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| 8-K - FORM 8-K - ESCALADE INC | v375173_8k.htm |
Escalade Reports 33% Increase In First Quarter Earnings Per Share
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) | |||||||
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| Three Months Ended |
| Twelve Months Ended | ||||
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| March 22, 2014 |
| March 23, 2013 |
| March 22, 2014 |
| March 23, 2013 |
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Net Sales | $ 34,074 |
| $ 31,838 |
| $ 165,913 |
| $ 148,862 |
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Costs, Expenses and Other Income |
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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 |
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Operating Income (Loss) | 3,534 |
| 3,048 |
| 14,981 |
| (2,278) |
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Interest expense | 156 |
| 167 |
| 727 |
| 616 |
Other expense (income) | (189) |
| 38 |
| (3,156) |
| (2,820) |
Equity method investment impairment | -- |
| -- |
| -- |
| 382 |
|
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Income (Loss) Before Income Taxes | 3,567 |
| 2,843 |
| 17,410 |
| (456) |
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Provision for Income Taxes | 1,316 |
| 1,219 |
| 6,981 |
| 4,426 |
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Net Income (Loss) | $ 2,251 |
| $ 1,624 |
| $ 10,430 |
| $ (4,882) |
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Earnings Per Share Data |
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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) | |||||
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| March 22, 2014 (Unaudited) |
| December 28, 2013 (Audited) |
| March 23, 2013 (Unaudited) |
Assets |
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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 |
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Liabilities and Stockholders' Equity |
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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 |
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