Callaway is reporting a drop in revenue for the first time in years, according to a published report.
The Carlsbad company’s revenue dropped less than 1 percent to $1.12 billion in 2008 it was reported Tuesday by the North County Times.
The drop was widely expected and relatively modest, if anything, analyst Casey Alexander told the paper, it was remarkable that the club manufacturer didn't turn in weaker results.
Callaway reported annual profit rising 6 percent from 2007 to $66.2 million. The company reported cutting several categories of expenses last year, including research and development. Callaway laid off 164 of its 1,800 Carlsbad employees in September. The company employs more than 3,000 people worldwide.