DESPITE INCREASE IN SALES, CALLAWAY'S 1Q EARNINGS DROP

          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).