75% of Callaway Golf's Quarterly Profits in Accounts Receivable

Callaway Golf (ELY) reported disappointing numbers Wednesday. Especially, look at the huge accounts receivable number of $258 million or 75% of the entire quarters revenues. Comparables do not compare favorably.

Are the retailers dragging payments? Was the chain stuffed? Executive silence on this issue is loud.

Meanwhile, share prices plunged more than 8% yesterday.

ELY 1-yr chart: