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
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit 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. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold 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 City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
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.
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
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...
SYS-CON Events announced today that Vitria Technology, Inc. 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. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Solgenia 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. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver 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. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
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
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
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 SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
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.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...