These financial results reflect the continued success of the Company's turnaround plan, including continued improvement in the development of more exciting and performance-oriented products, brand momentum, operating efficiencies, and cost management.
- Net sales of the Company's current business, on a constant currency basis, grew 38% for the third quarter and 13% for the first nine months. On a GAAP basis, net sales grew 21% for the third quarter and grew less than 1% for the first nine months.
- 2013 third quarter loss per share of ($0.32), compared to a loss per share of ($1.33) in 2012; 2013 first nine months diluted earnings per share of $0.36, compared to a diluted loss per share of ($0.91) in 2012.
- 2013 third quarter non-GAAP diluted loss per share of ($0.18), compared to a non-GAAP diluted loss per share of ($0.50) in 2012; 2013 first nine months non-GAAP diluted earnings per share of $0.33 compared to a non-GAAP diluted loss per share of ($0.27) in 2012.
- Full Year 2013 Revised Guidance: Net sales are estimated to be $836 million with non-GAAP pretax income of $2 million to $7 million and non-GAAP diluted earnings/loss per share is estimated to range from ($0.03) - $0.01, compared to previous guidance of net sales of $810-$820 million and a non-GAAP pretax loss of $9 million to breakeven and a non-GAAP loss per share of ($0.12) - ($0.04).
The Company was able to grow sales despite adverse changes in foreign currency rates and the sale in 2012 of the Top-Flite and Ben Hogan Brands and the transition to a licensing arrangement for apparel and footwear in North America. The sale of these brands and licensing arrangements negatively impacted 2013 sales by approximately $53 million for the first nine months, and by approximately $9 million for the third quarter, compared to the same periods in 2012.
In addition, changes in foreign currency rates negatively affected 2013 net sales by approximately $32 million for the first nine months, and by approximately $14 million for the third quarter, as compared to the same periods in 2012. On a constant currency basis, the Company's current business, which excludes the sold or licensed brands and businesses, achieved 13% sales growth for the first nine months of 2013, and 38% sales growth for the third quarter of 2013, compared to the same periods in 2012.
In addition to sales growth, the Company's 2013 financial results also benefitted from increased operating efficiencies, and the continued success of the Company's cost reduction initiatives, including a decrease in charges related to these initiatives in 2013.
As a result, the Company reported significant improvements in earnings with non-GAAP diluted earnings/loss per share improving by $0.32 and $0.60, respectively, for the third quarter and first nine months of 2013 as compared to the same periods in 2012, and with GAAP earnings per share increasing even more.
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