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Callaway Golf Company

2008 Annual Report

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“Inspiration can come in many forms and from many places. The Opening Ceremony at last summer’s Olympic Games in Beijing was one of the most incredible events I’ve ever seen. It made an indelible impression that will likely stay with me for the rest of my life. One of the most important things I took away from the Games was seeing how sports can transcend borders, cultures and languages. It also showed me a vision for what our Company can become. Callaway Golf has a unique opportunity — the chance to be the unquestioned leader in bringing this wonderful game of ours to places all over the globe, to anywhere that people have a desire to play golf. One of Callaway’s legendary ambassadors, Arnold Palmer, once described golf as ‘deceptively simple and endlessly complicated; it satisfies the soul and frustrates the intellect. It is at the same time rewarding and maddening — and it is, without a doubt, the greatest game mankind has ever invented.’ Our founder, Ely Callaway, started this Company with a simple mission: Make equipment that lets every golfer enjoy the game a little more. I can’t think of a better way to honor his legacy than spreading his passion all over the globe so everyone can Enjoy the Game.” — George Fellows,
President and Chief Executive Officer

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In 2008, our Company probably went through one of the most unique times in its 26-year history. The first six months saw us build on the solid, positive momentum we started in 2005, with sales growing to allnew highs thanks, in large part, to our international business. And despite headwinds we faced in the second half of the year, our Company still finished 2008 with sales figures that nearly matched the record-setting numbers from 2007. There are numerous companies, including some of our competitors, who could only wish to make a claim like that in the current environment. For the fiscal year, net sales totaled $1.117 billion, and... [continues]

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