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
June 14,
2010
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):
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other Events.
On June
14, 2010, Callaway Golf Company issued a press release captioned “Callaway Golf
Company Provides Guidance For Second Quarter.” 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 June 14, 2010, captioned “Callaway Golf Company Provides
Guidance For Second Quarter.”
|
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: June 14,
2010
|
By:
|
/s/ Brian P. Lynch | |
| Name: | Brian P. Lynch | ||
| Title: | Vice President and | ||
|
Corporate
Secretary
|
|||
Exhibit
Index
|
Exhibit
Number
|
Description
|
|
99.1
|
Press
Release, dated June 14, 2010, captioned “Callaway Golf Company Provides
Guidance For Second Quarter.”
|
Contacts: Brad
Holiday
Eric
Struik
Tim
Buckman
(760)
931-1771
CALLAWAY
GOLF COMPANY PROVIDES
GUIDANCE
FOR SECOND QUARTER
CARLSBAD,
CA /June 14, 2010/ Callaway Golf Company (NYSE:ELY) today provided guidance for
the second quarter of 2010, announcing that estimated net sales would be in the
range of $295 - $305 million and fully diluted earnings per share would be in
the range of $0.10 - $0.15, including charges of approximately $0.01 per share
related to the Company’s global operations strategy. For the second quarter of
2009, the Company reported net sales of $302 million and earnings per diluted
share of $0.10, including approximately $0.02 per share for charges related to
the Company’s global operations strategy.
“As we
discussed throughout the year, 2010 will be the first step for the golf industry
and the Company toward a full recovery from the recent global economic crisis,”
commented George Fellows, President and Chief Executive Officer. “The pace of
the recovery is affected by the stabilization of the worldwide economies and the
recovery of consumer discretionary spending on durable products. Based upon
current trends, however, it appears that the recovery will be slower than we had
expected. The increased economic and political instability in Asia and Europe,
the tentative nature of consumer spending so far this year in the United States,
and unfavorable weather conditions in many of the Company’s key markets this
year, are all factors slowing the pace of the recovery.”
“While
our full year results will show less improvement than we initially forecasted,
we remain confident that we will return the Company to profitability in 2010 and
remain confident in our longer-term prospects as well,” continued Mr.
Fellows. “Our brand continues to be strong worldwide. Our
global operations strategy continues to deliver significant savings and
increased flexibility in our supply chain, allowing us to adjust to changing
market conditions very efficiently. Our apparel and accessories businesses
continue to grow, and our international market expansion is ahead of schedule
and will benefit from the inclusion of golf in the Olympics. Inventories at
retail as well as our own inventories are reasonable and our liquidity and
balance sheet are sound. These factors will be even more important as economic
conditions improve and the recovery continues.”
Conference
call
The
Company intends to release actual second quarter financial results on July 28,
2010. A conference call and webcast will also take place at that
time. During the conference call, the Company will provide its
revised outlook for the year as well as information on the actions the Company
is implementing in light of the slower than expected economic
recovery.
*****
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 per share, 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 future changes in foreign currency exchange rates, consumer
acceptance and demand for the Company’s products, the level of promotional
activity in the marketplace, as well as future consumer discretionary purchasing
activity, 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 continued compliance with the terms of the Company’s credit facility;
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 the Company’s Annual Report on Form 10-K for the year
ended December 31, 2009 as well as other risks and uncertainties detailed from
time to time in the Company’s reports on Forms 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.
* * * *
*
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®, Ben Hogan® and
uPro™ brands in more than 110 countries worldwide. For more information please
visit www.callawaygolf.com or Shop.CallawayGolf.com
2