Callaway Golf Company announced that its Board of Directors has authorized the company to repurchase up to $100 million of the company's common stock in open market or in private transactions.
In June 2006, the company had announced the implementation of a $50 million stock repurchase program. To date, the company has repurchased under that program approximately 1.82 million shares at an average cost of $15.69 for a total cost of $28.6 million. That program has now been canceled and superseded by the new $100 million stock repurchase program announced today.
The company will assess market conditions and buying opportunities from time to time and will make strategic repurchases as appropriate. The repurchases will be made consistent with the terms of the company's credit facility which defines the amount of stock that can be repurchased in any one year. The repurchase program will remain in effect until completed or until terminated by the Board of Directors.
The company also announced that the Board of Directors declared a dividend of $.07 per share, payable July 5, 2007, to shareholders of record as of June 18, 2007.
