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Escalade, Incorporated Announces Third Quarter Earnings

THIRD QUARTER ENDED OCTOBER 5, 2002



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    EVANSVILLE, Ind., Oct. 25 /PRNewswire-FirstCall/ --
 
                                  FlashResults
                     Escalade, Incorporated (Nasdaq:   ESCA)
                 (Numbers in Thousands, Except Per Share Data)
 
                    3rd quarter ended           3rd quarter ended
                        10/5/2002       YTD         10/6/2001           YTD
 
      Sales              $51,859     $101,566        $54,423         $100,678
      Net Income          $4,149       $6,684         $4,040           $6,252
      Average Shares       6,509        6,479          6,420            6,453
      EPS                   $.64        $1.03           $.63             $.97
 
     Escalade, Incorporated (Nasdaq:   ESCA) reports in spite of a 5% decline in
 net sales, the company earned record third quarter net income of $4,149,000 or
 64 cents per share bringing year to date net income to $6,684,000, 7% ahead of
 last year, or $1.03 per share.
     Escalade Sport's net sales declined 6% to $44,674,000 for the quarter
 primarily due to product deliveries delayed by the West Coast longshoreman's
 lockout.  Pre tax net income also decreased 6%.  Year to date net sales are up
 3% to $78,615,000 and pre tax net income is up 6%.  While the lockout has been
 discontinued, we are still experiencing delays due to the backlog at the
 ports.  Our challenge will be to get products to our customers in time for
 their promotions and main selling season.  Our customers continue to forecast
 increases in fourth quarter orders however, they have become more cautious.
 We continue to be focused on the integration of our recent acquisitions and
 the development of new products for our recently acquired billiards brand
 names.
     Martin Yale's sales of office and graphic arts products increased 1% for
 the quarter to $7,185,000, reversing several quarters of decline.  Pre tax net
 income increased 34%.  For the year, net sales are down 4% and pre tax net
 income is up 8%.  The third quarter's strong profitability is the result of
 increased margins due to the relocation of Los Angeles production to Mexico
 and the elimination of high startup costs of redesigned product lines in
 Wabash in the 2001 third quarter.  The sale of the last Los Angeles property
 was completed during the quarter resulting in an $11,000 gain bringing the
 total gain for the property sales to $434,000.  During the quarter, an
 additional $213,000 was spent on the continued development and evaluation of
 the new line of patented photo frame/desk accessories with a pop-out front
 matte and high quality finish bringing the total expense for this project to
 $524,000 to date.  Martin Yale's focus is to return to continued growth
 through the development of new products and increased distribution.
     Overall, we are guardedly optimistic about the fourth quarter based upon
 the level of orders booked at Escalade Sports and Martin Yale's comparison to
 a weak 2001 fourth quarter.  We are continuing to review acquisition
 opportunities and other means of enhancing shareholder value.
 
 
                       (Escalade, Incorporated continued)
               (Unaudited in thousands, except per share figures)
 
                        3 Months Ended     9 Months Ended     12 Months Ended
                       Oct. 5,  Oct. 6,   Oct. 5,   Oct. 6,   Oct. 5,  Oct. 6,
                        2002     2001      2002      2001      2002     2001
 
     Net Sales        $51,859   $54,423   $101,566 $100,678  $149,741 $143,589
     Cost of Goods
      Sold             36,686    39,732     70,599   71,241   106,279  101,055
     Selling & Admin.
      Expense           8,015     7,318    19, 632   17,024    24,458   23,251
     Operating Income   7,158     7,373     11,335   12,413    19,004   19,283
     Interest Expense    (303)     (374)      (670)  (1,097)     (932)  (1,722)
     Goodwill             ---      (228)       ---     (758)     (104)    (877)
     Other Income
      (Expense)          (371)     (286)      (220)    (503)     (147)    (651)
     Income Before
      Taxes             6,484     6,485     10,445   10,055    17,821   16,033
     Provision for
      Taxes             2,335     2,445      3,761    3,803     6,250    6,132
     Net Income         4,149     4,040      6,684    6,252    11,571    9,901
     Basic Earnings
       Per Share          .64       .63       1.03      .97      1.79     1.53
     Diluted Earnings
       Per Share         $.63      $.62      $1.02     $.96     $1.77   $ 1.51
     Average Shares
      Outstanding       6,509     6,420      6,479    6,453     6,466    6,465
 
 
                                                   Oct. 5, 2002   Oct. 6, 2001
     Current Assets                                  $ 73,909       $ 72,705
     Fixed Assets                                       8,776          9,991
     Other Assets                                      14,331          6,025
     Goodwill                                          13,351         13,755
     Total                                           $110,367       $102,476
 
     Current Liabilities                             $ 49,464       $ 53,484
     Other Liabilities                                 19,515         19,440
     Shareholders' Equity                              41,388         29,552
     Total                                           $110,367       $102,476
 
 
                           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/11690X02041994
 
 

SOURCE Escalade, Inc.

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