Escalade Reports 33% Increase In First Quarter Earnings Per Share

EVANSVILLE, Ind., May 6, 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.

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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 December 28, 2013 March 23, 2013

(Unaudited) (Audited) (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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