As a result, the Company's operating income/loss improved by $105 million to a loss of $11 million compared to a loss of $116 million in 2012, and on a non-GAAP basis was profitable for the first time in several years.
Highlights:
-2013 full year net sales of the Company's current business, on a constant currency basis, increased 14%. On a GAAP basis, net sales increased 1% for the full year.
- 2013 non-GAAP operating income/loss improved by $74 million to $5 million of income in 2013, compared to a non-GAAP operating loss of $69 million in 2012. On a GAAP basis, 2013 operating loss improved by $105 million to a loss of $11 million compared to a loss of $116 million in 2012.
- 2013 full year non-GAAP loss per share of ($0.02) compared to a non-GAAP loss per share of ($0.77) in 2012. On a GAAP basis, 2013 full year loss per share of ($0.31), compared to a loss per share of ($1.96) in 2012.
The Company achieved these financial results despite a late start to the golf season in the Americas and Europe due to weather, adverse changes in foreign currency rates, and a significantly reduced base business resulting from the 2012 sale of the Top-Flite and Ben Hogan Brands and the transition to a licensing arrangement for apparel and footwear in North America.
As compared to 2012, the sale of these brands and licensing arrangements negatively impacted 2013 sales by approximately $57 million for the full year (approximately $4 million for the fourth quarter). In addition, as compared to 2012, changes in foreign currency rates negatively affected 2013 net sales by approximately $40 million for the full year (approximately $8 million for the fourth quarter).
Unfortunately, these factors mask the strength of the Company's improved performance of its current business. For example, compared to 2012, on a constant currency basis, the Company's current business, which excludes the sold or licensed brands and businesses, actually achieved 14% sales growth for the full year of 2013 (17% sales growth for the fourth quarter of 2013).
Overall, these results reflect not only the continued success of the Company's turnaround plan but also the increased hard goods market share and brand momentum the Company experienced in 2013.
Click here to read full results
Callaway
Textiles | On 27th Apr 2018
In the week ending April 27, 2018, the Eastern Market Indicator (EMI) ...
Textiles | On 27th Apr 2018
India’s exporters lobby Federation of Indian Export Organisations...
Apparel/Garments | On 27th Apr 2018
The US generalized system of preferences (GSP) programme was restored ...
Ghanshyam Ghoghari
Kimora Fashion
Bridalwear is not about reds and whites anymore
Headhonchos
Indian textile value chain
'One nation, one tax' is a great concept
Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd
Productivity, creativity and innovation play a vital role in the growth of ...
Eric Scholler
Groz-Beckert
The Indian market has huge potential in technical textiles, and by far,...
Kai Poehler
Voith Paper GmbH & Co. KG
The glass mat industry is growing by five to eight per cent annually. Kai...
Kerem Durdag
Biovation II LLC
Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...
Anisha Chaudhari
Threads & Shirts
Threads & Shirts is a freshly-tailored concept providing men/women a...
Divvya and Nidhhi Gambhir
Walnut
<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...
Nisha Chanda
Whistling Woods International School of Fashion
<div>A lack of upgraded courses in costume designing and fashion as per...
Do you think the sustainability space has the needed tools and resources available for a business to lead change?
Yes No SkipActive Poll
Do you see sustainability as a route to business growth?
YesTotal Votes: 103
Do you think adopting a sustainable approach will be a profitable move for your business?
Yes No SkipActive Poll
Do you think the sustainability space has the needed tools and resources available for a business to lead change?
YesTotal Votes: 103
Do you want the world to know about your sustainability journey and your business’ environmental footprint?
Yes No SkipActive Poll
Do you think adopting a sustainable approach will be a profitable move for your business?
YesTotal Votes: 103
Thanks for your valuable feedback. Claim your free latest sustainability e-book.
Active Poll
Do you want the world to know about your sustainability journey and your business’ environmental footprint?
YesTotal Votes: 103