June 23, 2005 |
Callaway Golf Co. is quietly weighing an all-cash, $1.2-billion takeover bid that would take the nation's largest manufacturer of golf clubs private, according to sources close to the situation. The unsolicited takeover offer from buyout firm Thomas H. Lee Partners and insurance mogul William Foley II was submitted to Callaway's board May 20, sources say. It comes amid an industrywide slump in golf equipment sales and turmoil at Callaway. The Carlsbad, Calif.
April 22, 2005 |
Callaway Golf Co. said first-quarter earnings plunged 55% as sales fell on a plan to stagger new product releases this year. Last year, Carlsbad, Calif.-based Callaway released almost all of its new products in the first quarter. Net income fell to $18.4 million, or 27 cents a share, from $40.5 million, or 59 cents, a year earlier, the company said. Sales fell 18% to $299.9 million.
April 7, 2005 |
Callaway Golf Co. said preliminary earnings for its first-quarter were below analysts' expectations because of an 18% drop in sales. The company said it earned 26 cents to 28 cents a share, based on sales of $300 million. The figures compare with profit of 59 cents and sales of $364 million a year earlier. From Bloomberg News * Monsanto Co. said fiscal second-quarter profit more than doubled on sales of corn and soybean seeds and Roundup weed killer. Net income rose to $373 million, or $1.
January 21, 2005 |
Callaway Golf Co. reported fourth-quarter and full-year losses Thursday which it attributed to price cuts made to shrink inventory and charges related to its acquisition of golf ball maker Top-Flite. The Carlsbad, Calif., company, maker of the Big Bertha clubs, posted a net loss of $28.5 million, or 42 cents a share, in the quarter ended Dec. 31, compared with a loss of $33.4 million, or 50 cents, a year earlier. Net sales fell to $144.4 million from $146.
November 9, 2004 |
The management shake-up at Callaway Golf Co. continued Monday with the resignation of President and Chief Operating Officer Patrice Hutin. William C. Baker, who replaced Ron Drapeau as Callaway chairman and chief executive in August after Drapeau resigned under board pressure, will assume Hutin's operational duties. "Clearly they're going to change direction," said analyst Dennis McAlpine of McAlpine Associates. "It looks like [Baker] is clearing the decks to get his own people in."
September 15, 2004 |
Callaway Golf Co. suspended its earnings forecast Tuesday, warning that it expects to miss its sales and profit estimates for the third quarter and full year. The Carlsbad, Calif.-based company, maker of the popular Big Bertha line of clubs, said it was reevaluating the timing of new product launches as part of a business review initiated after last month's appointment of William Baker as chief executive.
September 8, 2004 |
Masters champion Phil Mickelson has signed an endorsement contract with Callaway Golf to use its driver, fairway woods and golf ball, just one week before Mickelson plays in the Ryder Cup. The deal, said to be for six years at $7 million to $10 million annually, was announced Tuesday and comes just one day after Mickelson officially ended his association with Titleist, which released him from the final 16 months of his five-year contract.
August 13, 2004 |
A federal jury teed off on Dunlop Slazenger on Thursday, awarding $2.2 million to rival Callaway Golf Co. in a dispute over whose golf ball goes farthest. Dunlop Slazenger Group Americas Inc. began using the slogan "The Longest Ball on Tour" for its Maxfli A-10 in 2001. Callaway sued, arguing that the claim was demonstrably false based on Dunlop's own internal testing of the A-10 versus Callaway's CTU 30 and HX golf balls. Callaway sought $1.
August 3, 2004 |
Callaway Golf Co. Chairman and Chief Executive Ron Drapeau abruptly resigned Monday, stepping down under board pressure after the golf equipment maker's profits shriveled over the last year. The Carlsbad, Calif.-based company, known for its Big Bertha line of clubs, said William Baker would assume the role of interim chairman and CEO. Baker, 71, is Callaway's longest-tenured board member and has led three publicly traded companies as chief executive, Callaway said.