Equipment manufacturer Callaway Golf has closed out a dismal 2011 by releasing its fourth-quarter financial results.
The company, based in Carlsbad, California, recorded losses of $24 million in the final months of last year, contributing to an overall decline in year-on-year revenue of nearly $80 million and loss of approximately $30 million.
Mike Freeman of the U-T San Diego has the details:
“The golf equipment maker said it lost 41 cents a share in the quarter, excluding certain charges, compared with a 40 cent per-share loss for the same quarter last year. Sales were $154 million, down from $186 million.
For the full year, revenue fell to $887 million versus $968 million the previous year. The company reported a loss of $30 million, or 63 cents a share, excluding certain charges. In 2010, Callaway lost $5 million, or 24 cents a share.”
Buoyed by a reinvigorated sales strategy and steamlining of operating costs, the company anticipates recording a modest recovery in the first half of 2012.