Callaway Golf Reports Operating Loss of $117M in 2012

Callaway Golf Company reported Wednesday an operating loss of $71 million for its fourth quarter, or $1.03 per share.

For the full year, the Carlsbad-based golf equipment maker said it lost $117 million, or $1.98 per share.

The company also announced non-GAAP (Generally Accepted Accounting Principles) figures that showed losses of $57 million for the quarter and $70 million for the year. The non-GAAP numbers don't include charges for restructuring and global operations.

"Our pro forma financial results for the fourth quarter and full year reflect both the previously reported challenges our business faced during 2012 as well as the actions we took during the year to prepare our business for a turnaround in 2013," said Chip Brewer, Callaway president and CEO. "While our 2012 financial results were disappointing, as I look back on the year, I am very pleased with the pace and direction of change we implemented."

Brewer said the company made changes last year to its senior management team, sold its Top Flite and Ben Hogan brands, licensed its footwear and apparel businesses and restructured its sales organizations in North and South America and Europe, among other things.

Brewer said he foresees a slow but steady recovery of Callaway's U.S. business as well as continued growth in Asia.

-City News Service