Callaway Golf Company’s preliminary figures for the second quarter show a drop in revenues of 17 percent to $302 million, or a drop of 12 percent on a constant currency basis. The gross profit is expected to be down by 11 percentage points to 36 percent. The company doesn’t think second-half earnings will exceed those of the same period last year, and says that sales for the full year will fall by 15-17 percent. The annual gross margin is now expected to be 38 to 40 percent, down from earlier guidance of 40-42 percent, though operating expenses will decline. The official figures will be released next week.