CARLSBAD, Calif.--(BUSINESS WIRE)--Jan. 16, 2003--Callaway Golf Company (NYSE:ELY) today demanded and received a correction of an erroneous news report circulated by Bloomberg, the international financial news wire service. The report erroneously stated that Callaway Golf failed to meet certain terms of its $120 million credit line because it "repurchased defective golf-ball equipment from its customers." In fact, the Company reported in its 10-Q filed today that it exercised its right to purchase the golf ball manufacturing equipment currently in use in its golf ball operation. The references in the Bloomberg report to "defective equipment" purchased "from its customers" were untrue. Bloomberg removed the erroneous report from wire four hours after posting it.

Further, Callaway Golf stated that it has not used the line of credit for more than three years, that it has no intention of using it and pointed out that it has in excess of $100 million in cash and no debt on its balance sheet.

Callaway Golf Company makes and sells Big Bertha(R) Metal Woods and Irons, including Great Big Bertha(R) II Titanium Drivers and Fairway Woods, Big Bertha Steelhead(TM) III Stainless Steel Drivers and Fairway Woods, Hawk Eye VFT Tungsten Injected(TM) Titanium Irons, Big Bertha Stainless Steel Irons, Steelhead X-16(TM) and Steelhead X-16 Pro Series Stainless Steel Irons, and Callaway Golf Forged Wedges. Callaway Golf Company also makes and sells Odyssey(R) Putters, including White Hot(R), TriHot(R), DFX(TM) and Dual Force(R) Putters. Callaway Golf Company makes and sells the Callaway Golf(R) HX(R) Blue and HX Red balls, the CTU 30(R) Blue and CTU 30 Red balls, the HX 2-Piece Blue and HX 2-Piece Red balls, the CB1(R) Blue and CB1 Red balls, and the Warbird(TM) golf balls. For more information about Callaway Golf Company, please visit our Web sites at www.callawaygolf.com and www.odysseygolf.com.

 

CONTACT:
Callaway Golf Company, Carlsbad
Larry Dorman/Brad Holiday, 760/931-1771