CARLSBAD, Calif., April 27 /PRNewswire/ -- Callaway Golf Company
(NYSE: ELY) announced today that Ely Callaway, the Company's Founder,
Chairman, President and CEO, successfully completed surgery to remove his gall
bladder earlier this week. He is expected to recover from the surgery over
the next two weeks and return to work thereafter.
In the course of the surgery, it was determined that Mr. Callaway has a
pancreatic tumor which is not expected to have any significant adverse effect
upon his ability to work. His doctors believe that this condition is
manageable, and no special treatments or medical procedures for the tumor are
currently contemplated.
"We were very pleased to receive the news that Mr. Callaway's gall bladder
surgery was successful and that he will be back to work soon," said Richard
Rosenfield, Chairman of the Compensation and Management Succession Committee
of the Board of Directors. "Mr. Callaway has not changed his previously
expressed intention to retire as CEO during the course of the year, and we
expect that our successor management team will be announced at the appropriate
time. Our management succession planning has been underway for some time, and
will continue as planned. In the meantime, it will be business as usual for
Callaway Golf."
"I hate to miss work for any reason, so I am grateful that my doctors have
made it possible for me to get back to the office quickly," said Mr. Callaway,
81. "I am confident that we have the best management team in place in the
history of Callaway Golf, as evidenced by our record first quarter 2001
results. That team is keeping everything going while I recover, and I look
forward to getting back very soon. When I do decide to retire some time this
year, I have no doubt that the Board will have selected a well-qualified
successor who is fully capable of continuing to lead this company toward a
very bright future."
Disclaimer: Statements used in this press release that relate to future
plans, events, financial results or performance, including statements relating
to the Company's future prospects, revenues and profitability, are forward-
looking statements as defined under the Private Securities Litigation Reform
Act of 1995. These statements are based upon current information and
expectations. For additional information concerning these and other risks and
uncertainties, see Part I, Item 1 of the Company's Annual Report on Form 10-K
for the year ended December 31, 2000, as well as other risks and uncertainties
detailed from time to time in the Company's periodic reports on Forms 10-K,
10-Q and 8-K subsequently filed from time to time 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.
Callaway Golf Company makes and sells Big Bertha(R) Metal Woods and Irons,
including Big Bertha ERC(TM) II Forged Titanium Drivers, Big Bertha Hawk
Eye(R) VFT(TM) and Big Bertha Hawk Eye VFT Pro Series Titanium Drivers and
Fairway Woods, Big Bertha Steelhead Plus(TM) Stainless Steel Drivers and
Fairway Woods, Hawk Eye Tungsten Injected(TM) Titanium Irons, Steelhead(TM)
X-14(R) and Steelhead X-14 Pro Series Stainless Steel Irons. Callaway Golf
Company also makes and sells Odyssey(R) Putters, including White Hot(R),
TriHot(TM), and Dual Force(R) Putters. Callaway Golf Company makes and sells
the Callaway Golf(R) "Rule 35(R)" Firmfeel(TM) and Softfeel(TM) golf balls,
and the CB1(TM) Red and CB1 Blue golf balls. For more information about
Callaway Golf Company, please visit our Web sites at http://www.callawaygolf.com,
http://www.callawaygolfball.com and http://www.odysseygolf.com.
SOURCE Callaway Golf Company
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Related links:
http://www.odysseygolf.com /Web
site: http://www.callawaygolf.com
Company News On-Call:
http://www.prnewswire.com/comp/124825.html or fax,
800-758-5804, ext. 124825
CONTACT:
Steve McCracken, Brad Holiday or Larry Dorman
of Callaway Golf Company, 760-931-1771
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