CARLSBAD, Calif., Aug. 6, 2014 /PRNewswire/ -- Callaway Golf
Company (NYSE:ELY) announced today that the Board of Directors has
authorized the Company to repurchase up to $50 million of the Company's common stock in open
market or in private transactions. The Company will assess
market conditions, buying opportunities and other factors from time
to time and will make strategic repurchases as appropriate.
The repurchases will be made consistent with the terms of the
Company's credit facility which defines the amount of stock that
can be repurchased. The repurchase program does not require
the Company to acquire a specific number of shares and it will
remain in effect until completed or until terminated by the Board
of Directors.
The Company also announced today that the Board of Directors has
declared a regular quarterly cash dividend of $0.01 per share on its Common Stock. The
dividend is payable on September 12,
2014 to shareholders of record at the close of business on
August 22, 2014.
About Callaway Golf
Through an unwavering
commitment to innovation, Callaway Golf Company (NYSE:ELY) creates
products designed to make every golfer a better golfer. Callaway
Golf Company manufactures and sells golf clubs and golf balls, and
sells golf accessories, under the Callaway Golf® and Odyssey®
brands worldwide. For more information please visit
www.callawaygolf.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined under the Private Securities Litigation Reform Act of 1995.
These statements are based on current information,
expectations or beliefs and involve known and unknown risks,
uncertainties, assumptions and other factors, many of which are out
of the Company's control and difficult to forecast, including
changes in capital market conditions or economic conditions that
may cause actual results to differ materially from those described
in the forward-looking statements, including without limitation,
the amount of shares that may be repurchased. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company
undertakes no obligation to publish revised forward-looking
statements to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events.
Contact: Brad Holiday
Patrick Burke
(760) 931-1771
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SOURCE Callaway Golf Company