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.
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.
June 16, 2004 |
Callaway Golf Co. sliced its second-quarter and full-year 2004 revenue and profit outlook Tuesday because of declining titanium driver sales. The Carlsbad, Calif.-based company also cited a continuing drop in its Japanese business and a bigger-than-expected loss in its Top-Flite operation as reasons for the lowered forecast. Callaway bought Top-Flite last year in a bid to turn around its own unprofitable golf ball business.
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.