Unfortunately, I didn't get a chance to get out on the course too much this past year -- money has been tight and golf courses and equipment are obscenely priced. And it definitely seems that a good portion of casual golfers agree. FO's Acushnet Company (which is home to its previously mentioned golf brands) saw sales drop 13.4% during the fourth quarter. Total sales came in at $212.2 million, down from $245.1 million a year earlier. The golf division noticed an operating loss of $18.3 million compared to $6.7 million a year earlier.

Yearly revenue in FO's golf division dropped 2.6% to $1.37 billion from $1.41 billion. Operating earnings dropped 24.3% to $125.3 million from $165.5 million.

Much like yours truly reviewing his post-18 scorecard, FO's chairman and chief exec Bruce Carbonari tried to paint a rosy post-report picture, "Our golf business delivered its second-best sales year on record, benefiting from new-product development and double-digit growth in Asian markets... While golf results in the seasonally smallest fourth quarter reflected soft industry demand and adverse operating leverage, we benefited from strong sell-in for new advanced technology Titleist golf clubs." I guess when you charge more than $300 for one club, it isn't too far of a stretch to think that you may return to profitability sometime soon (and $45 for a dozen golf balls helps, too).

FO is more than 3% lower after this announcement, the problem is that there are many hazards in the stock's path. The shares face overhead resistance from their 10-week moving average, which recently completed a bearish cross of its 20-week counterpart. This technical formation is often a harbinger of a continued downtrend -- not a good sign for a stock that is looking to drive higher.