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Carlsbad, Calif.-based golf equipment maker sees earnings slump 60 percent.
Byline: Mike Freeman
Jul. 23--Carlsbad's Callaway Golf Co. said yesterday that its quarterly net income slid nearly 60 percent and the company will cut prices on its popular titanium drivers in hopes of sparking sales.
Callaway earned $13.7 million, or 20 cents a share, for the second quarter ended June 30, down from $34.1 million, or 52 cents per share, for the same quarter last year.
Revenue increased to $297.9, a 23 percent gain from a year ago.
The company's profit dropped as it struggled with costs linked to the acquisition of the Top-Flite Golf Co., which Callaway bought last year out of bankruptcy.
Callaway also blamed sputtering demand and tough price competition for titanium drivers, with competitors such as Carlsbad neighbor TaylorMade eating into Callaway's market share lead.
In a conference call with Wall Street analysts yesterday, Chief Executive Ron Drapeau said the company was taking several steps to improve its fortunes.
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