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FORM 10-K
C A L L A W A Y G O L F C O M P A N Y
2006 ANNUAL REPORT
For the fiscal year ended December 31, 2006
Certifications
In June 2006, the Company filed with the New York Stock Exchange the Annual CEO Certification required under
Section 303A.12(a) of the NYSE’s Listed Company Manual regarding the Company’s compliance with the
NYSE’s corporate governance listing standards. In March 2007, the Company filed with the Securities and
Exchange Commission the certifications of the Company’s Chief Executive Officer and Chief Financial
Officer required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as Exhibits 31.1, 31.2 and
32.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.
Forward - Looking Information
Statements made in the letter to shareholders that relate to future plans, events, financial results or performance
including statements relating to future growth, profitability, the re-launch of the Top-Flite brand, the timing or amount
of savings to be realized from the Company’s gross margin initiatives, market acceptance or success of new products,
the elimination of supply chain issues and the returning to historical levels of profitability, are forward-looking
statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are based upon
current goals, estimates, information and expectations. Actual results may differ materially from those anticipated as
a result of certain risks and uncertainties, including delays, difficulties, changed strategies, or unanticipated factors
affecting the implementation of the Company’s gross margin initiatives, as well as the general risks and uncertainties
applicable to the Company and its business. For details concerning these and other risks and uncertainties, see Part
I, Item IA, “Risk Factors” contained in the following Annual Report on Form 10-K, as well as the Company’s other
reports on Forms 10-K, 10-Q and 8-K subsequently filed with the Securities and Exchange Commission from time to
time. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as
of the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the occurrence of unanticipated events.