Escalade Incorporated Announces Second Quarter Results
EVANSVILLE, Ind., Aug. 2 /PRNewswire-FirstCall/ -- Escalade, Incorporated (Nasdaq: ESCA) reports that the company's record setting second quarter earnings and sales more than offset the first quarter's slow start. Second quarter net sales rose 16% to $32,202,000 bringing year to date net sales to $49,707,000, 7.5% ahead of last year. Net income for the quarter increased 65% to $2,603,000 or forty cents (40c) per share vs. twenty-four cents (24 cents) per share last year. Escalade Sports continues to provide all the sales growth. For the quarter, net sales increased 25% to $23,335,000, pushing net income up 76%. During the quarter, Escalade Sports acquired the assets of Murrey and Sons premium line of indoor and outdoor billiard and soccer tables. The major sporting goods focus for the balance of this year will be to integrate the recent acquisitions and develop products for the new brand names recently acquired. Our customers continue to plan increased promotions and to provide us with forecasts that indicate another growth year for sporting goods. Martin Yale's net sales declined 2.2% for the quarter to $8,867,000, while net income rose 33%. During the quarter, Martin Yale completed its relocation of West Coast distribution to Tijuana and closed on the sale of one of its two Los Angeles properties, resulting in a gain of $423,000. The sale of the second Los Angeles property is currently scheduled for closing in August. Martin Yale is continuing to evaluate the opportunity to exclusively market a promising and unique patented line of photo frame/desk accessories with a pop out front matte and high quality finish. During the quarter, $232,000 was expensed on this project. If the evaluation continues until year-end, the project may require up to $1,000,000 of total expenses, at which time a final decision will have been made. John MacWherter, recently the General Manager of a Martin Yale division, has been appointed President and Chief Operating Officer of Martin Yale, allowing for full-time management focus on this business segment. Overall, the outlook for the year continues to be favorable and we continue to review acquisition opportunities and other means of enhancing shareholder value. (Escalade, Incorporated continued) (Unaudited in thousands, except per share figures) 3 Months Ended 6 Months Ended 12 Months Ended July 13, July 14, July 13, July 14, July 13, July 14, 2002 2001 2002 2001 2002 2001 Net Sales $32,202 $27,759 $49,707 $46,255 $152,305 $120,726 Cost of Goods Sold 21,579 18,799 33,913 31,509 109,325 83,405 Selling & Admin. Expense 6,635 5,646 11,617 9,706 23,761 20,809 Operating Income 3,988 3,314 4,177 5,040 19,219 16,512 Interest Expense (246) (406) (367) (723) (1,003) (1,944) Goodwill --- (303) --- (530) (332) (863) Other Income (Expense) 326 (50) 151 (217) (62) (363) Income Before Taxes 4,068 2,555 3,961 3,570 17,822 13,342 Provision for Taxes 1,465 977 1,426 1,358 6,360 5,122 Net Income 2,603 1,578 2,535 2,212 11,462 8,220 Basic Earnings Per Share .40 .24 .39 .34 1.78 1.27 Diluted Earnings Per Share $.40 $.24 $.39 $.34 $1.76 $1.26 Average Shares Outstanding 6,495 6,447 6,467 6,468 6,446 6,483 July 13, 2002 July 14, 2001 Current Assets $ 52,379 $ 42,524 Fixed Assets 10,017 9,131 Other Assets 12,323 6,157 Goodwill 13,351 10,369 Total $ 88,070 $ 68,181 Current Liabilities $ 31,211 $ 25,712 Other Liabilities 19,516 16,918 Shareholders' Equity 37,343 25,551 Total $ 88,070 $ 68,181 Forward Looking Statements This report contains forward-looking statements relating to present or future trends or factors that are subject to risks and uncertainties. These risks include, but are not limited to, the impact of competitive products and pricing, product demand and market acceptance, Escalade's ability to successfully integrate the operations of acquired assets and businesses, new product development, the continuation and development of key customer and supplier relationships, Escalade's ability to control costs, general economic conditions, fluctuations in operating results, changes in the securities markets and other risks detailed from time to time in Escalade's filings with the Securities and Exchange Commission. Escalade's future financial performance could differ materially from the expectations of management contained herein. Escalade undertakes no obligation to update these forward- looking statements after the date of this report. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X32765570
SOURCE Escalade, Inc.
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