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2011 ANNUAL REPORT
FORM 10-K
CALLAWAY GOLF COMPANY
2011 ANNUAL REPORT
For the scal year ended December 31, 2011
CERTIFICATIONS
In June 2011, 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 2012, 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, 2011.
FORWARD - LOOKING INFORMATION
Statements made in the letter to shareholders that relate to future plans, events, financial results, performance,
or growth, including statements relating to future sales growth, market share, profitability or recovery, 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 consumer acceptance and demand
for the Company’s products, the level of promotional activity in the marketplace, future consumer discretionary
purchasing activity (which can be significantly adversely affected by unfavorable economic or market conditions),
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-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.