CARLSBAD, Calif., May 9, 2018 /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 open market repurchases will be made in compliance with Rule 10b-18 under the
Securities Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors, and 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 new repurchase program replaces the prior repurchase program, which was near completion and has been
terminated by the Board of Directors. 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 June 12,
2018 to shareholders of record at the close of business on May 22, 2018.
Forward-Looking Statements
This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of
1995. These statements include the Company's intention to purchase shares of its common stock pursuant to a stock repurchase
program, the anticipated timing, amount and impact of the stock repurchase program on the Company's financial statements and
other statements regarding the Company's "expectations," "beliefs," "hopes," "intentions," "strategies," or the like. These
statements are based upon current information and expectations and involve unknown risks, uncertainties, assumptions and other
factors, many of which are out of the Company's control and difficult to forecast, which could cause actual results to differ
materially from the forward-looking statements. For additional information concerning these and other risks and uncertainties
that could affect these statements and the Company's business, see the Company's Annual Report on Form 10-K for the year ended
December 31, 2017, as well as other risks and uncertainties detailed from time to time in the
Company's reports on Forms 10-K, 10-Q and 8-K subsequently filed with the Securities and Exchange Commission. 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 republish revised forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
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 bags, accessories
and apparel in the golf and lifestyle categories, under the Callaway Golf®, Odyssey®, OGIO and TravisMathew brands worldwide. For
more information please visit www.callawaygolf.com , www.odysseygolf.com . www.OGIO.com , and www.travismathew.com .
Contacts: Brian Lynch
Patrick Burke
(760) 931-1771
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SOURCE Callaway Golf Company