Callaway Golf has put out a series of preliminary results for the third quarter ended Sept. 30, showing a drop in revenues of 11 percent to $191 million, or a decline of 9 percent on a currency-neutral basis. The drop was smaller than in the first two quarters. The gross profit margin fell by 7 percentage points to 31 percent after a heavy promotional period. The net loss should be $15.8 million, including $2.5 million for gross margin initiatives, compared with a loss of $7.5 million in the same period last year. Commenting on the anticipated results it will formally report on Oct. 29, the company said the brand has been able to increase its market share despite a “very challenging” global economic environment this year. Gross margin initiatives have offset the effects of a consumer shift to lower price points, a more promotional environment at retail and the negative impact of a stronger U.S. dollar. Looking forward, Callaway is optimistic, as feedback on new 2010 products has been positive and currency rates are becoming more favorable to the company. It also expects a boost from the addition of golf to the roster of Olympic Games for 2016 (see related story at the end of this page).