Carlsbad-based golf equipment maker Callaway Golf Co. announced today it lost $83 million in its third quarter, or $1.33 per share.
The results compare to a loss of $44 million, or $1.01 per share, in the same period last year.
For the first nine months of this year, the company lost $45 million, or 91 cents per share, compared to a loss of $31 million, or $1.81 per share, in the first three quarters of 2011.
The company also announced that it reduced third-quarter expenses by $6 million compared to last year, for a total savings of $15 million for this year to date.
The improvement was offset by the sale of the Top-Flite and Ben Hogan brands earlier this year, which dropped sales by $19 million for the year so far, to $714 million, the company reported.
"Our pro forma financial results for the third quarter, while mixed, were consistent with our expectations as we entered the quarter," said Chip Brewer, the company's president and CEO.
–City News Service