Callaway Golf Company Reiterates Full Year Financial Guidance; Announces A 9% Increase In Sales, A 40% Increase In Operating In

Callaway Golf Company Reiterates Full Year Financial Guidance; Announces A 9%
 Increase In Sales, A 40% Increase In Operating Income, And A 12% Increase In
                Earnings Per Share For The First Half Of 2014

- 2014 first half sales increased 9% to $584 million, compared to $537 million
in 2013; income from operations increased 40% to $72 million, compared to $52
million in 2013; earnings per share increased 12% to $0.66, compared to $0.59
in 2013.

- 2014 second quarter sales decreased 7% to $232 million, compared to $250
million in 2013; income from operations decreased 6% to $10.8 million compared
to $11.5 million in 2013; earnings per share decreased 67% to $0.04 compared
to $0.12 in 2013.

- Callaway reiterates full year 2014 earnings guidance, estimating net sales
of $880 million to $900 million and fully diluted earnings per share of $0.12
to $0.16.

PR Newswire

CARLSBAD, Calif., July 24, 2014

CARLSBAD,Calif., July 24, 2014 /PRNewswire/ --Callaway Golf Company
(NYSE:ELY) today announced its first half and second quarter 2014 financial
results, demonstrating its turnaround is well underway and positioning it for
a return to profitability for the full year. Despite softer than expected
market conditions, Callaway reported for the first half of 2014 a 9% increase
in sales driven by growth in all product categories: woods (+8%), irons
(+14%), putters (+9%), golf balls (+7%) and accessories and other (+5%).
Additionally, income from operations increased 40% to $72 million and fully
diluted earnings per share increased 12% to $0.66. These increases were driven
by the increased sales and improvements in gross margins of 170 basis points,
which more than offset a planned increase of $9 million in operating expenses
and a $14 million decrease in other income due to adverse changes in foreign
currency contract values. The 2014 results also benefitted from a $9 million
decrease in pre-tax charges related to the cost reduction initiatives that
were completed in 2013.

For the second quarter, the Company had previously provided guidance that its
sales and earnings would show a decrease versus the second quarter of 2013 as
a result of a late start to the 2014 golf season, high retail inventory
industrywide, and anticipated promotional activity during the second quarter.
The Company's second quarter results reflect those market conditions with
sales being down 7%, slightly more than the Company's prior guidance of flat
to down 5%, and with earnings declining to $0.04 per diluted share compared to
$0.12 per diluted share in 2013, which was slightly better than the Company's
prior guidance of breakeven to slightly profitable.

These second quarter results were consistent with the Company's prior full
year guidance and the Company today has confirmed its full year guidance,
estimating full year net sales of $880 to $900 million and diluted earnings
per share of $0.12 to $0.16.

GAAP RESULTS

For the second quarter of 2014, the Company reported the following results, as
compared to the same period in 2013:

                                     Second       Second
Dollars in millions except per share Quarter % of  Quarter % of  Improvement/
amounts                                      Sales          Sales (Decline)
                                     2014         2013
Net Sales                            $232    -     $250     -     ($18)
Gross Profit                         $91     39%   $96      38%   ($5)
Operating Expenses                   $80     35%   $84      34%   $4
Operating Income                     $11     5%    $12      5%    ($1)
Other Income/(Expense)               ($6)    (2%)  -        -     ($6)
Net Income                           $3      2%    $10      4%    ($7)
Earnings per share (Diluted)         $0.04   -     $0.12    -     ($0.08)

For the first half of 2014, the Company reported the following results, as
compared to the same period in 2013:

Dollars in millions except per       First % of  First     % of  Improvement/
share amounts                       Half Sales Half Sales (Decline)
                                    2014          2013
Net Sales                           $584    -     $537      -     $47
Gross Profit                        $256    44%   $226      42%   $30
Operating Expenses                  $183    31%   $174      33%   ($9)
Operating Income                    $72     12%   $52       10%   $20
Other Income/(Expense)              ($10)   (2%)  $4        1%    ($14)
Net Income                          $59     10%   $52       10%   $7
Earnings per share (Diluted)        $0.66   -     $0.59     -     $0.07

"We are pleased with our results for the second quarter in that we were
generally able to achieve our financial guidance while continuing to build
brand momentum and improving field inventory levels in key markets such as the
U.S. and Europe," commented Chip Brewer, President and Chief Executive
Officer. "We achieved these results despite more challenging market conditions
worldwide than we had anticipated. We are also pleased with our results for
the first half of the year. Our continued brand momentum and the strength of
our 2014 product line enabled us to grow sales for the first half in each of
our product categories despite a decline in industry sales due to a late start
to the 2014 golf season, high industrywide retail inventory levels, and an
increase in promotional activity. As a result, we gained market share in each
of our key markets around the world, positioning us well for the balance of
the year.

"Looking forward, we expect market conditions will remain challenging for the
second half of the year," continued Mr. Brewer. "However, we believe our brand
momentum and product strength will enable us to overcome these market
headwinds and achieve the full year financial goals we set at the beginning of
the year. We remain pleased with the state of our turnaround and the
direction of our business."

Business Outlook for 2014

Given the Company's increased sales, earnings and market share during the
first half of 2014, the Company is maintaining its full year guidance despite
an anticipated decline in the golf industry in 2014. The full year guidance
the Company provided at the beginning of the year is as follows:

Full Year

  oNet sales for the full year 2014 are estimated to range from $880 to $900
    million, compared to $843 million in 2013. The Company believes this
    growth rate will exceed the overall market and be driven by brand momentum
    and market share gains.
  oGross margins are estimated to improve to approximately 41.7%, compared to
    37.3% in 2013. This improvement is expected to result from the positive
    full year impact of the many supply chain initiatives implemented as part
    of the turnaround strategy as well as an estimated improved mix of full
    price product sales.
  oOperating expenses are estimated to be approximately $345 million,
    compared to $326 million in 2013. The increase in operating expenses is
    due to a planned increase in investments in tour and marketing, higher
    variable sales related expenses, and modest cost of living increases. 
  oPre-tax income is estimated to range from $15 to $19 million, with a
    corresponding tax provision of approximately $6.5 million. Pre-tax income
    in 2013 was a loss of $13.3 million with a corresponding tax provision of
    $5.6 million. 
  oFully diluted earnings per share is estimated to range from $0.12 to $0.16
    per share on a base of 78.0 million shares, compared to a 2013 loss per
    share of $0.31 on 72.8 million shares. If the Company is successful in
    achieving these results, it would be the Company's first net profit since
    2008 and would represent a significant milestone in the Company's
    turnaround.

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 Thursday, July 31, 2014. 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 net sales or projected net sales 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
net sales as compared to the applicable comparable prior 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 prior period. It does not include any
other effect of changes in foreign currency rates on the Company's results or
business.

Excluded Items. The Company presented certain of the Company's financial
results excluding sales related to the Top-Flite and Ben Hogan brands or the
products that were transitioned to a third party model, including apparel and
footwear in certain regions.

Adjusted EBITDA. The Company provided information about its results, excluding
interest, taxes, depreciation and amortization expenses, and impairment
charges ("Adjusted EBITDA").

In addition, because the Company previously reported its 2013 results on a
GAAP and Non-GAAP basis, the Company has included in the schedules to this
release a reconciliation of such information for 2013. 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 2014 full year sales, sales
growth, gross margins, operating expenses, pre-tax income, and earnings per
share, as well as the Company's recovery and return to profitability, the
creation of shareholder value, future market share gains, market conditions,
brand momentum, improved financial performance and the level of promotional
activity in the marketplace, 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 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, 2013 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: Brad Holiday
          Patrick Burke
          (760) 931-1771



Callaway Golf Company
Consolidated Condensed Balance Sheets
(In thousands)
(Unaudited)
                                             June 30,         December 31,
                                             2014             2013
ASSETS
Current assets:
       Cash and cash equivalents             $            $      
                                             28,985          36,793
       Accounts receivable, net              196,660          92,203
       Inventories                           208,796          263,492
       Other current assets                  26,728           29,115
        Total current assets              461,169          421,603
Property, plant and equipment, net           65,839           71,341
Intangible assets, net                       118,233          118,113
Other assets                                 57,083           52,806
        Total assets                      $             $     
                                             702,324         663,863
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
       Accounts payable and accrued          $             $     
       expenses                              101,004         157,120
       Accrued employee compensation and     28,956           31,585
       benefits
       Asset-based credit facility           60,206           25,660
       Accrued warranty expense              7,396            6,406
       Income tax liability                  2,713            5,425
        Total current liabilities         200,275          226,196
Long-term liabilities                        151,086          153,048
Shareholders' equity                         350,963          284,619
        Total liabilities and             $             $     
       shareholders' equity                  702,324         663,863

Callaway Golf Company
Statements of Operations
(In thousands, except per share data)
(Unaudited)
                                         Quarter Ended
                                         June 30,
                                         2014                  2013
Net sales                                $      231,893   $     
                                                               249,646
Cost of sales                            141,087               153,994
Gross profit                             90,806                95,652
Operating expenses:
     Selling                            60,604                61,672
     General and administrative         12,545                15,169
     Research and development           6,846                 7,333
           Total operating expenses      79,995                84,174
Income from operations                   10,811                11,478
Other (expense) income, net              (5,569)               28
Income before income taxes              5,242                 11,506
Income tax provision                    1,873                 1,435
Net income                              3,369                 10,071
Dividends on convertible preferred stock -                     783
Net income allocable to common           $              $       
shareholders                             3,369                 9,288
Earnings per common share:
     Basic                               $0.04                 $0.13
     Diluted                             $0.04                 $0.12
Weighted-average common shares
outstanding:
     Basic                               77,633                71,111
     Diluted                             78,560                86,349
                                         Six Months Ended
                                         June 30,
                                         2014                  2013
Net sales                                $      583,767   $     
                                                               537,402
Cost of sales                            328,064               311,314
Gross profit                             255,703               226,088
Operating expenses:
     Selling                             137,915               129,980
     General and administrative          30,541                29,756
     Research and development            14,759                14,746
           Total operating expenses      183,215               174,482
Income from operations                   72,488                51,606
Other (expense) income, net              (10,460)              4,029
Income before income taxes              62,028                55,635
Income tax provision                    3,347                 3,904
Net income                              58,681                51,731
Dividends on convertible preferred stock -                     1,566
Net income allocable to common           $       58,681  $      
shareholders                                                   50,165
Earnings per common share:
     Basic                               $0.76                 $0.71
     Diluted                             $0.66                 $0.59
Weighted-average common shares
outstanding:
     Basic                               77,502                71,086
     Diluted                             93,367                92,235



Callaway Golf Company
Consolidated Condensed Statements of Cash Flows
(In thousands)
(Unaudited)
                                                    Six Months Ended
                                                    June 30,
                                                    2014            2013
Cash flows from operating activities:
  Net income                                        $    58,681  $    
                                                                    51,731
  Adjustments to reconcile net income to net cash
  used in operating activities:
       Depreciation and amortization                11,157          13,428
       Deferred taxes, net                          172             200
       Non-cash share-based compensation            2,539           1,670
       (Gain) loss on disposal of                   (644)           2,644
       long-lived assets
       Discount amortization on convertible         365             344
       notes
       Changes in assets and liabilities            (103,605)       (137,057)
  Net cash used in operating activities             (31,335)        (67,040)
Cash flows from investing activities:
  Capital expenditures                              (6,238)         (6,004)
  Proceeds from sale of property, plant and         177             3,935
  equipment
  Investment in golf-related ventures               (4,522)         (1,480)
  Net cash used in investing activities             (10,583)        (3,549)
Cash flows from financing activities:
  Proceeds from credit facilities, net              34,536          38,500
  Exercise of stock options                         2,005           -
  Credit facility amendment costs                   (584)           -
  Equity issuance costs                             (10)            -
  Dividends paid                                    (1,551)         (2,989)
  Net cash provided by financing activities         34,396          35,511
Effect of exchange rate changes on cash            (286)           13,034
Net decrease in cash and cash equivalents           (7,808)         (22,044)
Cash and cash equivalents at beginning of period    36,793          52,003
Cash and cash equivalents at end of period          $    28,985  $    
                                                                    29,959



Callaway Golf Company
Consolidated Net Sales and Operating Segment Information and Non-GAAP Reconciliation
(In thousands)
(Unaudited)
             Net Sales by Product Category            Net Sales by Product Category
             Quarter Ended                            Six Months Ended
             June 30,            Growth/(Decline)     June 30,           Growth
             2014      2013      Dollars   Percent    2014     2013      Dollars  Percent
                       ^(1)                                    ^(1)
Net sales:
             $      $                           $     $      $   
 Woods                         $      -27%                            8%
             52,363   71,638   (19,275)                  168,153  14,049
                                                      182,202
 Irons      52,471    54,508    (2,037)   -4%        125,799  110,510   15,289   14%
 Putters     26,731    22,255    4,476     20%        58,592   53,772    4,820    9%
 Accessories 61,594    58,456    3,138     5%         125,730  119,792   5,938    5%
 and other
 Golf balls  38,734    42,789    (4,055)   -9%        91,444   85,175    6,269    7%
                                                      $     $      $   
             $      $      $      -7%                             9%
             231,893  249,646  (17,753)                  537,402  46,365
                                                      583,767

^(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.

           Net Sales by Region                                               Net Sales by Region
                                                            Constant                                                        Constant
                                                            Currency                                                        Currency
                                                            Excluding                                                       Excluding
                                                            Businesses                                                      Businesses
           Quarter Ended                          Constant  Sold or          Six Months Ended                     Constant  Sold or
                                                  Currency  Transitioned                                         Currency  Transitioned
                                                  Growth    Growth vs.                                           Growth    Growth vs.
           June 30,            Growth (Decline)   vs.       2013 ^(2)        June 30,           Growth            vs.       2013 ^(2)
                                                  2013^(1)                                                        2013^(1)
           2014      2013      Dollars   Percent  Percent   Percent          2014     2013      Dollars  Percent  Percent   Percent
Net sales:
 United    $      $      $                                          $     $      $   
 States    112,527  124,368  (11,841)  -10%     -10%      -9%                      284,147  13,071   5%       5%        5%
                                                                             297,218
 Europe    39,309    40,152    (843)     -2%      -11%      -6%              90,482   78,448    12,034   15%      7%        12%
 Japan     32,517    36,718    (4,201)   -11%     -8%       -8%              92,518   80,844    11,674   14%      24%       24%
 Rest of   25,120    22,863    2,257     10%      6%        7%               52,116   42,963    9,153    21%      19%       20%
 Asia
 Other
 foreign   22,420    25,545    (3,125)   -12%     -7%       -7%              51,433   51,000    433      1%       9%        10%
 countries
           $      $      $                                          $     $      $   
           231,893  249,646  (17,753)  -7%      -8%       -7%                      537,402  46,365   9%       10%       11%
                                                                             583,767

^(1) Calculated by applying 2013 exchange rates to 2014 reported sales
in regions outside the U.S.
^(2) Calculated by applying 2013 exchange rates to 2014 reported sales
in regions outside the U.S. and excludes sales related to businesses
sold or licensed.

               Operating Segment Information            Operating Segment Information
               Quarter Ended                            Six Months Ended
               June 30,            Growth/(Decline)     June 30,            Growth (Decline)
               2014      2013      Dollars   Percent    2014      2013      Dollars   Percent
                         ^(1)                                     ^(1)
Net sales:
                                                        $      $      $   
 Golf clubs   $      $      $      -7%                               9%
               193,159  206,857  (13,698)                   452,226  40,097
                                                        492,323
 Golf balls   38,734    42,789    (4,055)   -9%        91,444    85,176    6,268     7%
                                                        $      $      $   
               $      $      $      -7%                               9%
               231,893  249,646  (17,753)                   537,402  46,365
                                                        583,767
Income before
income taxes:
               $      $                           $      $      $   
 Golf clubs                      $      -54%                            7%          `
 ^(2)          11,280   24,272   (12,992)                   69,030   4,987
                                                         74,017
 Golf balls    5,223     (2,731)   7,954     291%       16,952    2,687     14,265    531%
 ^(2)
 Reconciling   (11,261)  (10,035)  (1,226)   12%        (28,941)  (16,082)  (12,859)  80%
 items ^(3)
               $      $      $                 $      $      $   
                                         -54%                            11%
               5,242    11,506   (6,264)                    55,635   6,393
                                                         62,028

^(1) The prior year amounts have been reclassed 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) In connection with the 2012 Cost Reduction Initiatives, the
Company's golf clubs and golf balls segments recognized pre-tax charges
of $0.6 million and $4.1 million, respectively during the three months
ended June 30, 2013, and $3.3 million and $4.2 million, respectively,
during the six months ended June30, 2013. There were no costs
associated with the 2012 Cost Reduction Initiatives recorded in the
three and six months ended June 30, 2014.
^(3) 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
(In thousands, except per share data)
(Unaudited)
Non-GAAP Reconciliation to GAAP Reported Results:
                                                   Quarter Ended June 30,
                                                   2013
                                                   Non-GAAP  Cost Reduction
                                                   Callaway  Initiatives^(1)  Non-Cash Tax    Total as
                                                   Golf      (3)              Adjustment^(2)  Reported
                                                   ^(1)
                                                   $      $         $         $    
Net sales                                                    -           -       249,646
                                                   249,646
Gross profit                                       99,739    (4,087)          -               95,652
% of sales                                         40%       -2%              n/a           38%
Operating expenses                                 83,263    911              -               84,174
Income from operations                             16,476    (4,998)          -               11,478
Other income, net                                  28        -                -               28
Income before income taxes                         16,504    (4,998)          -               11,506
Income tax provision (benefit)                     6,354     (1,924)          (2,995)         1,435
Net income                                         10,150    (3,074)          2,995           10,071
Dividends on convertible preferred                 783       -                -               783
stock
                                                   $   
Net income allocable to common                           $          $         $    
shareholders                                               (3,074)         2,995             9,288
                                                   9,367
                                                   $                                       $    
Diluted earnings per share:                              $         $           
                                                          (0.04)           0.04          0.12
                                                   0.12
Weighted-average shares                            86,349    86,349           86,349          86,349
outstanding:
^(1) For comparative purposes, the Company applied an annualized statutory tax rate of 38.5%
to derive non-GAAP results.
^(2) Impact of applying statutory tax rate of 38.5% to
non-GAAP results.
^(3) Includes costs associated with the reorganization of the Company's golf ball manufacturing supply chain, workforce reductions and costs related to
transitioning to a third party model for the U.S. apparel, footwear and worldwide uPro GPS businesses.
                                                   Six Months Ended June 30,
                                                   2013
                                                   Non-GAAP  Cost Reduction   Non-Cash Tax
                                                   Callaway  Initiatives^(1)  Adjustment      Total as
                                                   Golf      (3)              ^(2)            Reported
                                                   ^(1)
                                                   $      $         $         $    
Net sales                                                    -           -       537,402
                                                   537,402
Gross profit                                       232,457   (6,369)          -               226,088
% of sales                                         43%       -1%              n/a           42%
Operating expenses                                 172,344   2,138            -               174,482
Income from operations                             60,113    (8,507)          -               51,606
Other income, net                                  4,029     -                -               4,029
Income before income taxes                         64,142    (8,507)          -               55,635
Income tax provision (benefit)                     24,695    (3,275)          (17,516)        3,904
Net income                                        39,447    (5,232)          17,516          51,731
Dividends on convertible preferred                 1,566     -                -               1,566
stock
Net income allocable to common                     $      $          $          $    
shareholders                                             (5,232)         17,516           50,165
                                                    37,881
                                                   $                                       $    
Diluted earnings per share:                              $         $           
                                                          (0.05)           0.19          0.59
                                                   0.45
Weighted-average shares                            92,235    92,235           92,235          92,235
outstanding:
^(1) For comparative purposes, the Company applied an annualized statutory tax rate of 38.5%
to derive non-GAAP results.
^(2) Impact of applying statutory tax rate of 38.5% to
non-GAAP results.
^(3) Includes costs associated with the reorganization of the Company's golf ball manufacturing supply chain, workforce reductions and costs related to
transitioning to a third party model for the U.S. apparel, footwear and worldwide uPro GPS businesses.
                                        2014 Trailing Twelve Month Adjusted EBITDA                         2013 Trailing Twelve Month Adjusted EBITDA
Adjusted EBITDA:                        Quarter Ended                                                      Quarter Ended
                                        September  December  March 31,        June 30,                     September  December   March   June
                                        30,        31,                                                     30,        31,        31,     30,
                                        2013       2013      2014             2014            Total        2012       2012       2013    2013     Total
                                        $      $                                                    $      $      $     $     $    
Net income (loss)                                    $          $         $                                    
                                        (21,153)  (49,499)  55,312          3,369           (11,971)    (86,798)   (70,749)        10,071  (105,816)
                                                                                                                                 41,660
Interest expense, net                   1,975      1,963     2,648            2,612           9,198        1,343      1,919      2,157   2,470    7,889
Income tax provision                    1,037      658       1,474            1,873           5,042        750        2,246      2,469   1,435    6,900
Depreciation and amortization expense   6,265      5,850     5,697            5,460           23,272       8,342      7,835      6,956   6,472    29,605
Impairment charges                      -          -         -                -               -            17,056     4,877      -       -        21,933
                                        $      $                                                    $      $      $     $     $    
Adjusted EBITDA                                      $          $          $                                     
                                        (11,876)  (41,028)  65,131          13,314           25,541     (59,307)   (53,872)        20,448  (39,489)
                                                                                                                                 53,242



CGLOGO



SOURCE Callaway Golf Company

Website: http://www.callawaygolf.com
 
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