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Article: Golf firms swing back into action. (California firms)(Special Report: Manufacturing)
- Article from:
- San Diego Business Journal
- Article date:
- October 26, 1998
CopyrightCOPYRIGHT 1998 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Some golf companies may have bogeyed this year, but the industry as a whole is anticipating an upswing.
Over the last year, El Nino, the Asian flu and an overall softness in the market have haunted the golf industry, causing a hoard of layoffs and a drop in earnings.
The most recent victim is golf titan Callaway Golf Co.
Last week, Carlsbad-based Callaway announced net sales for the third quarter of 1998 were 32.8 percent below sales during the same time last year. Sales dropped from $257.4 million to $172.9 million. The company's net income decreased 84.2 percent from $37 million to $5 million.
The announcement caused Callaway's stock to drop ...