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2007 ANNUAL REPORT 2007 ANNUAL CALLAWAY GOLF COMPANY GOLF COMPANY CALLAWAY CALLAWAY GOLF COMPANY 2007 ANNUAL REPORT “True visionaries are random and rare. But no other word better describes Ely Callaway and his impact on golf. In an ever-changing game, design INNOVATIONS developed under his leadership were so far ahead of their time they still serve as the core to almost every club we make. That vision and passion are what drive us to continue developing TECHNOLOGY that fuels the most advanced equipment in the game. The original Big Bertha Driver launched a revolution in PERFORMANCE, and it carries on today with products like the FT-i Drivers and the Tour i Series Golf Balls. After a very successful 2007, the Company is riding a wave of MOMENTUM into 2008 and beyond. Some would be satisfied, but getting complacent isn’t who we are. With every new and innovative product we introduce, we’re building on our legacy of helping every golfer become a better golfer so they can enjoy the game. I think our founder would be proud.” George Fellows President and CEO PRINTING: RR DONNELLEY COMPANY DESIGN AND PRODUCTION: TROY MCMONIGAL ART DIRECTION: JEFF ADAMOFF TO MY FELLOW SHAREHOLDERS: Last year represented a watershed moment for Callaway Golf. We started by taking a nostalgic look at history, celebrating our 25th Anniversary and the legacy built by our founder Ely Callaway. We finished 2007 by cementing our position as the industry leader with record sales and triple-digit earnings growth. What started as a small, niche golf company in Southern California has blossomed into a global entity that produces the most innovative and techno- logically advanced products in the game. This success stems from the passion and dedication of the brightest and most respected team in golf. Our talented employees never stop looking to improve the way we operate, whether it be product development, manufacturing, marketing, sales or any of the other myriad puzzle pieces that go into making a great company. Due in large part to their conviction and devotion, our employees played an integral part in building the momentum we forged in 2007. Many elements came together for the Company to have such a banner year, most notably the enthusiastic acceptance of our extensive product line by golfers worldwide. $1,125 Our Woods business, driven by patented $1,018 Fusion Technology, had a major impact. The $998 launch of the highly anticipated FT-i and FT-5 Drivers proved to be an instant hit with both professional and amateur golfers alike. Our Irons continued their long streak of dominance, staying No. 1 in U.S. market share for the 11th consecutive year, fueled mainly NET SALES IN MILLIONS 2005 2006 2007 by the extremely popular X-20 line. Odyssey remained the #1 Putter in Golf, and was able to increase its market leading share NET SALES IN MILLIONS by nearly 3 points. INNOVATION TECHNOLOGY Good news also came from the Top-Flite outdistances the systems of our competitors business. We began 2007 with a plan to so golfers seeking the latest and greatest stabilize and begin growing this brand, and technology can find the ideal setups for I’m happy to report that all the hard work their game. and effort is beginning to pay off. After many years of declining revenues and market share, In golf balls, the new Tour i Series is Top-Flite’s core business reversed course and generating serious buzz on Tour and in golf grew by 2%. We gained distribution in more shops around the country. The Tour i and than 900 new accounts, and as a testament Tour ix and their 4-Piece Inertia Technology to the performance of Dimple in Dimple are the most advanced golf balls we’ve ever aerodynamics, Time magazine named the D2 developed. Callaway Golf ball usage on Tour is Golf Ball one of its “Inventions of the Year.” up more than 40 percent compared to 2007, With this year’s introduction of the Gamer further validating our excitement about this and Freak golf balls, the brand and its new product. In fact, four of the six players “Never Lay Up” attitude is on track to begin occupying the top 3 spots in the men’s and regaining its position as a leading player in women’s World Golf Rankings play Callaway the value category. Golf balls. Obviously, no other manufacturer can make that claim. Overall, we were very pleased with our financial results in 2007. Our net sales The professional tours provide us with some increased 10% to $1.125 billion and fully of our most valuable visibility and we were diluted earnings per share increased 138% thrilled when the opportunity presented to $.81. Our gross margin initiatives we itself to add the highly respected and announced in 2006 are also paying dividends, admired Ernie Els to our Tour Staff. His as gross margins increased from 39% of net beautiful swing, worldwide appeal and major sales in 2006 to 44% in 2007. This dramatic championship pedigree were a welcome improvement was largely the result of more addition to our already stellar roster of than $30 million in savings from process talent, and since switching to Callaway improvements initiated in 2006, and we are Golf equipment he has risen to No. 3 in the committed to delivering additional savings world rankings. Phil Mickelson solidified his in 2008 and beyond. position as the No. 2 player in the world by winning The Players Championship, the PGA This year, Callaway Golf once again is at the Tour’s unofficial 5th major, as well as the forefront of innovation with the introduction Deutsche Bank Championship during the of I-MIX Technology, which capitalizes on a inaugural FedEx Cup Playoffs. recent rule change on club adjustability. This system gives golfers the ability to quickly Morgan Pressel became the youngest player and easily customize their driver clubhead in LPGA history to win a major title when she and shaft to the weather conditions and/or captured the Kraft Nabisco Championship. style of golf course. With more than 1,600 And arguably the greatest women’s player of combinations available, I-MIX easily all-time, Annika Sorenstam, has started the 2008 season with a win in Hawaii, continuing her march toward the record for most career victories. Our overall staff strength has never been better with the signing of several Help us find a cure FOR OVARIAN CANCER up-and-coming players to our PGA Tour and European Tour staffs and we’re looking Help us forward to watching all of them compete find a cure this year. Help us find a cure FOR OVARIAN CANCER But our Tour professionals represent just one part of our extensive plan to reach out to Help us find a cure FOR OVARIAN the public. In addition to our traditional print CANCER and TV advertising, we are exploring ways to take advantage of untraditional marketing media designed to educate and excite Help us find a cure FOR golfers of all ages and abilities about our OVARIAN CANCER brands and innovative products. Our website, callawaygolf.com, is one of the most highly visited sites among all golf manufacturers and the weekly television show, “The Approach with Callaway Golf” is one of The Golf Channel’s most popular programs. In late 2007, we established ourselves as an industry leader in cause-related marketing. The Callaway Golf Foundation joined forces with the Entertainment Industry Foundation, one of North America’s pre-eminent fund- $ .81 raising organizations, to build an awareness campaign for ovarian cancer research. Our public service announcements featuring TV $ .34 star Eva Longoria, along with the inaugural Callaway Golf Foundation Challenge celebrity $ .19 pro-am golf tournament, have helped raise more than $1 million to fund treatment and find a cure for the disease while emphasizing Callaway Golf’s commitment to women. EARNINGS PER SHARE 2005 2006 2007 We are focused on achieving a leadership position in the fast-growing women’s market and have implemented a comprehensive EARNINGS PER SHARE promotional and public relations program, PERFORMANCE MOMENTUM along with a new line of golf equipment our business originates internationally, and designed specifically for women, to help our balance sheet is strong with no long-term get us there. debt. However, we are proactively addressing these uncertainties by developing plans that Another focus will be continuing to expand will let us adapt quickly and efficiently to our international reach. In 2007, international changing market conditions, allowing us to sales represented approximately 47% of remain competitive and profitable. revenue and 53% of profits. With our commitment to growing our business both Looking toward 2009 and beyond, the cutting at home and abroad, we one day expect to edge products in our pipeline are poised generate the majority of our business from to allow us to expand our leadership within international markets – including Eastern the industry. The spirit of technological Europe, China and Latin America. With the innovation and continuous improvement help of a new integrated, global view of the instilled by Ely Callaway is alive and well. business, we can develop innovative products, programs and marketing vehicles that are Over the last quarter century, our brand globally efficient and locally relevant. has carved a place in the hearts and minds of golfers everywhere. Most importantly, We’ve begun the process of expanding our Callaway Golf has stayed true to its reach beyond the traditional golf business, philosophy of producing innovative products as well. We want to be viewed not only as a that help make every golfer a better golfer.
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