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DESPITE INCREASE IN SALES, CALLAWAY'S 1Q EARNINGS DROP
Published April 24, 1998
Callaway Golf reported net sales of $176.9M for the first quarter ended March 31, 1998, an increase of 5% over 1Q '97. However, net income decreased 54% to $11.2M, and diluted earnings per share decreased 53% to $0.16 from %0.34 in '97 (Callaway Golf). Callaway Golf finished down 1 3/4 to 27 1/2 yesterday ("Nightly Business Report," PBS, 4/23). SWEDE VICTORY: Callaway announced the conclusion of successful litigation against Sportz & Golf, a Swedish company that had been selling counterfeit copies of Callaway's Big Bertha clubs in that country. Callaway received a court-approved settlement, which covered most of its prosecution costs (Callaway).