UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934


January 30, 2008
Date of Report (Date of earliest event reported)

CALLAWAY GOLF COMPANY

(Exact name of registrant as specified in its charter)

DELAWARE	1-10962	95-3797580
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2180 RUTHERFORD ROAD, CARLSBAD, CALIFORNIA	92008-7328
(Address of principal executive offices)	(Zip Code)

(760) 931-1771

Registrant’s telephone number, including area code

NOT APPLICABLE

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02     Results of Operations and Financial Condition.

On January 31, 2008, Callaway Golf Company issued a press release captioned "Callaway Golf Announces Record Sales and More Than a 100% Increase in Earnings for 2007." A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by this reference.

Item 7.01     Regulation FD Disclosure.

On January 30,2008, Callaway Golf Company issued a press release captioned "Callaway Golf Announces Investor Day Webcast." A copy of the press release is attached hereto as Exhibit 99.2 and incorporated herein by this reference.

Item 9.01     Financial Statements and Exhibits.

(c) Exhibits.

	The following exhibits are being furnished herewith:
	Exhibit 99.1	Press Release, dated January 31, 2008, captioned “Callaway Golf Announces Record Sales and More Than a 100% Increase in Earnings for 2007.”
	Exhibit 99.2	Press Release, dated January 30, 2008, captioned “Callaway Golf Announces Investor Day Webcast.”

* The information furnished under Item 2.02, Item 7.01 and Item 9.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any registration statement or other filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CALLAWAY GOLF COMPANY
Date:	January 31, 2008	By:	/s/ Bradley J. Holiday
		Name:	Bradley J. Holiday
		Title:	Senior Executive Vice President
			and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press release, dated January 31, 2008, captioned “Callaway Golf Announces Record Sales and More Than a 100% Increase in Earnings for 2007.”
99.2		Press Release, dated January 30, 2008, captioned “Callaway Golf Announces Investor Day Webcast.”

Exhibit 99.1

Callaway Golf Announces Record Sales and More Than a 100% Increase in Earnings for 2007

CARLSBAD, Calif.--(BUSINESS WIRE)--Callaway Golf Company (NYSE:ELY) today announced its financial results for the fourth quarter and full year ended December 31, 2007. Highlights for the full year of 2007 included:

• Net sales increased 10% to a record $1.125 billion, compared to $1.018 billion for the same period in 2006.
• Fully diluted earnings per share of $0.81 on 67.5 million shares, an increase of 138% compared to fully diluted earnings per share of $0.34 on 68.5 million shares in 2006.
• Fully diluted earnings per share for 2007 included after-tax charges of $0.08 for gross margin improvement initiatives. Similarly, full year 2006 included after-tax charges of $0.04 for the integration of Top-Flite, $0.03 for restructuring, and $0.02 for gross margin improvement initiatives. Excluding these charges, the Company’s pro forma fully diluted earnings per share for 2007 would have been $0.89, an increase of 107% compared to $0.43 for 2006.
• Gross profit for 2007 was $493.2 million or 44% of net sales compared to $398.1 million or 39% of net sales a year ago. The increase was primarily the result of gross margin improvement initiatives announced in 2006 as well as an increased mix of higher margin drivers and X-20 irons.
• Operating expenses for 2007 were $403.0 million or 36% of net sales compared to $361.0 million or 35% of net sales in 2006. The increase was due primarily to higher employee annual incentive compensation expense related to the Company’s significantly improved financial performance as well as an increase in marketing expense to support the Top-Flite re-launch.

Highlights for the fourth quarter included:

• Net sales were $174.4 million, a 3% decrease compared to $179.9 million for the same period in 2006, which included significantly more sales from new product launches.
• Loss per share of $0.25 on 63.8 million shares, compared to a loss per share of $0.15 on 67.0 million shares in the fourth quarter of 2006.
• The 2007 fourth quarter loss per share included an after-tax charge of $0.01 related to gross margin improvement initiatives announced in November 2006. The fourth quarter of 2006 also included after-tax charges of $0.01 for gross margin improvement initiatives and $0.01 for the restructuring charges announced in 2005. Excluding these charges, the Company’s pro forma loss per share for the fourth quarter of 2007 would have been $0.24, as compared to pro forma loss per share of $0.13 in the prior period.
• Gross profit for the fourth quarter of 2007 was $63.4 million or 36% of net sales compared to $58.8 million or 33% of net sales for the fourth quarter of 2006.
• Operating expenses for the fourth quarter of 2007 were $92.0 million compared to $79.9 million for the same period in 2006.

“We have made significant progress improving operations and profitability in 2007,” announced George Fellows, President and CEO. “Specifically, we were able to re-gain woods market share, re-launch the Top-Flite Brand with the successful introduction of the D2 golf ball, and grow our accessories business. In addition, we made significant progress in improving profitability, increasing our gross margins by five percentage points, which contributed to a $135 million increase in cash from operations.”

“While pleased with our progress so far, we continue to focus on improvement,” continued Mr. Fellows. “We have a strong line-up of 2008 products including our recently announced I-Mix driver with its state of the art technology aimed at providing the best and most flexible performance possible for our consumers. Another area we are targeting is supply chain management, where we’ve made tremendous progress in 2007 but believe there is still room to drive efficiencies. With this strong portfolio of products along with improved operations, we feel well positioned to sustain the momentum we enjoyed in 2007.”

Business Outlook

The Company estimates that its full year 2008 net sales will be in the range of $1.145 to $1.165 billion. The Company also estimates that its 2008 full year pro forma fully diluted earnings per share will be in the range of $1.08 to $1.18, which represents an estimated increase of 21% to 33% as compared to the Company’s pro forma fully diluted earnings per share in 2007 of $0.89 as discussed above. Estimated pro forma earnings for 2008 exclude estimated charges of approximately $0.08 per share related to the Company’s gross margin initiatives.

The Company’s earnings per share estimates for 2008 assume a base of 67.0 million shares.

The Company will be holding a conference call at 2:00 p.m. PST today. The call will be broadcast live over the Internet and can be accessed at www.callawaygolf.com. To listen to the call, please go to the website at least 15 minutes before the call to register and for instructions on how to access the broadcast. A replay of the conference call will be available approximately three hours after the call ends, and will remain available through 9:00 p.m. PST on Thursday, February 7, 2008. The replay may be accessed through the Internet at www.callawaygolf.com or by telephone by calling 1-800-475-6701 toll free for calls originating within the United States or 320-365-3844 for International calls. The replay pass code is 908304.

Disclaimer: Statements used in this press release that relate to future plans, events, financial results, performance or prospects, including statements relating to estimated sales and earnings for 2008, and the estimated charges for the Company’s gross margin initiatives, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These estimates and statements are based upon current information and expectations. Accurately estimating the Company’s future financial performance is based upon various unknowns including consumer acceptance and demand for the Company’s current or new products as well as future consumer discretionary purchasing behavior, which can be significantly adversely affected by unfavorable economic or market conditions. Actual results may differ materially from those estimated or anticipated as a result of these unknowns or other risks and uncertainties, including delays, difficulties or increased costs in the supply of components needed to manufacture the Company’s products, in manufacturing the Company’s products, or in connection with the implementation of the Company’s planned gross margin initiatives or the implementation of future initiatives; adverse weather conditions and seasonality; any rule changes or other actions taken by the USGA or other golf association that could have an adverse impact upon demand or supply of the Company’s products; a decrease in participation levels in golf; and the effect of terrorist activity, armed conflict, natural disasters or pandemic diseases on the economy generally, on the level of demand for the Company’s products or on the Company’s ability to manage its supply and delivery logistics in such an environment. For additional information concerning these and other risks and uncertainties that could affect these statements and the Company’s business, see Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, 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 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.

Regulation G: The financial results reported in this press release have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In addition to the GAAP results, the Company has also provided additional information concerning its results, which includes certain financial measures not prepared in accordance with GAAP. The non-GAAP financial measures included in this press release exclude charges associated with the integration of the Callaway Golf Company and Top-Flite Golf Company operations, charges related to the September 2005 restructuring initiatives, and charges related to the Company’s gross margin initiatives. These non-GAAP financial measures should not be considered a substitute for any measure derived in accordance with GAAP. These non-GAAP financial measures may also be inconsistent with the manner in which similar measures are derived or used by other companies. Management believes that the presentation of such non-GAAP financial measures, when considered in conjunction with the most directly comparable GAAP financial measures, provides additional useful information concerning the Company’s operations without these charges. The Company has provided reconciling information in the text of this press release and in the accompanying schedules.

About Callaway Golf

Through an unwavering commitment to innovation, Callaway Golf Company (NYSE:ELY) creates products and services designed to make every golfer a better golfer. Callaway Golf Company manufactures and sells golf clubs and golf balls, and sells golf accessories, under the Callaway Golf®, Odyssey®, Top-Flite®, and Ben Hogan® brands in more than 110 countries worldwide. For more information please visit www.callawaygolf.com or www.shop.callawaygolf.com.

Callaway Golf Company
Consolidated Condensed Balance Sheets
(In thousands)
(Unaudited)
			December 31,
			2007			2006
ASSETS
Current assets:
	Cash and cash equivalents		$	49,875		$	46,362
	Accounts receivable, net			112,064			118,133
	Inventories, net			253,001			265,110
	Deferred taxes			42,219			32,813
	Income taxes receivable			9,232			9,094
	Other current assets			30,190			21,688
	Total current assets			496,581			493,200
Property, plant and equipment, net				128,036			131,224
Intangible assets, net				173,045			175,159
Deferred taxes				27,028			18,821
Other assets				32,273			27,543
			$	856,963		$	845,947
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
	Accounts payable and accrued expenses		$	130,410		$	111,360
	Accrued employee compensation and benefits			44,245			18,731
	Accrued warranty expense			12,386			13,364
	Credit facilities			36,507			80,000
	Total current liabilities			223,548			223,455
Long-term liabilities				63,207			43,388
Minority interest				1,978			1,987
Shareholders' equity				568,230			577,117
			$	856,963		$	845,947

Callaway Golf Company
Statements of Operations
(In thousands, except per share data)
(Unaudited)
				Quarter Ended December 31,
				2007							2006
Net sales				$	174,418			100	%		$	179,884			100	%
Cost of sales					111,047			64	%			121,112			67	%
Gross profit					63,371			36	%			58,772			33	%
Operating expenses:
	Selling				59,951			34	%			52,404			29	%
	General and administrative				23,921			14	%			20,483			11	%
	Research and development				8,169			5	%			6,999			4	%
Total operating expenses					92,041			53	%			79,886			44	%
Loss from operations					(28,670	)		-16	%			(21,114	)		-12	%
Other income (expense), net					98							(28	)
Loss before income taxes					(28,572	)		-16	%			(21,142	)		-12	%
Income tax benefit					(12,415	)						(10,948	)
Net loss				$	(16,157	)		-9	%		$	(10,194	)		-6	%
Loss per common share:
	Basic				($0.25	)						($0.15	)
	Diluted				($0.25	)						($0.15	)
Weighted-average shares outstanding:
	Basic				63,765							66,993
	Diluted				63,765							66,993
				Year Ended December 31,
				2007							2006
Net sales				$	1,124,591			100	%		$	1,017,907			100	%
Cost of sales					631,368			56	%			619,832			61	%
Gross profit					493,223			44	%			398,075			39	%
Operating expenses:
	Selling				281,960			25	%			254,526			25	%
	General and administrative				89,060			8	%			79,709			8	%
	Research and development				32,020			3	%			26,785			3	%
Total operating expenses					403,040			36	%			361,020			35	%
Income from operations					90,183			8	%			37,055			4	%
Other expense, net					(1,908	)						(2,057	)
Income before income taxes					88,275			8	%			34,998			3	%
Income tax provision					33,688			3	%			11,708
Net income				$	54,587			5	%		$	23,290			2	%
Earnings per common share:
	Basic			$	0.82						$	0.34
	Diluted			$	0.81						$	0.34
Weighted-average shares outstanding:
	Basic				66,371							67,732
	Diluted				67,484							68,503

Callaway Golf Company
Consolidated Condensed Statements of Cash Flows
(In thousands)
(Unaudited)
				Year Ended December 31,
				2007				2006
Cash flows from operating activities:
	Net income			$	54,587			$	23,290
	Adjustments to reconcile net income to net cash provided by operating activities:
		Depreciation and amortization			35,326				32,274
		Non-cash share-based compensation			10,851				11,921
		Deferred taxes			904				673
		Loss (gain) on disposal of assets			(4,731	)			1,135
		Changes in assets and liabilities, net of effects from acquisitions			55,045				(52,312	)
	Net cash provided by operating activities				151,982				16,981
Cash flows from investing activities:
	Capital expenditures				(32,930	)			(32,453	)
	Proceeds from sale of capital assets				11,460				469
	Investment in golf related ventures				(3,698	)			(10,008	)
	Business acquisitions, net of cash acquired				-				374
	Net cash used in investing activities				(25,168	)			(41,618	)
Cash flows from financing activities:
	Issuance of common stock				48,035				9,606
	Dividends paid, net				(18,755	)			(19,212	)
	Acquisition of treasury stock				(114,795	)			(52,872	)
	Tax benefit from exercise of stock option				6,031				884
	Proceeds from (payments on) credit facilities, net				(43,493	)			80,000
	Other financing activities				(9	)			1,971
	Net cash (used in) provided by financing activities				(122,986	)			20,377
Effect of exchange rate changes on cash and cash equivalents					(315	)			1,141
Net increase (decrease) in cash and cash equivalents					3,513				(3,119	)
Cash and cash equivalents at beginning of period					46,362				49,481
Cash and cash equivalents at end of period				$	49,875			$	46,362

	Callaway Golf Company
	Consolidated Net Sales and Operating Segment Information
	(In thousands)
	(Unaudited)
					Net Sales by Product Category
					Quarter Ended																	Year Ended
					December 31,						Growth/(Decline)											December 31,						Growth/(Decline)
					2007			2006			Dollars				Percent							2007			2006			Dollars				Percent
	Net sales:																	Net sales:
		Woods			$	32,291		$	39,321		$	(7,030	)		-18	%			Woods			$	305,880		$	266,478		$	39,402			15	%
		Irons (1)				45,811			45,286			525			1	%			Irons				309,594			287,960			21,634			8	%
		Putters				20,542			17,569			2,973			17	%			Putters				109,068			102,714			6,354			6	%
		Golf balls				37,724			47,250			(9,526	)		-20	%			Golf balls				213,064			214,783			(1,719	)		-1	%
		Accessories and other (1)				38,050			30,458			7,592			25	%			Accessories and other				186,985			145,972			41,013			28	%
					$	174,418		$	179,884		$	(5,466	)		-3	%						$	1,124,591		$	1,017,907		$	106,684			10	%
		(1) Prior periods have been restated to reflect current period classification.

					Net Sales by Region
					Quarter Ended																	Year Ended
					December 31,						Growth/(Decline)											December 31,						Growth/(Decline)
					2007			2006			Dollars				Percent							2007			2006			Dollars			Percent
	Net sales:																	Net sales:
		United States			$	85,053		$	95,772		$	(10,719	)		-11	%			United States			$	597,569		$	566,600		$	30,969		5	%
		Europe				26,046			26,264			(218	)		-1	%			Europe				193,336			159,886			33,450		21	%
		Japan				23,207			22,313			894			4	%			Japan				120,148			105,705			14,443		14	%
		Rest of Asia				17,127			14,741			2,386			16	%			Rest of Asia				86,133			75,569			10,564		14	%
		Other foreign countries				22,985			20,794			2,191			11	%			Other foreign countries				127,405			110,147			17,258		16	%
					$	174,418		$	179,884		$	(5,466	)		-3	%						$	1,124,591		$	1,017,907		$	106,684		10	%

					Operating Segment Information
					Quarter Ended																				Year Ended
					December 31,								Growth/(Decline)												December 31,								Growth/(Decline)
					2007				2006				Dollars				Percent								2007				2006				Dollars				Percent
	Net sales:																				Net sales:
		Golf clubs			$	136,694			$	132,634			$	4,060			3		%			Golf clubs			$	911,527			$	803,124			$	108,403			13		%
		Golf balls				37,724				47,250				(9,526	)		-20		%			Golf balls				213,064				214,783				(1,719	)		-1		%
					$	174,418			$	179,884			$	(5,466	)		-3		%						$	1,124,591			$	1,017,907			$	106,684			10		%
	Income before provision for income taxes:
		Golf clubs			$	(4,096	)		$	(94	)		$	(4,002	)		-4257		%			Golf clubs			$	151,759			$	101,837			$	49,922			49		%
		Golf balls				(7,699	)			(4,615	)			(3,084	)		-67		%			Golf balls				902				(6,396	)			7,298			114		%
		Reconciling items (2)				(16,777	)			(16,433	)			(344	)		-2		%			Reconciling items (2)				(64,386	)			(60,443	)			(3,943	)		-7		%
					$	(28,572	)		$	(21,142	)		$	(7,430	)		-35		%						$	88,275			$	34,998			$	53,277			152		%
		(2) Represents corporate general and administrative expenses and other income (expense) not utilized by management in determining segment profitability.

Callaway Golf Company
Supplemental Financial Information
(In thousands, except per share data)
(Unaudited)
		Quarter Ended December 31,												Quarter Ended December 31,
		2007												2006
		Pro Forma Callaway Golf				Gross Margin Improvement Initiatives				Total as Reported				Pro Forma Callaway Golf				Gross Margin Initiatives				Integration Charges				Restructur- ing Charges				Total as Reported
Net sales		$	174,418			$	-			$	174,418			$	179,884			$	-			$	-			$	-			$	179,884
Gross profit			64,797				(1,426	)			63,371				60,496				(1,504	)			(85	)			(135	)			58,772
% of sales			37	%			n/a				36	%			34	%			n/a				n/a				n/a				33	%
Operating expenses			92,041				-				92,041				78,683				-				(84	)			1,287				79,886
Loss from operations			(27,244	)			(1,426	)			(28,670	)			(18,187	)			(1,504	)			(1	)			(1,422	)			(21,114	)
Other income (expense), net			98				-				98				(28	)			-				-				-				(28	)
Loss before income taxes			(27,146	)			(1,426	)			(28,572	)			(18,215	)			(1,504	)			(1	)			(1,422	)			(21,142	)
Income tax benefit			(11,900	)			(515	)			(12,415	)			(9,685	)			(595	)			(64	)			(604	)			(10,948	)
Net income (loss)		$	(15,246	)		$	(911	)		$	(16,157	)		$	(8,530	)		$	(909	)		$	63			$	(818	)		$	(10,194	)
Diluted earnings (loss) per share:		$	(0.24	)		$	(0.01	)		$	(0.25	)		$	(0.13	)		$	(0.01	)		$	0.00			$	(0.01	)		$	(0.15	)
Weighted-average shares outstanding:			63,765				63,765				63,765				66,993				66,993				66,993				66,993				66,993

		Year Ended December 31,												Year Ended December 31,
		2007												2006
		Pro Forma Callaway Golf				Gross Margin Improvement Initiatives				Total as Reported				Pro Forma Callaway Golf				Gross Margin Initia- tives				Integra- tion Charges				Restructur- ing Charges				Total as Reported
Net sales		$	1,124,591			$	-			$	1,124,591			$	1,017,907			$	-			$	-			$	-			$	1,017,907
Gross profit			502,124				(8,901	)			493,223				403,670				(1,853	)			(3,451	)			(291	)			398,075
% of sales			45	%			n/a				44	%			40	%			n/a				n/a				n/a				39	%
Operating expenses			403,040				-				403,040				357,700				-				588				2,732				361,020
Income (loss) from operations			99,084				(8,901	)			90,183				45,970				(1,853	)			(4,039	)			(3,023	)			37,055
Other expense, net			(1,908	)			-				(1,908	)			(2,057	)			-				-				-				(2,057	)
Income (loss) before income taxes			97,176				(8,901	)			88,275				43,913				(1,853	)			(4,039	)			(3,023	)			34,998
Income tax provision			37,115				(3,427	)			33,688				15,140				(713	)			(1,555	)			(1,164	)			11,708
Net income (loss)		$	60,061			$	(5,474	)		$	54,587			$	28,773			$	(1,140	)		$	(2,484	)		$	(1,859	)		$	23,290
Diluted earnings (loss) per share:		$	0.89			$	(0.08	)		$	0.81			$	0.43			$	(0.02	)		$	(0.04	)		$	(0.03	)		$	0.34
Weighted-average shares outstanding:			67,484				67,484				67,484				68,503				68,503				68,503				68,503				68,503

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA):
		2007 Trailing Twelve Months EBITDA																2006 Trailing Twelve Months EBITDA
		Quarter Ended																Quarter Ended
		March 31,			June 30,			September 30,			December 31,							March 31,			June 30,			September 30,				December 31,
		2007			2007			2007			2007				Total			2006			2006			2006				2006				Total
Net income (loss)		$	32,836		$	36,639		$	1,269		$	(16,157	)		$	54,587		$	22,861		$	22,539		$	(11,916	)		$	(10,194	)		$	23,290
Interest expense (income), net			1,677			1,672			29			(216	)			3,162			533			1,522			1,132				905				4,092
Income tax provision (benefit)			21,682			23,591			830			(12,415	)			33,688			13,797			14,934			(6,075	)			(10,948	)			11,708
Depreciation and amortization expense			9,009			8,591			9,864			7,862				35,326			7,290			7,935			8,736				8,313				32,274
EBITDA		$	65,204		$	70,493		$	11,992		$	(20,926	)		$	126,763		$	44,481		$	46,930		$	(8,123	)		$	(11,924	)		$	71,364

Callaway Golf Product Launch Schedule
		2007				2008
Major First Half Launches:
Drivers:				Drivers:
• Big Bertha 460 Drivers		Feb-2007		• Hyper X Drivers		Jan-2008
• FT-5 Drivers		Feb-2007 (Phased sell-in early Q2)		• Big Bertha Womens Drivers		Jan-2008
• FT-I Drivers		Feb-2007 (Phased sell-in early Q2)		• FT-I (Low Trajectory)		Feb-2008
• Hyper ERC Drivers (Japan Only)		Feb-2007		• Legacy Driver (Asia Only)		Feb-2008
				• IMIX Drivers		Mar-2008
Fairway Woods:				Fairway Woods:
• X Hot Fwy Woods		Jan-2007		• Big Bertha Womens Fwy Woods		Jan-2008
• Big Bertha Fwy Woods		Feb-2007		• Hyper X Fwy Woods		Jan-2008
				• Fusion Fwy Woods		Jan-2008
				• FT-I Fwy Woods		Mar-2008
Hybrids:				Hybrids:
• X Hybrids		Jan-2007		• FT Hybrids		Feb-2008
Irons/Wedges:				Irons/Wedges:
• X-20 Irons		Jan-2007		• Big Bertha Irons		Jan-2008
• X Forged Irons		Mar-2007		• Fusion Irons		Jan-2008
				• Big Bertha Womens Irons		Jan-2008
				• X Forged Wedges		Jan-2008
				• FI i-brid Irons		Apr-2008
Putters:				Putters:
• Whitehot XG TwoBall SRT Putters		Feb-2007		• Black Series Insert Putters		Jan-2008
• Black Series Putters		Mar-2007		• Sabertooth Putters		Mar-2008
• Whitehot XG Marksman Putters		Apr-2007		• Whitehot Tour Putters		Apr-2008
Balls:				Balls:
• Top-Flite D2 Balls		Jan-2007		• Top-Flite Gamer Balls		Jan-2008
• HX Hot Balls		Jan-2007		• Top-Flite Freak Balls		Jan-2008
• Big Bertha Balls		Jan-2007		• Top-Flite XL '08 Balls		Jan-2008
• Warbird Balls		Jan-2007		• Top-Flite XL 5000 Balls		Jan-2008
				• Tour ix Balls		Feb-2008
				• HX Hot Bite Balls		Feb-2008
				• Legacy Balls (Asia Only)		Mar-2008
Other:				Other:
• None				• GEM Sets		Jan-2008

Callaway Golf Product Launch Schedule
		2007				2008
Major Second Half Launches:
Drivers:				Drivers:
• None				• No public information available
Fairway Woods:				Fairway Woods:
• None				• No public information available
Hybrids:				Hybrids:
• None				• No public information available
Irons/Wedges:				Irons/Wedges:
• Marxman Chipper		Oct-2007		• No public information available
Putters:				Putters:
• Divine Line		Nov-2007		• No public information available
• Black Series Insert		Nov-2007
Balls:				Balls:
• None				• Tour i Balls		Jul-2008
Other:				Other:
• TF Packaged Sets		Dec-2007		• No public information available

CONTACT:
Callaway Golf Company
Brad Holiday
Patrick Burke
Michele Szynal
(760) 931-1771

Exhibit 99.2

Callaway Golf Announces Investor Day Webcast

CARLSBAD, Calif.--(BUSINESS WIRE)--Callaway Golf Company (NYSE:ELY) today announced that it will hold a conference for financial analysts and investors on Thursday, February 7, 2008, in Carlsbad, California. The event, which begins at 8:00 am PST, will be broadcast live over the Internet and can be accessed at http://ir.callawaygolf.com. To listen to the conference and access the presentation materials, go to the website at least 15 minutes before the conference to register and for instructions on how to access the webcast.

A replay of the webcast and conference presentation materials will be available approximately 3 hours after the conclusion of the conference through 9:00 pm PST on Friday, March 14, 2008 and can be accessed at http://ir.callawaygolf.com.

About Callaway Golf

Through an unwavering commitment to innovation, Callaway Golf Company (NYSE:ELY) creates products and services designed to make every golfer a better golfer. Callaway Golf Company manufactures and sells golf clubs and golf balls, and sells golf accessories, under the Callaway Golf®, Odyssey®, Top-Flite®, and Ben Hogan® brands in more than 110 countries worldwide. For more information please visit www.callawaygolf.com or www.shop.callawaygolf.com.

CONTACT:
Callaway Golf Company
Brad Holiday
Patrick Burke
Michele Szynal
760-931-1771