Callaway Golf Company’s Board of Directors has authorised the company to repurchase up to US$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 programme 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 that the Board of Directors has declared a regular quarterly cash dividend of US$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 is a Full Business Member of the Asian Golf Industry Federation.