EXHIBIT 99.1

Callaway Golf Company Declares Dividend and Announces Plans to Repurchase
                   up to $50 Million of Common Stock

    CARLSBAD, Calif.--(BUSINESS WIRE)--Nov. 23, 2005--Callaway Golf
Company (NYSE:ELY) announced today that the Board of Directors has
authorized the Company to repurchase up to $50 million of the
Company's common stock in open market or in private transactions
beginning in the first quarter of 2006. The Company will assess market
conditions and buying opportunities from time to time and will make
strategic repurchases as appropriate. The repurchases will be made
consistent with the terms of the Company's credit facility which
defines the amount of stock that can be repurchased in any one year,
but the Company expects to complete the repurchase program within
three years. The new stock repurchase program supersedes all prior
stock repurchase authorizations.
    The Company also announced that the Board of Directors declared a
dividend of $.07 per share, payable December 21, 2005, to shareholders
of record as of December 6, 2005.

    Through an unwavering commitment to innovation, Callaway Golf
creates products and services designed to make every golfer a better
golfer. Callaway Golf Company manufactures and sells golf clubs and
golf balls, and sells golf accessories, under the Callaway Golf(R),
Top-Flite(R), Odyssey(R) and Ben Hogan(R) brands. For more information
visit www.callawaygolf.com.

    CONTACT: Callaway Golf Company
             Brad Holiday, Larry Dorman
             760-931-1771