Callaway 2005 Annual Report Download - page 6

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Better Business Bureau’s Torch Award for
Marketplace Ethics for the second time
since his passing in 2001, evidence that the
bedrock principles remain intact.
The touring professionals who represent
Callaway Golf on the worldwide tours share
the burning desire to win, and to elevate
the Company’s brand recognition in so
doing. Callaway Golf Staff Professionals
Phil Mickelson (PGA Championship), Annika
Sorenstam (Kraft Nabisco Championship,
LPGA Championship) and Michael Camp-
bell (United States Open Championship)
combined for 17 tournament victories in
2005, including their four major champion-
ship wins, leading a Tour Staff that produced
a total of 33 worldwide wins. We are also off
to a resounding start in 2006 with Mickelson
winning two tournaments including his sec-
ond Masters and have added some exciting
young stars, including Morgan Pressel and
Henrik Stenson, each with a bright future.
Superior products are, and always
have been, a hallmark of Callaway Golf
Company. Still, we recognize that great
products alone will not take the Compa-
ny to the heights we desire it to achieve.
As an organization, we also are focused on
being more effi cient, effective and competi-
tive. We continue to look at opportunities
to streamline and improve operations to
improve profi tability. To that end, in Sep-
tember we announced the implementation
of Company-wide initiatives designed to
improve our business processes and
substantially reduce overall expenses over
a two-year period. The savings not only
will increase our bottom line, but a portion
will be reinvested in the business to drive
future growth. These and other strate-
gic changes will make us a more effective
organization and further strengthen our
position in the marketplace.
As we continue to implement these
initiatives, we also are committed
to improving gross margins. In par-
ticular, we are identifying steps in our
supply and assembly operations that could
further improve performance. We believe
substantial cost savings can be achieved
by reexamining our manufacturing
processes and implementing automation
opportunities and sourcing strategies.
A Better
Game by
Design