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Non-Tech : Callaway Golf -- it's a buy -- Ignore unavailable to you. Want to Upgrade?

To: Mark T. Heath who wrote (194)	8/11/1998 3:21:00 PM
From: Chris	Read Replies (1) \| Respond to of 307

Unless their outlook changes for 1999, I would say next quarter is the most we could hope for in terms of dividend payments. Their quarterly dividend is about $4.9M/ qtr. While they are not hurting for cash, they are not exactly flush either. It also seems to me that in a consumer products business, their cash will be reserved for advertising in a cut throat market and R&D. I have not yet bothered to see what their CFLO will look like given the eps guidance. If anyone else has, please speak up or I can toy with it and see what we come up with. H&Q usually provides good CFLO forecasts if anyone has access to their research.