UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
November 29, 2007
Date of Report (Date of earliest event reported)
CALLAWAY GOLF COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE 1-10962 95-3797580
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2180 Rutherford Road, Carlsbad, CA 92008-7328
(Address of principal executive offices) (Zip Code)
(760) 931-1771
Registrant's telephone number, including area code
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On November 29, 2007, Callaway Golf Company issued a press release
captioned "Callaway Golf Company Declares Dividend and Announces New $100
Million Stock Repurchase Program," announcing that the Board of Directors (1)
authorized a new $100 million stock repurchase program and (2) declared a
dividend of $.07 per share, payable December 20, 2007, to shareholders of record
as of December 10, 2007.
In June 2007, the Company had announced the implementation of a previous
$100 million stock repurchase program. To date, the Company has repurchased
under that program approximately 5.27 million shares at an average cost of
$16.87 per share for a total cost of $88.9 million. The remainder of that
program has now been canceled and superseded by the new $100.0 million stock
repurchase program announced today.
A copy of the press release is attached hereto as Exhibit 99.1 and
incorporated herein by this reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
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The following exhibit is filed with this report on Form 8-K:
Exhibit No. Description
----------- -----------
99.1 Press release, dated November 29, 2007, captioned, "Callaway
Golf Company Declares Dividend and Announces New $100 Million
Stock Repurchase Program."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CALLAWAY GOLF COMPANY
Date: November 29, 2007 By: /s/ Bradley J. Holiday
-----------------------------------------
Name: Bradley J. Holiday
Title: Senior Executive Vice President
and Chief Financial Officer
Exhibit Index
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Exhibit Number Description
-------------- -----------
99.1 Press release, dated November 29, 2007, captioned
"Callaway Golf Company Declares Dividend and Announces
New $100 Million Stock Repurchase Program."
Exhibit 99.1
Callaway Golf Company Declares
Dividend and Announces New $100 Million Stock Repurchase Program
CARLSBAD, Calif.--(BUSINESS WIRE)--Nov. 29, 2007--Callaway Golf
Company (NYSE:ELY) announced today that the Board of Directors has
authorized the Company to repurchase up to $100 million of the
Company's common stock in open market or in private transactions. The
Company will assess market conditions and buying opportunities 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 in any one year. The repurchase program will remain in
effect until completed or until terminated by the Board of Directors.
In June 2007, the Company had announced the implementation of a
$100 million stock repurchase program. To date, the Company has
repurchased under that program approximately 5.27 million shares at an
average cost of $16.87 per share for a total cost of $88.9 million.
The remainder of that program has now been canceled and superseded by
the new $100 million stock repurchase program announced today.
The Company also announced today that the Board of Directors has
declared a dividend of $.07 per share, payable December 20, 2007, to
shareholders of record as of December 10, 2007.
About Callaway Golf
Through an unwavering commitment to innovation, Callaway Golf
Company creates products and services designed to make every golfer a
better golfer. Callaway Golf Company, which celebrates its 25th
Anniversary in 2007, manufactures and sells golf clubs and golf balls,
and sells golf accessories, under the Callaway Golf(R), Odyssey(R),
Top-Flite(R), and Ben Hogan(R) brands in more than 110 countries
worldwide. For more information please visit www.callawaygolf.com.
CONTACT: Callaway Golf Company
Brad Holiday
Patrick Burke
Michele Szynal
760-931-1771