EXHIBIT 99.1

    Callaway Golf Company Declares Dividend and Announces Plans to
            Repurchase up to $100 Million of Common Stock

    CARLSBAD, Calif.--(BUSINESS WIRE)--June 5, 2007--Callaway Golf
Company (NYSE:ELY) announced today that the Board of Directors has
authorized the Company to repurchase up to $100.0 million of the
Company's common stock in open market or in private transactions. 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. The repurchase program will remain in
effect until completed or until terminated by the Board of Directors.

    In June 2006, the Company had announced the implementation of a
$50 million stock repurchase program. To date, the Company has
repurchased under that program approximately 1.82 million shares at an
average cost of $15.69 for a total cost of $28.6 million. That program
has now been canceled and superseded by the new $100.0 million stock
repurchase program announced today.

    The Company also announced that the Board of Directors declared a
dividend of $.07 per share, payable July 5, 2007, to shareholders of
record as of June 18, 2007.

    About Callaway Golf

    Through an unwavering commitment to innovation, Callaway Golf
Company creates products and services designed to make every golfer a
better golfer. Callaway Golf Company, which celebrates its 25th
Anniversary in 2007, manufactures and sells golf clubs and golf balls,
and sells golf accessories, under the Callaway Golf(R), Odyssey(R),
Top-Flite(R), and Ben Hogan(R) brands in more than 110 countries
worldwide. For more information please visit www.callawaygolf.com.

    CONTACT: Callaway Golf Company
             Brad Holiday/Michele Szynal/Patrick Burke, 760-931-1771