||||||||||||||||||||||||||||
March 31, |
June 30, |
September 30, |
December 31, |
March 31, |
June 30, |
September 30, |
December 31, |
||||||||||||||||||||||||||||||||
2015 |
2015 |
2015 |
2015 |
Total |
2014 |
2014 |
2014 |
2014 |
Total |
||||||||||||||||||||||||||||||
Net income (loss) |
$ |
35,819 |
$ |
12,818 |
$ |
(3,617) |
$ |
(30,452) |
$ |
14,568 |
$ |
55,312 |
$ |
3,369 |
$ |
(1,134) |
$ |
(41,539) |
$ |
16,008 |
|||||||||||||||||||
Interest expense, net |
2,021 |
1,936 |
3,520 |
868 |
8,345 |
2,648 |
2,612 |
2,037 |
1,764 |
9,061 |
|||||||||||||||||||||||||||||
Income tax provision |
1,638 |
1,817 |
1,547 |
493 |
5,495 |
1,474 |
1,873 |
304 |
1,980 |
5,631 |
|||||||||||||||||||||||||||||
Depreciation and amortization expense |
4,703 |
4,454 |
4,193 |
4,029 |
17,379 |
5,697 |
5,460 |
5,222 |
4,857 |
21,236 |
|||||||||||||||||||||||||||||
EBITDA |
$ |
44,181 |
$ |
21,025 |
$ |
5,643 |
$ |
(25,062) |
$ |
45,787 |
$ |
65,131 |
$ |
13,314 |
$ |
6,429 |
$ |
(32,938) |
$ |
51,936 |
|||||||||||||||||||
2016 Foreign Exchange Impacts |
|||||||||||||
* 2016 Operating Margins Impact |
|||||||||||||
- EUR 1% Move: $0.5m |
|||||||||||||
- GBP 1% Move: $0.7m |
|||||||||||||
- JPY 1% Move: $1.1m |
|||||||||||||
- KRW 1% Move: $0.4m |
|||||||||||||
- All Other** 1% Move: $0.4m |
|||||||||||||
* Overall Hedged at approximately 75% of our Net Exposure |
|||||||||||||
Hedged Rates |
|||||||||||||
- EUR 1.08 |
|||||||||||||
- GBP 1.47 |
|||||||||||||
- JPY 118.65 |
|||||||||||||
- KRW 1182.38 |
|||||||||||||
- CAD 1.38 |
|||||||||||||
- AUD 0.71 |
|||||||||||||
* Operating Margin Impact can vary depending on the region and the time of year. |
|||||||||||||
** Includes the CAD, AUD, CNY and INR |
|||||||||||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/callaway-golf-company-announces-fourth-quarter-and-full-year-2015-financial-results-with-revenue-and-profitability-exceeding-the-companys-expectations-and-announces-plans-for-a-new-joint-venture-in-japan-in-late-2016-300215589.html
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