Escalade Reports Fourth Quarter Sales Growth Of 14% And Full Year Up 11% - WLOX.com - The News for South Mississippi

Escalade Reports Fourth Quarter Sales Growth Of 14% And Full Year Up 11%

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SOURCE Escalade, Incorporated

EVANSVILLE, Ind., Feb. 24, 2014 /PRNewswire/ -- Escalade, Incorporated (NASDAQ: ESCA) announced that net revenues for the fourth quarter of 2013 were 14% higher than the same quarter last year.  Net revenues for the full year 2013 were 11% higher than last year.  Sales growth was driven by the Sporting Goods segment and was a direct result of continued product innovation and brand marketing.  

Escalade, Inc.

Net income for the fourth quarter of 2013 was $3.1 million, or $0.23 basic earnings per share compared to net income of $3.9 million or $0.29 basic earnings per share for the same quarter in 2012.  Net income for the full year 2013 was $9.8 million or 11% higher than last year excluding the impact of goodwill and intangible asset impairment in 2012.  2013 basic earnings per share was $0.73 compared to $0.66 basic earnings per share last year excluding the impact of goodwill and intangible asset impairment in 2012.  In the third quarter of 2012, the Company recorded goodwill and intangible asset impairments related to the Information Security and Print finishing segment totaling $13.4 million along with an unrelated impairment for an equity method investment in the amount of $382 thousand.

In the Sporting Goods segment, net revenue increased 18.1% in 2013 compared to 2012 with growth coming from most sales channels in the Sporting Goods segment.  The Company continues to aggressively pursue opportunities to increase revenue through introduction of new products, expansion of product distribution, acquisitions, and increased investment in consumer marketing.        

Net revenue in the Information Security and Print Finishing business decreased 12.3% in 2013 compared to 2012.  Excluding the effect of changes in foreign exchange rates, 2013 net revenues were down 12.5% compared with 2012.  Sales are direct to end users, including government agencies, as well as through office products retailers, wholesalers, specialty dealers, and business partners. 

"We are pleased with achieving double-digit top line revenue and earnings growth," stated Robert J. Keller, President and Chief Executive Officer of Escalade, Inc.  "Our full year revenue growth of 11% and net income of $0.73 per share reflects the strong market acceptance of our innovative new products and trusted brands.  We continue to focus on making improvements in our company and expanding our footprint in core markets."

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 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, fluctuation in operating results, 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


December 28,
2013


December 29,
2012


December 28,
2013


December 29,
2012









Net Sales

$ 46,372


$ 40,789


$ 163,677


$ 147,589









Costs, Expenses and Other Income








Cost of products sold

34,139


30,231


113,349


103,174

Selling, administrative and general expenses

8,804


7,663


33,450


31,370

Goodwill and intangible asset impairment charges

--


--


--


13,384

Amortization

562


524


2,381


2,246









Operating  Income (Loss)

2,867


2,371


14,497


(2,585)









Interest expense

142


112


738


602

Other (income) 

(2,062)


(1,700)


(2,929)


(3,031)

Equity method investment impairment

--


--


--


382









Income (Loss) Before Income Taxes

4,787


3,959


16,688


(538)









Provision for Income Taxes

1,737


49


6,883


4,392









Net Income (Loss)

$   3,050


$   3,910


$    9,805


$  (4,930)









Earnings Per Share Data








Basic earnings (loss) per share  

$ 0.23


$ 0.29


$ 0.73


$(0.37)

Diluted earnings (loss) per share

$ 0.22


$ 0.29


$ 0.72


$(0.37)

Average shares outstanding

13,579


13,423


13,506


13,244

 

Consolidated Condensed Balance Sheets

(Unaudited, In Thousands)



December 28, 2013


December 29,  2012

Assets




Current assets

$  81,216


$  70,965

Property, plant & equipment, net

14,958


12,281

Other assets

32,687


30,477

Goodwill

13,113


12,017

Total

$ 141,974


$ 125,740





Liabilities and Stockholders' Equity



Current liabilities

$   43,679


$   38,309

Other liabilities

10,340


6,974

Stockholders' equity

87,955


80,457

Total

$ 141,974


$ 125,740

 

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