CARLSBAD, Calif. (AP) ¿ Callaway Golf Co. said Thursday its third-quarter loss grew year-over-year as consumers continued to refrain from spending on leisure activities. The results are consistent with the company's preliminary results issued earlier this month. The golf retailer, based in Carlsbad, Calif., lost $16.1 million, or 25 cents per share, in the quarter that ended Sept. 30. That compares with a loss of $7.4 million, or 12 cents per share, a year earlier. Excluding the cost of issuing preferred shares and other items, Callaway reported a loss of 20 cents per share, a better result than the 24-cent-per-share loss estimate of analysts polled by Thomson Reuters. Revenue fell 11 percent to $190.9 million to $213.5 million, in line with analysts' $191 million forecast. Operating expenses totaled $85 million, down from $93 million in the year-ago period but representing a slightly larger percentage of net sales. "While market conditions have been challenging this year, we have managed our business in such a way that we have gained market share in all club categories, managed our expenses responsibly and invested in a few important growth initiatives that should position Callaway Golf to grow when the economy begins to rebound," said George Fellows, president and CEO, in a statement.
The company said it expects a loss of 30 cents to 35 cents per share for the entire year, including charges linked to cost cutting measures and preferred shares. Callaway shares rose 23 cents, or 3.2 percent, to end at $7.40 on Thursday.