July 1, 2003 |
Callaway Golf Co. agreed Monday to buy ailing club and ball maker Top-Flite Golf Co. for about $125 million. Callaway, the Carlsbad, Calif.-based maker of Big Bertha drivers and other high-end clubs, said the proposed deal was part of a Chapter 11 bankruptcy filing by privately held Top-Flite, based in Chicopee, Mass. Formerly known as Spalding Sports World, it changed its name after selling the Spalding line to Russell Corp. in April.
March 6, 2003 |
The seasons are changing and, just as the crocuses herald the coming of spring, the PGA Tour has decamped from Hawaii for California, the first leg in its Sherman's march toward Augusta in May. And so it's the right time for Ron Drapeau to reflect on the continuing battle between Carlsbad-based Callaway Golf Co., which he heads as chairman and chief executive, and the United States Golf Assn.
January 17, 2003 |
Shares of Callaway Golf Co. fell nearly 10% in very heavy trading Thursday after the world's largest golf club maker said it had lowered its previously reported third-quarter results and, because of a financial technicality, failed to meet certain terms under a $120-million credit-line agreement. In a quarterly filing Thursday with the Securities and Exchange Commission, Carlsbad, Calif.-based Callaway reported that its third-quarter net income was $7.19 million, down from $12.
October 18, 2002
Callaway Golf Co. said third-quarter profit rose 90% after the firm cut costs. Net income rose to $12.4 million, or 19 cents a share, 6 cents better than estimates. Revenue fell 18% to $160 million.
September 27, 2002 |
Callaway Golf Co. appeared to be nearing the rough after warning Thursday that its third-quarter and full-year revenue and profit will fall short of targets. Sales of its new titanium driver, it said, may not offset softness in the golf equipment business. Citing weak consumer spending in the United States, Japan and elsewhere, Callaway sees third-quarter sales of $155 million to $160 million and earnings per diluted share of 13 cents to 15 cents.
October 5, 2001 |
Callaway Golf Co., the largest U.S. golf club maker, sued Dunlop Slazenger Group Americas Inc. for allegedly infringing a golf ball patent. In a federal lawsuit filed in Wilmington, Del., the Carlsbad-based company said Dunlop infringed a Callaway ball design featuring dimples with different diameters that provide "steeper entry angles" and "greater low-speed lift." The design patent was issued in April. Closely held Dunlop, based in Greenville, S.C.
August 21, 2001 |
Callaway Golf Co., the largest U.S. golf-club maker, Monday elected Ronald Drapeau chairman to succeed the late founder, Ely Callaway. Drapeau, 54, joined the Carlsbad, Calif.-based company in 1996 and was elected president and chief executive May 15. He also serves on the board's finance committee. Callaway, 82, died July 5 of pancreatic cancer.
August 11, 2001 |
Callaway Golf Co. said it has settled a lawsuit with the Royal Canadian Golf Assn. over its ERC II Driver. In a joint statement, Callaway and the RCGA said they could do more to benefit the game of golf in Canada by settling any differences, dismissing the lawsuit and working more closely. Each side will bear its own costs and attorneys fees in the lawsuit. Callaway sued the association, the governing body of men's amateur golf in Canada, last year in U.S.
July 8, 2001 |
Ely Callaway, a feisty, daring former textile executive and vintner who revolutionized golf for pros and duffers alike with oversized metal clubs and in the process built an $840-million company while in his 70s, died Thursday of pancreatic cancer. He was 82. Callaway, whose Big Bertha driver quickly became a staple in golfers' bags after its debut a decade ago, had retired as Callaway Golf Co.'s chief executive after the cancer was found in April but had remained chairman of the board.
June 9, 2001 |
Investors sliced 19% off Callaway Golf Co.'s stock Friday after the premium golf-club maker reported plunging sales and profit, largely because its latest Big Bertha driver, the ERC II, has been a big bomb. Callaway keeps marketing the ERC II even though the U.S. Golf Assn. has banned it from regulation play. Many retailers--including more than 1,200 pro shops, by the company's own estimate--refuse to sell the driver.