Callaway Golf -- it's a buy Message Board

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Non-Tech : Callaway Golf -- it's a buy

ELY 21.33

-2.8%

Sep 6 5:00 PM EST

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To: Chad Beemer who wrote (207)	10/16/1998 8:31:00 PM
From: Noel	Read Replies (1) of 307

12:58 AM ET 10/16/98 Callaway founder retakes CEO, Pres. post CARLSBAD, Calif., Oct. 15 (Reuters) - Callaway Golf Co. founder and Chairman Ely Callawy has reassumed the roles as chief executive officer and president of the golf equipment maker in the wake of Donald Dye's resignation. Callaway, 79, resigned from the two posts in 1996 but in recent quarters the Southern California-based company, known for its "Big Bertha" line of drivers, has met with increasing competition, weak sales in Asia and soft demand in the United States. In a statement, Callaway praised Dye's leadership -- under Dye sales rose from $553 million to $843 million in 1997 -- but said he was "honored" the board of directors recalled him for the next two years. "The board believes that the man who built the company is the man to lead it now," said Vice Chair Richard Rosenfield. Back in July, the company warned of a net loss in the second half of 1998 and said it did not expect significant improvement in revenues from its golf club business in 1999. Callaway's stock ended trading on Thursday up about six cents at $10.25 in New York Stock Exchange composite trading, but that is just above its year low price of $9.38 and well below the year high of $36.50. The news announcement came after the market close.

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