Callaway Golf Company Lowers FY 2012 Revenue Guidance; Reaffirms FY 2012 EPS Guidance

Callaway Golf Company announced that for fiscal 2012, it expects net sales to be in the range from $835 to $865 million. The Company's estimated decline in net sales includes the impact of actions taken by the Company during the first half of the year to streamline its business, including the sale of the Top-Flite and Ben Hogan brands and the transition of its footwear and apparel businesses to a licensing model. The Company also reiterated its earnings guidance, estimating that full year pro-forma loss per share will range from $0.55 to $0.75. These pro forma estimates exclude from 2012 benefits and charges associated with the sale of the Top Flite/Ben Hogan brands, non-cash tax adjustments, and the cost-reduction initiatives and exclude from 2011 charges relating to a non-cash impairment of assets, non-cash tax adjustments, global operations strategy, restructuring, and the gain on the sale of buildings in 2011. According to I/B/E/S Estimates, analysts are expecting the Company to report revenues of $890 million and EPS of $(0.60) for fiscal 2012.