Callaway Golf Reports Small Earnings Gain
Carlsbad-based golf club maker Callaway Golf Co. reported sharply higher third-quarter earnings of $17.6 million, or 25 cents per share, compared with $5.8 million, or 8 cents, a year ago. Analysts’ consensus was 22 cents, according to First Call/Thomson Financial. Sales rose 6% to $183.3 million from $172.9 million.
The company said U.S. sales fell 7% to $103.6 million and international sales climbed 30% to $79.7 million, with sales in Japan exceeding expectations. Callaway said it remained on track to introduce its golf ball into the market during the first quarter of next year. The company has said it intends to introduce the ball at the giant PGA Merchandise Show in January.
Company Chairman and Chief Executive Ely Callaway, 80, is expected to step down next year. Company President Chuck Yash has been tapped to succeed him.
* Torrance-based Imperial Credit Industries Inc. reported a third-quarter net income from continuing operations of $5.3 million, or 16 cents per share, contrasted with a loss of $96.7 million, or $2.50, a year ago.
* Ontario-based Kaiser Ventures Inc., which invests in land redevelopment projects, reported third-quarter net income of $29.3 million, or $2.77 per share, which included a gain from the merger between Penske Motorsports Inc. and International Speedway Corp. That compares with net income of $189,000, or 2 cents, a year ago. Revenue rose to $40.9 million from $2.4 million.
* Woodland Hills-based auto insurer 20th Century Industries reported third-quarter net income of $18.4 million, or 21 cents per share, on revenue of $198.7 million, compared with $38.2 million, or 44 cents, on revenue of $219.6 million a year ago.
