CALLAWAY'S NET INCOME DROPS 84%; COULD LAYOFFS BE NEXT?

          Callaway Golf announced that its net income fell 84%
     and sales fell almost 33% during the third quarter ended
     September 30, according to Bruce Bigelow of the SAN DIEGO
     UNION-TRIBUNE.  Callaway also said that its Board of
     Directors "has been meeting to review a restructuring plan,
     fueling rumors of impending layoffs among the company's
     2,660 employees."  Callaway CFO David Rane: "We don't see
     any economic conditions that would indicate that the overall
     golf market itself will be strengthening in the short term." 
     Callaway announced that third quarter income fell to $5.8M,
     or $.08 a share, compared with net income of $37M, or $.52 a
     share in 3Q '97.  Callaway reported quarter revenue of
     $172.9M, down from $257.4M last year (UNION-TRIBUNE, 10/23).