Click here to close now.

Welcome!

Weblogic Authors: Elizabeth White, Michael Meiner, Michael Bushong, Avi Rosenthal

News Feed Item

Escalade Reports Double Digit Sales Growth In Sporting Goods And Impairment Loss In Information Security And Print Finishing

EVANSVILLE, Ind., Nov. 15, 2012 /PRNewswire/ -- Escalade, Incorporated (NASDAQ: ESCA) announced that revenues for the third quarter of 2012 were up 19% over the same quarter last year.  Year to date revenues increased more than 9% over the same period last year. Sales in the Sporting Goods segment were up 27% for the quarter and up 14.7% year to date, compared to same periods prior year. 

(Logo:  http://photos.prnewswire.com/prnh/20120622/MM29287LOGO

In the third quarter of 2012, the Company recorded a goodwill impairment loss in the Information Security and Print Finishing segment.  Due to increased competition and continuing weakness in the European and Asian markets, operating profits and cash flows were lower than expected for the first nine months of 2012.  Based on this continuing trend, the earnings forecast for the next five years was revised resulting in a goodwill impairment loss of $13.2 million in the quarter.  Along with the goodwill impairment, the Company recorded intangible asset impairment for this segment related to other intangibles of $0.2 million.  Year to date revenues from the Information and Print Finishing segment were down 3.4% from last year.  Excluding the effects of changes in the currency exchange rates, revenues were flat with last year.  Year to date gross margin percentages in this segment were down 9% compared to prior year.     

The Company has offered to sell its 50% interest in an equity method investment at a value less than carrying value which resulted in an impairment of $0.4 million ($0.2 million net of tax).  This other than temporary impairment is reflected in the third quarter of 2012.

Basic earnings (loss) per share for the three and nine months of fiscal 2012 are $(0.86) and $(0.67) compared with $(0.03) and $.18 for the same periods in 2011.  In 2011, the Company accelerated depreciation expense on an Oracle ERP system which resulted in an additional $2.2 million ($1.4 million, net of tax) of expense for the quarter.  Without the impact of goodwill and intangible asset impairment and equity method investment impairment losses in 2012 and accelerated depreciation expense in 2011, basic earnings per share would have been $0.16 and $0.36 for the three and nine months of fiscal 2012 compared with $0.08 and $0.29 for the three and nine months of fiscal 2011.

"We are pleased with the overall third quarter revenue growth of 19%, led by strong retail sell-through and expanded product placement in the Sporting Goods segment," stated Robert J. Keller, President and Chief Executive Officer of Escalade, Inc.  "The goodwill impairment in Information Security and Print Finishing was necessary to reflect the challenges that this segment of our business has experienced." 

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 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 STATEMENTS OF OPERATIONS

(Unaudited, In Thousands Except Per Share Amounts)



Three Months Ended

Nine Months Ended

Twelve Months Ended


6 October 2012

1 October

2011

6 October 2012

1 October 2011

6 October 2012

1 October 2011








NET SALES

$ 34,206

$ 28,734

$106,800

$ 97,582

$ 143,468

$ 128,767








OPERATING  EXPENSES







Cost of goods sold

23,249

20,428

72,943

66,344

99,141

90,005

Selling and administrative

7,466

8,725

23,729

26,064

33,607

32,370

Goodwill and intangible asset

impairment charges

 

13,362

 

--

 

13,362

 

--

 

13,362

 

--

Amortization

516

436

1,722

1,245

2,073

1,492








OPERATING INCOME (LOSS)

(10,387)

(855)

(4,956)

3,929

(4,715)

4,900








OTHER INCOME (EXPENSE)







Interest expense

(144)

(117)

(490)

(529)

(654)

(687)

Other income

919

1,065

1,331

1,700

3,029

3,164

Equity method investment

impairment

 

(382)

 

--

 

(382)

 

--

 

(382)

 

--








INCOME (LOSS) BEFORE
 INCOME TAXES

 

(9,994)

 

93

 

(4,497)

 

5,100

 

(2,722)

 

7,377








PROVISION FOR INCOME TAXES

1,509

473

4,343

2,792

3,984

2,847








NET INCOME (LOSS)

$ (11,503)

$     (380)

$  (8,840)

$    2,308

$   (6,706)

$    4,530








PER SHARE DATA







Basic earnings (loss) per share  

$(0.86)

$(0.03)

$(0.67)

$ 0.18

$(0.51)

$0.35

Diluted earnings (loss) per

share

 

$(0.85)

 

$(0.03)

 

$(0.66)

 

$ 0.17

 

$(0.51)

 

$0.34








Cash dividends paid

$0.08

$0.25

$0.23

$0.25

$0.30

$0.35

 

Average shares outstanding

 

13,391

 

12,871

 

13,189

 

12,838

 

13,115

 

12,824

 

 

CONSOLIDATED CONDENSED BALANCE SHEET

(Unaudited, In Thousands)



6 October 2012

31 December 2011

1 October 2011

ASSETS




Current assets

$  72,369

$   64,146

$  68,090

Property, plant &equipment – net

12,095

11,915

13,879

Other assets

27,706

28,769

27,471

Goodwill

12,017

25,285

25,646

Total

$ 124,187

$ 130,115

$ 135,086





LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities

$   40,662

$   34,650

$   40,456

Other liabilities

6,223

7,900

7,708

Stockholders' equity

77,302

87,565

86,922

Total

$ 124,187

$ 130,115

$ 135,086

 

 

SOURCE Escalade, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Litmus Automation will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Litmus Automation’s vision is to provide a solution for companies that are in a rush to embrace the disruptive Internet of Things technology and leverage it for real business challenges. Litmus Automation simplifies the complexity of connected devices applications with Loop, a secure and scalable cloud platform.
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
In 2015, 4.9 billion connected "things" will be in use. By 2020, Gartner forecasts this amount to be 25 billion, a 410 percent increase in just five years. How will businesses handle this rapid growth of data? Hadoop will continue to improve its technology to meet business demands, by enabling businesses to access/analyze data in real time, when and where they need it. Cloudera's Chief Technologist, Eli Collins, will discuss how Big Data is keeping up with today's data demands and how in the future, data and analytics will be pervasive, embedded into every workflow, application and infra...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, will provide some practical insights on what, how and why when implementing "software-defined" in the datacenter.
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner...
SYS-CON Media announced today that @ThingsExpo Blog launched with 7,788 original stories. @ThingsExpo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @ThingsExpo Blog can be bookmarked. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago.
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
So I guess we’ve officially entered a new era of lean and mean. I say this with the announcement of Ubuntu Snappy Core, “designed for lightweight cloud container hosts running Docker and for smart devices,” according to Canonical. “Snappy Ubuntu Core is the smallest Ubuntu available, designed for security and efficiency in devices or on the cloud.” This first version of Snappy Ubuntu Core features secure app containment and Docker 1.6 (1.5 in main release), is available on public clouds, and for ARM and x86 devices on several IoT boards. It’s a Trend! This announcement comes just as...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, will discuss how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust I...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? Join this panel of experts as they peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you’ll have no problem filling in your buzzword bingo cards.
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
SYS-CON Events announced today that Creative Business Solutions will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Creative Business Solutions is the top stocking authorized HP Renew Distributor in the U.S. Based out of Long Island, NY, Creative Business Solutions offers a one-stop shop for a diverse range of products including Proliant, Blade and Industry Standard Servers, Networking, Server Options and Care Packs. As a trusted supplier, CBS guarantees quality controlled stock levels thanks to an Auto...
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
GENBAND introduced its Real Time Communications (RTC) Client for Lync* to seamlessly combine real-time communications with Lync Instant Messaging (IM) and Presence. “We’re shaking up the economics of delivering Unified Communications (UC) and offering a compelling way to integrate previously bespoke communications technologies,” said Carl Baptiste, GENBAND’s Senior Vice President, Enterprise Solutions. “We’re offering enterprises the best of both worlds by combining our own high availability voice, video and collaboration with Lync’s IM and Presence; creating a single, web centric, client. O...