EXHIBIT 99.1

                                                       Contact:      Ron Drapeau
                                                                    Brad Holiday
                                                                    Larry Dorman
                                                                  (760) 931-1771


          BANKRUPTCY COURT APPROVES INITIAL BID BY CALLAWAY GOLF TO BUY
             TOP-FLITE ASSETS; SCHEDULE SET FOR OTHER BIDS AND SALE


         CARLSBAD, Calif./ July 23, 2003/ Callaway Golf Company (NYSE:ELY) today
announced the U.S. Bankruptcy Court in Wilmington, Delaware, has established a
process and a timetable for the sale of substantially all the assets of The
Top-Flite Golf Company. Pursuant to the official order approved by the Court at
a hearing held today, Callaway Golf's initial bid of $125 million will be the
"stalking horse" bid under a process where other qualified bidders will have the
opportunity to submit "higher and better" offers.

         Under the Court's approved bidding process, parties interested in
submitting a bid must become "qualified" and submit a bid not later than August
27, 2003. Thus far, two parties in addition to Callaway Golf have been
officially designated "qualified bidders," and several others have indicated an
interest in becoming qualified. Bids must, among other things, provide for an
aggregate purchase price of at least $1.0 million over Callaway Golf's bid; be
on terms that are not materially more burdensome or conditional than Callaway
Golf's bid; and not be conditioned on obtaining financing or the outcome of any
due diligence. The breakup fee and expense reimbursement provisions initially
proposed as a part of Callaway Golf's bid have been eliminated, and any
competing bid must also exclude any request for breakup fee or expense
reimbursement. In addition, Top-Flite must determine that a bid submitted by a
party other than Callaway Golf would likely be consummated if selected.

         If one or more qualified bids are received by the deadline, then an
auction will be held on September 3, 2003. Callaway Golf and any qualified
bidder who actually submitted a qualified bid will be permitted to participate
in the auction process on that day. Top-Flite will select the best qualified bid
presented during the auction. If no qualified bid superior to Callaway Golf's
initial bid is received by the bid deadline, then Callaway Golf will be the
selected bidder and the auction process will not occur.

         On September 4, 2003, Top-Flite will submit the best bid received
during this process to the Bankruptcy Court for approval.

         "We are pleased to complete this important step, permitting us to move
closer to obtaining final approval of our bid for the assets of Top-Flite," said
Ron Drapeau, Chairman, President and CEO of Callaway Golf. "Not only have we
been selected as the lead bidder for Top-Flite in the Section 363 process, but
we have also completed the antitrust review process required by the
Hart-Scott-Rodino Premerger Notification Act - something that any other bidder
would need to complete. We stand ready to close our transaction as soon after
Bankruptcy Court approval as reasonably possible."

         The court rejected a request filed by adidas-Salomon AG to replace
Callaway Golf as the "stalking horse" bidder in the bankruptcy process. That
request had been filed after Callaway Golf and Top-Flite had announced their
agreement. Adidas-Salomon is the parent company of Taylor Made Golf Company,
Inc.

Callaway Golf Company makes and sells Big Bertha(R) Metal Woods and Irons,
including Great Big Bertha(R) II Titanium Drivers and Fairway Woods, Big Bertha
Steelhead(TM) III Stainless Steel Drivers and Fairway Woods, Hawk Eye VFT
Tungsten Injected(TM) Titanium Irons, Big Bertha Stainless Steel Irons,
Steelhead X-16(TM) and Steelhead X-16 Pro Series Stainless Steel Irons, and
Callaway Golf Forged Wedges. Callaway Golf Company also makes and sells
Odyssey(R) Putters, including White Hot(R), TriHot(R), DFX(TM) and Dual Force(R)
Putters. Callaway Golf Company makes and sells the Callaway Golf(R) HX(R) Blue
and HX Red balls, the CTU 30(R) Blue and CTU 30 Red balls, the HX 2-Piece Blue
and HX 2-Piece Red balls, the CB1(R) Blue and CB1 Red balls, and the Warbird(TM)
golf balls. For more information about Callaway Golf Company, please visit our
Web sites at www.callawaygolf.com and www.odysseygolf.com.