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Escalade Reports 33% Increase In First Quarter Earnings Per Share

Escalade, Inc. (PRNewsFoto/Escalade, Inc.) (PRNewsFoto/ESCALADE, INC.)

News provided by

Escalade, Incorporated

Apr 21, 2014, 11:00 ET

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EVANSVILLE, Ind., April 21, 2014 /PRNewswire/ -- Escalade, Incorporated (NASDAQ: ESCA) announced that net income for the first quarter of 2014 was $2.3 million, or $0.16 diluted earnings per share compared to net income of $1.6 million or $0.12 diluted earnings per share for the same quarter in 2013. Consolidated net sales for the first quarter of 2014 were 7% higher than the same quarter last year. Net sales for the Sporting Goods segment increased by 10% while quarterly net sales in the Information Security and Print Finishing segment declined 3% compared with the same period last year.

The increase in net income for the quarter was driven by cost cutting measures implemented last year in the Information Security and Print Finishing segment and sales increases in the Sporting Goods segment attributable to new product development, brand marketing and product expansion which have increased consumer demand for our products.

"We are pleased with achieving earnings per share growth of 33% for the first quarter of 2014," stated Robert J. Keller, President and Chief Executive Officer of Escalade, Inc. "In spite of modest growth in the broader retail market, we experienced double digit sales growth in our Sporting Goods segment. Additionally, actions taken over the past year in our Information Security and Print Finishing segment have resulted in substantial improvements in the financial results for this business."

Escalade is a leading manufacturer and marketer of sporting goods and information security and print finishing products sold worldwide. To obtain more information on the Company and its products, visit our website at: www.EscaladeInc.com or contact Deborah Meinert, Vice President and CFO at 812/467-4449.

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 achieve the anticipated results of strategic transactions, including the integration of 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, fluctuation in operating results, changes in foreign currency exchange rates,  changes in the securities market, Escalade's ability to obtain financing and to maintain compliance with the terms of such financing, 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 release revisions to these forward-looking statements after the date of this report.

Escalade, Incorporated and Subsidiaries

Consolidated Condensed Statement of Operations

(Unaudited, In Thousands Except Per Share Data)



Three Months Ended


Twelve Months Ended


March 22, 2014


March 23, 2013


March 22, 2014


March 23, 2013









Net Sales

$ 34,074


$ 31,838


$ 165,913


$ 148,862









Costs, Expenses and Other Income








Cost of products sold

22,718


20,960


115,107


104,126

Selling, administrative and general expenses

7,251


7,273


33,430


31,366

Goodwill and intangible asset impairment

charges

 

--


 

--


 

--


 

13,362

Amortization

571


557


2,395


2,286









Operating  Income (Loss)

3,534


3,048


14,981


(2,278)









Interest expense

156


167


727


616

Other expense (income) 

(189)


38


(3,156)


(2,820)

Equity method investment impairment

--


--


--


382









Income (Loss) Before Income Taxes

3,567


2,843


17,410


(456)









Provision for Income Taxes

1,316


1,219


6,981


4,426









Net Income (Loss)

$   2,251


$   1,624


$    10,430


$  (4,882)









Earnings Per Share Data








Basic earnings (loss) per share  

$ 0.16


$ 0.12


$ 0.77


$(0.37)

Diluted earnings (loss) per share

$ 0.16


$ 0.12


$ 0.76


$(0.36)

Average shares outstanding

13,686


13,447


13,561


13,371

Consolidated Condensed Balance Sheets

(In Thousands)



March 22, 2014

(Unaudited)


December 28, 2013

(Audited)


March 23, 2013

(Unaudited)

Assets






Current assets

$  73,204


$  81,216


$  69,896

Property, plant & equipment, net

14,661


14,958


14,166

Other assets

32,641


32,687


29,915

Goodwill

13,113


13,113


12,017

Total

$ 133,619


$ 141,974


$ 125,994







Liabilities and Stockholders' Equity





Current liabilities

$   33,599


$   43,679


$   36,785

Other liabilities

9,944


10,340


8,082

Stockholders' equity

90,076


87,955


81,127

Total

$ 133,619


$ 141,974


$ 125,994

Logo - http://photos.prnewswire.com/prnh/20130830/MM72120LOGO

SOURCE Escalade, Incorporated

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