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


                                  July 21, 2005
                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         (Commission               (IRS Employer
      of incorporation)              File Number)            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 (see General Instruction A.2. below):

[ ] 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 July 21, 2005, Callaway Golf Company issued a press release captioned "Callaway Golf Announces Results for Second Quarter and First Six Months of 2005." A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by this reference. Item 9.01 Financial Statements and Exhibits.* (c) Exhibits. --------- The following exhibit is being furnished herewith: Exhibit 99.1 Press Release, dated July 21, 2005, captioned "Callaway Golf Announces Results for Second Quarter and First Six Months of 2005." * The information furnished under Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including Exhibit 99.1, 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: July 21, 2005 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 July 21, 2005, captioned "Callaway Golf Announces Results for Second Quarter and First Six Months of 2005."

                                                                    Exhibit 99.1

          Callaway Golf Announces Results for Second Quarter
                     and First Six Months of 2005

    CARLSBAD, Calif.--(BUSINESS WIRE)--July 21, 2005--Callaway Golf
Company (NYSE:ELY) today announced its financial results for the
quarter and six months ended June 30, 2005, reporting for the quarter
consolidated net sales of $323.1 million, net income of $18.4 million,
and fully diluted earnings per share of $0.27 on 68.7 million shares.
Reported net income and earnings per share include after-tax charges
associated with the integration of the Top-Flite operations acquired
in late 2003 of $2.0 million and $0.03, respectively. Excluding these
charges, the Company's pro forma net income and fully diluted earnings
per share would have been $20.4 million and $0.30, respectively.
Reported net sales, net income and fully diluted earnings per share
for the same quarter in 2004 (which included after-tax integration
charges of $6.7 million or $0.10 per share) were $297.9 million, $13.7
million and $0.20, respectively, on 68.4 million shares.
    For the six months ended June 30, 2005, the Company reported
consolidated net sales of $623.0 million, net income of $36.8 million,
and fully diluted earnings per share of $0.54 on 68.6 million shares.
Reported net income and earnings per share for the six-month period
were reduced by $4.4 million and $0.06, respectively, due to Top-Flite
integration charges. Excluding these charges, the Company's pro forma
net income and fully diluted earnings per share for the six-month
period were $41.2 million and $0.60, respectively. Reported net sales,
net income and fully diluted earnings per share for the same period in
2004 (which included after-tax integration charges of $9.9 million or
$0.15 per share) were $661.7 million, $54.3 million and $0.79,
respectively, on 68.4 million shares.
    Overall, the Company's sales improved during the second quarter of
2005 relative to the same period last year. The Company's products
were generally well-received at retail and demand for the Company's
products was strong, exceeding the Company's ability to supply some
products. The Company's second quarter earnings were tempered by
increased operating expenses related to brand investment and the
timing of marketing expenses in support of second and third quarter
new product launches. The Company does not expect to have product
discounting issues in the second half of 2005 similar to those faced
in 2004 and as a result anticipates significant year-over-year
improvements in third quarter sales and earnings.
    For more details, including pro forma reconciliations to assist in
year-over-year comparison, please see the attached "Supplemental
Financial Information."

    The Company will be holding a conference call at 2:00 p.m. PDT
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 two hours after the
conclusion, and will remain available through 9:00 p.m. PDT on July
28, 2005. 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 789761.

    Disclaimer: Statements used in this press release that relate to
future plans, events, financial results, performance or prospects,
including statements relating to future discounting and anticipated
improvement in sales and earnings, are forward-looking statements as
defined under the Private Securities Litigation Reform Act of 1995.
These statements are based upon current information and expectations.
Actual results may differ materially from those anticipated as a
result of certain risks and uncertainties, including but not limited
to delays, difficulties or unanticipated costs in integrating the
Top-Flite Golf and Callaway Golf assets, brands and businesses, the
maintenance of good vendor relationships, adverse market and economic
conditions, market acceptance of current and future products, adverse
weather conditions and seasonality, competitive pressures,
fluctuations in foreign currency exchange rates, delays, difficulties
or increased costs in the manufacturing of the Company's golf club or
ball products, or in the procurement of materials or resources needed
to manufacture the Company's golf club or ball products, any rule
changes or other actions taken by the USGA or other golf association
that could have an adverse impact upon demand for the Company's
products, a decrease in participation levels in golf and the effect of
terrorist activity or armed conflict 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, see Part I, Item 2 of the Company's Quarterly Report on
Form 10-Q for the quarter ended March 31, 2005, 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. 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 the Top-Flite
integration charges. The Company has provided reconciling information
in the text of this press release.

    Through an unwavering commitment to innovation, Callaway Golf
Company 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(R), Top-Flite(R), Odyssey(R) and Ben Hogan(R) brands. For more
information, visit www.callawaygolf.com.


                        Callaway Golf Company
                Consolidated Condensed Balance Sheets
                            (In thousands)
                             (Unaudited)

                                               June 30,  December 31,
                                                 2005        2004
                                              ---------- -------------

ASSETS
Current assets:
   Cash and cash equivalents                    $42,656       $31,657
   Accounts receivable, net                     238,253       105,153
   Inventories, net                             193,361       181,230
   Deferred taxes                                36,644        32,959
   Income taxes receivable                        1,083        28,697
   Other current assets                          13,555        14,036
                                              ---------- -------------
      Total current assets                      525,552       393,732

Property, plant and equipment, net              132,070       135,865
Intangible assets, net                          176,910       179,636
Deferred taxes                                    6,234         9,837
Other assets                                     16,447        16,667
                                              ---------- -------------
                                               $857,213      $735,737
                                              ========== =============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Accounts payable and accrued expenses       $122,105       $75,501
   Accrued employee compensation and benefits    28,706        20,215
   Accrued warranty expense                      13,232        12,043
   Line of credit                                50,000        13,000
   Other current liabilities                         17            39
                                              ---------- -------------
      Total current liabilities                 214,060       120,798

Long-term liabilities                            27,700        28,622

Shareholders' equity                            615,453       586,317
                                              ---------- -------------
                                               $857,213      $735,737
                                              ========== =============




                        Callaway Golf Company
                       Statements of Operations
                (In thousands, except per share data)
                             (Unaudited)

                                             Quarter Ended
                                                June 30,
                                       --------------------------
                                         2005             2004
                                       ---------       ----------

Net sales                              $323,132  100%   $297,908  100%
Cost of sales                           176,399   55%    170,072   57%
                                       ---------       ----------
Gross profit                            146,733   45%    127,836   43%
Operating expenses:
   Selling expenses                      90,640   28%     74,496   25%
   General and administrative expenses   21,239    7%     21,834    7%
   Research and development expenses      7,083    2%      7,559    3%
                                       ---------       ----------
Total operating expenses                118,962   37%    103,889   35%
Income from operations                   27,771    9%     23,947    8%
Other expense, net                       (1,806)          (1,592)
                                       ---------       ----------
Income before income taxes               25,965    8%     22,355    8%
Provision for income taxes                7,573            8,640
                                       ---------       ----------
Net income                              $18,392    6%    $13,715    5%
                                       =========       ==========

Earnings per common share:
   Basic                                  $0.27            $0.20
   Diluted                                $0.27            $0.20
Weighted-average shares outstanding:
   Basic                                 68,270           67,788
   Diluted                               68,660           68,368


                                            Six Months Ended
                                                June 30,
                                       --------------------------
                                         2005             2004
                                       ---------       ----------

Net sales                              $622,989  100%   $661,694  100%
Cost of goods sold                      343,650   55%    367,667   56%
                                       ---------       ----------
Gross profit                            279,339   45%    294,027   44%
Operating expenses:
   Selling                              166,385   27%    145,691   22%
   General and administrative            40,324    6%     44,695    7%
   Research and development              13,323    2%     15,668    2%
                                       ---------       ----------
Total operating expenses                220,032   35%    206,054   31%
Income from operations                   59,307   10%     87,973   13%
Other expense, net                       (2,987)          (1,321)
                                       ---------       ----------
Income before income taxes               56,320    9%     86,652   13%
Provision for income taxes               19,568           32,392
                                       ---------       ----------
Net income                              $36,752    6%    $54,260    8%
                                       =========       ==========

Earnings per common share:
   Basic                                  $0.54            $0.80
   Diluted                                $0.54            $0.79
Weighted-average shares outstanding:
   Basic                                 68,226           67,536
   Diluted                               68,643           68,367




                        Callaway Golf Company
           Consolidated Condensed Statements of Cash Flows
                            (In thousands)
                             (Unaudited)

                                                     Six Months Ended
                                                         June 30,
                                                    ------------------
                                                      2005      2004
                                                    -------- ---------
Cash flows from operating activities:
   Net income                                       $36,752   $54,260
   Adjustments to reconcile net income to net
    cash used in operating activities:
     Depreciation and amortization                   22,659    26,320
     Non-cash compensation                            3,957         2
     Loss on disposal of long-lived assets              856     1,619
     Tax benefit from exercise of stock options         269     1,832
     Net non-cash foreign currency hedging losses        --     1,552
     Deferred taxes                                  (1,184)    5,972
     Changes in assets and liabilities, net         (67,368) (111,002)
                                                    -------- ---------
   Net cash used in operating activities             (4,059)  (19,445)
                                                    -------- ---------

Cash flows from investing activities:
   Capital expenditures                             (19,056)   (7,739)
   Proceeds from sale of capital assets                  20       366
   Business acquisitions, net of cash acquired           --    (9,215)
                                                    -------- ---------
   Net cash used in investing activities            (19,036)  (16,588)
                                                    -------- ---------

Cash flows from financing activities:
   Net proceeds from line of credit                  37,000    20,000
   Issuance of Common Stock                           3,560    16,691
   Dividends paid, net                               (4,853)   (4,728)
   Acquisition of Treasury Stock                        (39)   (6,298)
   Payments on financing arrangements                   (22)     (301)
                                                    -------- ---------
   Net cash provided by financing activities         35,646    25,364
                                                    -------- ---------

Effect of exchange rate changes on cash and cash
 equivalents                                         (1,552)     (926)
                                                    -------- ---------

Net increase (decrease) in cash and cash
 equivalents                                         10,999   (11,595)
Cash and cash equivalents at beginning of period     31,657    47,340
                                                    -------- ---------
Cash and cash equivalents at end of period          $42,656   $35,745
                                                    ======== =========




                        Callaway Golf Company
       Consolidated Net Sales and Operating Segment Information
                            (In thousands)
                             (Unaudited)


                     Net Sales by Product Category

                                     Quarter Ended
                                        June 30,      Growth/(Decline)
                                  ------------------- ----------------
                                     2005      2004   Dollars  Percent
                                  --------- --------- -------- -------
Net sales:
 Woods                             $69,583   $75,436  $(5,853)     -8%
 Irons                             111,686    87,047   24,639      28%
 Putters                            33,976    29,193    4,783      16%
 Golf balls                         70,759    74,531   (3,772)     -5%
 Accessories and other              37,128    31,701    5,427      17%
                                  --------- --------- --------
                                  $323,132  $297,908  $25,224       8%
                                  ========= ========= ========


                                  Six Months Ended
                                      June 30,       Growth/(Decline)
                                 ------------------- -----------------
                                   2005      2004    Dollars  Percent
                                 --------- --------- --------- -------
Net sales:
 Woods                           $135,047  $199,234  $(64,187)    -32%
 Irons                            219,634   183,493    36,141      20%
 Putters                           65,824    66,143      (319)      0%
 Golf balls                       129,792   146,627   (16,835)    -11%
 Accessories and other             72,692    66,197     6,495      10%
                                 --------- --------- ---------
                                 $622,989  $661,694  $(38,705)     -6%
                                 ========= ========= =========


                         Net Sales by Region

                                     Quarter Ended
                                        June 30,      Growth/(Decline)
                                  ------------------- ----------------
                                    2005      2004    Dollars  Percent
                                  --------- --------- -------- -------
Net sales:
 United States                    $181,453  $171,316  $10,137       6%
 Europe                             56,568    57,843   (1,275)     -2%
 Japan                              30,274    16,630   13,644      82%
 Rest of Asia                       19,064    17,140    1,924      11%
 Other foreign countries            35,773    34,979      794       2%
                                  --------- --------- --------
                                  $323,132  $297,908  $25,224       8%
                                  ========= ========= ========


                                  Six Months Ended
                                      June 30,        Growth/(Decline)
                                 ------------------- -----------------
                                   2005      2004     Dollars  Percent
                                 --------- --------- --------- -------
Net sales:
 United States                   $366,554  $388,958  $(22,404)     -6%
 Europe                           107,731   125,056   (17,325)    -14%
 Japan                             55,127    48,335     6,792      14%
 Rest of Asia                      33,729    33,122       607       2%
 Other foreign countries           59,848    66,223    (6,375)    -10%
                                 --------- --------- ---------
                                 $622,989  $661,694  $(38,705)     -6%
                                 ========= ========= =========


                     Operating Segment Information

                                   Quarter Ended
                                     June 30,        Growth/(Decline)
                                -------------------  -----------------
                                  2005      2004     Dollars  Percent
                                --------- ---------  -------- --------
Net sales:
 Golf clubs                     $252,373  $223,377   $28,996       13%
 Golf balls                       70,759    74,531    (3,772)      -5%
                                --------- ---------  --------
                                $323,132  $297,908   $25,224        8%
                                ========= =========  ========

Income before provision for
  income taxes: (1)
 Golf clubs (2)                  $33,365   $32,659      $706        2%
 Golf balls (2)                    6,018     3,756     2,262       60%
 Reconciling items (3)           (13,418)  (14,060)      642        5%
                                --------- ---------  --------
                                 $25,965   $22,355    $3,610       16%
                                ========= =========  ========


                                 Six Months Ended
                                     June 30,        Growth/(Decline)
                               -------------------  ------------------
                                  2005      2004     Dollars  Percent
                               --------- ---------  --------- --------
Net sales:
 Golf clubs                    $493,197  $515,067   $(21,870)      -4%
 Golf balls                     129,792   146,627    (16,835)     -11%
                               --------- ---------  ---------
                               $622,989  $661,694   $(38,705)      -6%
                               ========= =========  =========

Income before provision for
  income taxes: (1)
 Golf clubs                     $73,744  $111,502   $(37,758)     -34%
 Golf balls                       7,744     2,109      5,635      267%
 Reconciling items (2)          (25,168)  (26,959)     1,791        7%
                               --------- ---------  ---------
                                $56,320   $86,652   $(30,332)     -35%
                               ========= =========  =========


(1) Prior period amounts have been reclassified to conform with
    current period presentation.

(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 June 30,
                                   -----------------------------------
                                                  2005
                                   -----------------------------------

                                   Pro Forma   Integration  Total as
                                    Callaway     Charges     Reported
                                      Golf
                                   ----------  -----------  ----------
Net sales                          $323,132           $-    $323,132
Gross profit                        148,027       (1,294)    146,733
% of sales                               46%         n/a          45%
Operating expenses                  116,996        1,966     118,962
                                   ---------   ----------   ---------
Income (loss) from operations        31,031       (3,260)     27,771
Other income (expense), net          (1,806)           -      (1,806)
                                   ---------   ----------   ---------
Income (loss) before income taxes    29,225       (3,260)     25,965
Provision for income taxes            8,812       (1,239)      7,573
                                   ---------   ----------   ---------
Net income (loss)                   $20,413      $(2,021)    $18,392
                                   =========   ==========   =========

Diluted earnings (loss) per share:    $0.30       $(0.03)      $0.27
Weighted-average shares
 outstanding:                        68,660       68,660      68,660


                                          Quarter Ended June 30,
                                    ----------------------------------
                                                  2004
                                    ----------------------------------

                                    Pro Forma   Integration  Total as
                                     Callaway     Charges     Reported
                                       Golf
                                    ----------  -----------  ---------
Net sales                           $297,908           $-    $297,908
Gross profit                         133,704       (5,868)    127,836
% of sales                                45%         n/a          43%
Operating expenses                    99,069        4,820     103,889
                                    ---------   ----------   ---------
Income (loss) from operations         34,635      (10,688)     23,947
Other income (expense), net           (1,592)           -      (1,592)
                                    ---------   ----------   ---------
Income (loss) before income taxes     33,043      (10,688)     22,355
Provision for income taxes            12,658       (4,018)      8,640
                                    ---------   ----------   ---------
Net income (loss)                    $20,385      $(6,670)    $13,715
                                    =========   ==========   =========

Diluted earnings (loss) per share:     $0.30       $(0.10)      $0.20
Weighted-average shares
 outstanding:                         68,368       68,368      68,368


                                         Six Months Ended June 30,
                                    ----------------------------------
                                                  2005
                                    ----------------------------------

                                    Pro Forma   Integration  Total as
                                     Callaway     Charges     Reported
                                       Golf
                                    ----------  -----------  ---------
Net sales                           $622,989           $-    $622,989
Gross profit                         283,716       (4,377)    279,339
% of sales                                46%         n/a          45%
Operating expenses                   217,322        2,710     220,032
                                    ---------   ----------   ---------
Income (loss) from operations         66,394       (7,087)     59,307
Other income (expense), net           (2,987)           -      (2,987)
                                    ---------   ----------   ---------
Income (loss) before income taxes     63,407       (7,087)     56,320
Provision for income taxes            22,261       (2,693)     19,568
                                    ---------   ----------   ---------
Net income (loss)                    $41,146      $(4,394)    $36,752
                                    =========   ==========   =========

Diluted earnings (loss) per share:     $0.60       $(0.06)      $0.54
Weighted-average shares
 outstanding:                         68,643       68,643      68,643


                                        Six Months Ended June 30,
                                    ----------------------------------
                                                  2004
                                    ----------------------------------

                                    Pro Forma   Integration  Total as
                                     Callaway     Charges     Reported
                                       Golf
                                    ----------  -----------  ---------
Net sales                           $661,694           $-    $661,694
Gross profit                         303,365       (9,338)    294,027
% of sales                                46%         n/a          44%
Operating expenses                   199,596        6,458     206,054
                                    ---------   ----------   ---------
Income (loss) from operations        103,769      (15,796)     87,973
Other income (expense), net           (1,321)           -      (1,321)
                                    ---------   ----------   ---------
Income (loss) before income taxes    102,448      (15,796)     86,652
Provision for income taxes            38,297       (5,905)     32,392
                                    ---------   ----------   ---------
Net income (loss)                    $64,151      $(9,891)    $54,260
                                    =========   ==========   =========

Diluted earnings (loss) per share:     $0.94       $(0.15)      $0.79
Weighted-average shares
     outstanding:                     68,367       68,367      68,367

    CONTACT: Callaway Golf Company
             Brad Holiday, Patrick Burke, Larry Dorman, 760-931-1771