Callaway 1999 Annual Report Download - page 49

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47CALLAWAY GOLF COMPANY
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
Callaway Golf Company:
In our opinion, the accompanying consolidated balance sheet and the related consolidated statements of operations, of cash flows
and of shareholders’ equity present fairly, in all material respects, the financial position of Callaway Golf Company and its sub-
sidiaries at December 31, 1999 and 1998, and the results of their operations and their cash flows for each of the three years in the
period ended December 31, 1999 in conformity with accounting principles generally accepted in the United States. These financial
statements are the responsibility of the Company’s management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally
accepted in the United States, which require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for
the opinion expressed above.
San Diego, California
January 26, 2000