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 beginning in the first quarter of 2006. 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, but the company expects to complete the repurchase program within three years. The new stock repurchase program supersedes all prior stock repurchase authorizations.
The company also declared a dividend of $.07 per share, payable on December 21, 2005, to shareholders of record as of December 6, 2005.
Callaway Golf shares closed at $15.12 – up 12 cents on the day.
Callaway Golf www.callawaygolf.com
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