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Callaway Golf Co

BUSINESS
July 27, 2006 | From the Associated Press
Callaway Golf Co. of Carlsbad, Calif., said second-quarter profit jumped 23% but fell short of Wall Street expectations. Callaway said it earned $22.5 million, or 33 cents a share, compared with $18.4 million, or 27 cents, a year earlier. Results include 3 cents a share in stock-option costs and 2 cents in one-time charges. Excluding items, Callaway earned 38 cents a share, less than the 45 cents expected by analysts polled by Thomson Financial. Revenue grew 5.8% to $341.8 million.
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BUSINESS
April 12, 2006 | From Reuters
Callaway Golf Co. warned that profit and revenue would miss Wall Street targets for the first quarter after the golf equipment maker delayed the release of products. The Carlsbad, Calif.-based company said it was expecting earnings per share excluding items of 34 cents to 36 cents on net sales of about $300 million. The company is scheduled to report first-quarter results April 26.
BUSINESS
February 11, 2006 | From Bloomberg News
Callaway Golf Co. sued Fortune Brands Inc.'s Acushnet Co. unit over a patent for polyurethane covers on golf balls. Acushnet's Pro V1 golf balls infringe a patent for the covers on multilayer solid-core golf balls that have become the standard for balls used by professional golfers, Carlsbad, Calif.-based Callaway said in a lawsuit filed in federal court in Delaware. The suit seeks damages for lost profit and sales.
BUSINESS
January 26, 2006 | From Reuters
Callaway Golf Co. posted a narrower loss in its fourth quarter, beating Wall Street estimates, as the company continued restructuring efforts and sales improved. The company said its net loss was $18.7 million, or 27 cents a share, compared with a loss of $28.5 million, or 42 cents, a year earlier. The results include a charge of 5 cents a share related to the integration of the company's Top-Flite operations and ongoing restructuring.
BUSINESS
December 21, 2005 | From Bloomberg News
Callaway Golf Co., the world's largest golf-club maker, signed 17-year-old Morgan Pressel to a multiyear endorsement agreement a day after she was granted full status on the LPGA Tour. Pressel, the winner of this year's U.S. Women's Amateur, will use Callaway's clubs and balls and carry a bag made by the Carlsbad, Calif.-based company. She'll also wear the company's logo on her visor when on the course, Callaway said in a news release. Financial terms weren't disclosed.
BUSINESS
September 30, 2005 | Greg Johnson, Times Staff Writer
Callaway Golf Co. said Thursday that it would cut 500 jobs as it consolidates manufacturing, trims its sales force and squeezes costs from other parts of its operations. The restructuring, expected to stretch into 2007, aims to reduce annual operating costs by $70 million. Fifty employees were let go Thursday at the company's headquarters in Carlsbad in San Diego County.
BUSINESS
August 4, 2005 | Sallie Hofmeister and Greg Johnson, Times Staff Writers
A second bidder has teed up an offer for Callaway Golf Co., increasing the chances that the world's largest club manufacturer will be taken private, according to sources with knowledge of the situation. Bain Capital Inc., a Boston-based investment firm, and MacGregor Golf, one of the oldest names in golf equipment, put a joint, all-cash offer on the table a week ago that values Callaway, best known for its Big Bertha line of clubs, at as much as $1.24 billion, sources said.
BUSINESS
August 2, 2005 | Greg Johnson, Times Staff Writer
Callaway Golf Co., which has drawn at least one unsolicited takeover offer in recent months, said Monday that George Fellows, an executive with experience in consumer-products businesses, had been named president and chief executive. Fellows, who also was elected to Callaway's board, replaces William C. Baker, who had served as interim CEO and chairman. The company also said that Ronald S. Beard, an independent director, had replaced Baker as chairman. Baker will remain on the Carlsbad, Calif.
BUSINESS
July 22, 2005 | From Reuters
Golf equipment maker Callaway Golf Co. said Thursday that second-quarter profit rose 34%, helped by strong demand for putters and irons and rebounding business in Japan. The maker of the Big Bertha line of clubs said net income rose to $18.4 million, or 27 cents a share, from $13.7 million, or 20 cents, a year earlier. The company, based in Carlsbad in San Diego County, said sales rose to $323.1 million, an increase of 8.5% from a year earlier.
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