Callaway Golf (NYSE: ELY) $6.52 +0.07% The restructuring plan is expected to result in annualized gross?pre-tax savings of ~$50 million. Co will reinvest up to half of the savings in incremental brand and demand creation initiatives. Although there will be some incremental investment in these initiatives in 2011, the bulk of the incremental investment will occur in 2012.?Pre-tax charges related to the restructuring plan are estimated to be ~$15-$20 million, including the $5 million recognized in the second quarter of 2011. A majority of the remaining restructuring charges are expected to be recognized in the second half of 2011. The restructuring plan involves (1) streamlining the organization to reduce costs, simplify internal processes, and increase the focus on the Company’s consumer and retail partners, (2) realigning the organization to place greater emphasis on global brand management and to drive the Company’s key global initiatives, and (3) incremental investment in the brand and demand creation initiatives to drive sales growth. The Company has already begun its restructuring plan, including the elimination last week of approximately 7% of its positions globally across all levels of the Company, and has taken other actions to lower costs going forward. The Company also began its structural realignment with the consolidation of the various sales and marketing organizations into four sales and marketing regions and with the creation of a separate global brand group to oversee global brand development and more coordinated messaging across all regions.
Callaway Golf Company (Callaway Golf), together with its subsidiaries, designs, manufactures and sells golf clubs (drivers, fairway woods, hybrids, irons, wedges and putters) and golf balls. The Company also sells golf accessories, such as global positioning system (GPS) range finders, golf bags, gloves, footwear, apparel, headwear, eyewear, towels and umbrellas. The Company gener! ally sel ls its products to retailers, directly and through its wholly owned subsidiaries, and to third-party distributors. The Company sells pre-owned golf products through its Website, www.callawaygolfpreowned.com. The Company’s products are sold in the United States and in over 100 countries worldwide.
Barrett Business Services Inc. (NASDAQ: BBSI) $14.72 +1.10%?Reports Q1 May earnings of $0.34 per share,?$0.08 better than the Capital IQ Consensus Estimate of $0.26; revenues fell 11.3% year/year to $366.9 mln vs the $349.8 mln consensus. Co sees Q3 EPS of $0.38-0.42 vs. $0.42 consensus. The co disclosed today limited financial guidance with respect to its operating results for the third quarter ending September 30, 2011. The co expects gross revenues for the third quarter of 2011 to range from $392 million to $397 million, as compared to $332.9 million for the third quarter of 2010, and anticipates diluted earnings for the third quarter of 2011 to range from $.46 to $.50 per share, as compared to diluted earnings per share of $.36 for the same period a year ago. The range of anticipated diluted EPS for the 2011 third quarter includes a favorable income tax rate benefit related to the effect of a much lower annual effective income tax rate attributable to the $10.0 million life insurance proceeds.
Barrett Business Services, Inc. (Barrett) offers human resource management services to assist small and medium-sized businesses to manage the costs and complexities of employment-related issues. The Company’s principal services, Professional Employer Organization (PEO) and staffing, assist its clients in leveraging their investment in human capital. In a PEO arrangement, the Company enters into a contract to become a co-employer of the client’s existing workforce and assume responsibility for some or all of the client’s human resource management responsibilities. Staffing services include on-demand or short-term staffing assignments, long-term or ind! efinite- term contract staffing and on-site management. The Company’s staffing services also include direct placement services, which involve fee-based search efforts for specific employee candidates at the request of PEO clients, staffing customers or other companies.
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