Callaway Golf Co. provided earnings guidance for the first half and full year of fiscal 2013. The company estimates that net sales for the full year 2013 will be approximately $850 million compared to $832 million in 2012. The company estimates that 2013 full year non-GAAP pro-forma net income will be breakeven with a non-GAAP pro forma loss per share of $0.04 due to the impact of dividends paid on the company's outstanding convertible preferred stock. The non-GAAP pro forma estimates of net income and earnings per share exclude for 2013 carryover charges related to the company's prior cost-reduction initiatives and exclude for 2012 gains and charges relating to the sale of the Top Flite/Ben Hogan brands and the cost-reduction initiatives. The pro forma estimates for both 2013 and 2012 are based upon an assumed tax rate of 38.5%.

The company estimates that net sales for the first half of 2013 will be approximately $555 million compared to $566 million in 2012. The company's estimated net sales for the first half of 2013 would represent an increase of 7% over the first half 2012 net sales of $519 million related to the company's continuing brands and business. The company estimates that first half 2013 non-GAAP pro forma net income will be approximately $28 million (an increase of 33% compared to $21 million for the same period last year) and that non-GAAP pro forma earnings per share will be approximately $0.33 per share as compared to $0.25 per share for the first half of 2012.