The Company provided revised guidance for the first half of 2012 as follows:
• Net sales for the first half of 2012 are projected to be $560 - $575 million, compared to $559 million in 2011 and compared to prior guidance of $610 - $630 million.
• Gross margins for the first half of 2012 are projected to be approximately 43%, compared to 43% in 2011 and compared to prior guidance of 44%.
• Operating expenses for the first half of 2012 have not changed and are still projected to be $214 million compared to $209 million in 2011.
• Earnings per share is estimated at $0.20 to $0.25 compared to $0.15 in 2011 and assumes shares outstanding at 64.5 million, and includes the after-tax impact of the Company's outstanding preferred equity.
Callaway Golf Company creates products and services designed to make every golfer a better golfer. Callaway Golf Company manufactures and sells golf clubs and golf balls, and sells golf apparel, footwear and accessories, under the Callaway Golf and Odyssey brands in more than 110 countries worldwide.
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