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Callaway Golf announced that its net sales in the year ended December 31, '97 increased 24% to $842.9M over the previous year's net sales of $678.5M. The company also announced that it had a net income of $132.7M for '97 -- an 8% increase from the $122.3M in '96. Net income included a one-time charge of $12M for the settlement of litigation between Callaway and a former employee (Callaway Golf).