Callaway 2005 Annual Report Download - page 7

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In addition to these cost-saving initia-
tives, we are also taking other actions to
improve our service levels with our custom-
ers and communications with our consum-
ers. We have made signifi cant progress in
our supply chain management resulting
in improved on-time delivery of our prod-
ucts and improved service levels to our
customers. We have revamped our
marketing programs to make them more
consumer-focused than ever. We already
reach more than 800,000 of our consumers
each quarter in our award-winning Callaway
Golf Magazine and have become much
more aggressive in getting our message out
to the marketplace through both advertis-
ing and direct communications.
Clearly, there is much work ahead of us.
But as we look to 2006 and beyond, we are
very well-positioned to achieve our objec-
tives. We have a substantial number of
important product launches planned and
are more committed to innovation than
ever as we bring golfers the most techno-
logically advanced products in the market.
We believe the actions we are taking both
strategically and operationally, along with
the $50 million share repurchase program
announced in November 2005, will result
in improved profi tability and enable us to
maximize value to our shareholders.
On a personal note, I was delighted
to join Callaway Golf Company last
August, and am truly excited about the
opportunities I see for the Company as we
strive to design, create, manufacture and
deliver products that make every golfer
a better golfer. With four exceptional
brands, I look forward to returning the
Company to historical performance
levels. The efforts this year have created
a positive momentum in the marketplace
that we will build upon, and I look forward
to reporting to you on our progress.
In closing, I would also like to thank
our loyal customers, our consumers, our
dedicated employees and you, our share-
holders, for the continued support.
George Fellows
President and Chief Executive Officer
April 17, 2006