Callaway 2001 Annual Report Download - page 59

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Callaway Golf Company
57
To the Board of Directors and Shareholders
of Callaway Golf Company:
We have audited the accompanying consolidated balance sheet of Callaway
Golf Company (a Delaware corporation) and Subsidiaries as of December
31, 2001, and the related consolidated statements of operations, sharehold-
ers' equity, and cash flows for the year ended December 31, 2001. 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 audit.
We conducted our audit in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and per-
form 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 finan-
cial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit pro-
vides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Callaway Golf Company and
Subsidiaries as of December 31, 2001, and the results of their operations and
their cash flows for the year ended December 31, 2001 in conformity with
accounting principles generally accepted in the United States.
San Diego, California
January 15, 2002 (except with respect to the
matter discussed in Note 17, as to which
the date is February 11, 2002)
To the Board of Directors and Shareholders
of Callaway Golf Company:
In our opinion, the accompanying consolidated balance sheet as of December
31, 2000 and the related consolidated statements of operations, of cash flows
and of shareholders’ equity for each of the two years in the period ended
December 31, 2000 present fairly, in all material respects, the financial posi-
tion, results of operations and cash flows of Callaway Golf Company and its
subsidiaries at December 31, 2000 and for each of the two years in the peri-
od ended December 31, 2000, in conformity with accounting principles gen-
erally accepted in the United States of America. 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 stan-
dards generally accepted in the United States of America, 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 sig-
nificant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
San Diego, California
March 19, 2001
Reports of Independent Public Accountants