Callaway Golf Company (NYSE:ELY) announced today that the Board of Directors has authorized the Company to repurchase up to $50 million of the Company’s common stock in open market or in private transactions.
The Company will assess market conditions, buying opportunities and other factors 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. The repurchase program does not require the Company to acquire a specific number of shares and it will remain in effect until completed or until terminated by the Board of Directors.
The Company also announced today that the Board of Directors has declared a regular quarterly cash dividend of $0.01 per share on its Common Stock. The dividend is payable on September 12, 2014 to shareholders of record at the close of business on August 22, 2014.
Callaway Golf www.callawaygolf.com