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