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.
July 23, 2004
* Callaway Golf Co. posted a drop in second-quarter earnings, partly because of $6.7 million in charges related to the integration of its Top-Flite golf ball operations. The Carlsbad company said profit fell to $13.7 million, or 20 cents a share, from $34.1 million, or 52 cents, a year earlier. Revenue rose 23% to $297.9 million.
July 24, 2003 |
Top-Flite Golf Co., which filed for bankruptcy protection last month along with parent Spalding Holdings Corp., will be sold at auction Sept. 3, a judge ruled. U.S. Bankruptcy Judge Mary Walrath in Wilmington, Del., gave a $125-million offer by Callaway Golf Co. the inside track in the competition. Adidas-Salomon, the world's second-largest sporting-goods maker, also has made a bid, and at least four other companies have expressed interest in Top- Flite. Bidding closes Aug. 27.
July 22, 2003 |
A Delaware bankruptcy judge is expected to decide Wednesday whether Callaway Golf Co. is entitled to preferred status in its bid to acquire bankrupt Top-Flite Golf Co. Callaway, the Carlsbad, Calif.-based maker of Big Bertha drivers and other golf clubs, said last month that it had agreed to buy the golf club and ball maker for about $125 million as part of a Chapter 11 bankruptcy filing by privately held Top-Flite.
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.
April 24, 2003 |
Golf equipment maker Callaway Golf Co. on Wednesday posted strong quarterly earnings but cautioned that it did not expect the traditional start of the golf season to provide the usual lift to sales in the current quarter. The Carlsbad-based maker of Big Bertha drivers and woods stuck to its full-year forecast despite the higher-than-expected first-quarter profit, warning that a range of factors, including the war in Iraq and the SARS virus, had battered consumer confidence.
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.