Revenue during the quarter grew 6.76 percent to $163.70 million from $153.33 million in the previous year period. Gross margin for the quarter expanded 525 basis points over the previous year period to 38.55 percent. Operating margin for the quarter stood at negative 10.24 percent as compared to a negative 19.14 percent for the previous year period.

Operating loss for the quarter was $16.76 million, compared with an operating loss of $29.35 million in the previous year period.

"2016 was an exciting and pivotal year for Callaway Golf," commented Chip Brewer, president and chief executive officer of Callaway Golf Company. "We demonstrated continued ability to grow market share and top line revenue throughout the year by introducing engaging product with exceptional performance, while at the same time realizing operational efficiencies and judiciously capitalizing on investment opportunities. Specifically, we demonstrated our commitment to strategically investing in the core business through the acquisition of Toulon Design and the hiring of Rock Ishii, a highly respected innovator in the golf ball category. Furthermore, we executed on our strategy of seeking growth in tangential areas with the start of our new joint venture in Japan and the recent acquisition of OGIO International, Inc., which is expected to provide a platform for future growth in the lifestyle category and create shareholder value for years to come. We accomplished this all while driving market share gains in key hard goods categories like golf balls and augmenting Callaway's position as the world's #1 sticks brand."

For the first-quarter, Callaway Golf Co projects revenue to be in the range of $275 million to $285 million. Callaway Golf Co projects revenue to be in the range of $910 million to $935 million for financial year 2017. The company forecasts diluted earnings per share to be in the range of $0.17 to $0.20 for the first-quarter. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.17 to $0.23.

Cash flow from investing activities was $8.95 million from investing activities during the year as against cash outgo of $18.41 million in the last year. It has incurred net capital expenditure of $16.13 million on net basis during the year, up 12.29 percent or $1.77 million from year ago.

The company has spent $9.25 million cash to carry out financing activities during the year as against cash inflow of $0.95 million in the last year period.

Cash and cash equivalents stood at $125.98 million as on Dec. 31, 2016, up 152.96 percent or $76.17 million from $49.80 million on Dec. 31, 2015.

Working capital increases sharply
Callaway Golf Company has recorded an increase in the working capital over the last year. It stood at $273.57 million as at Dec. 31, 2016, up 28.53 percent or $60.72 million from $212.85 million on Dec. 31, 2015. Current ratio was at 2.46 as on Dec. 31, 2016, up from 2.19 on Dec. 31, 2015.

Days sales outstanding went up to 36 days for the quarter compared with 35 days for the same period last year.

Days inventory outstanding has decreased to 87 days for the quarter compared with 94 days for the previous year period.