Escalade Appoints New CFO, Paul Veryser

TL;DR

Escalade just hired a new CFO, Paul Veryser, starting March 11th with a $275k salary + bonus.

AI Summary

On March 5, 2024, Escalade, Inc. announced the appointment of Paul S. Veryser as the new Chief Financial Officer, effective March 11, 2024. Mr. Veryser will receive an annual base salary of $275,000 and will be eligible for an annual bonus. He will also receive a one-time signing bonus of $50,000.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.

Risk Assessment

Risk Level: low — This filing is a routine executive appointment and does not indicate any significant financial distress or operational issues.

Key Numbers

• $275,000 — CFO Annual Salary (Represents the base compensation for the new Chief Financial Officer.)
• $50,000 — CFO Signing Bonus (A one-time payment to the new Chief Financial Officer upon hiring.)

Key Players & Entities

• Escalade, Inc. (company) — The company making the announcement.
• Paul S. Veryser (person) — Newly appointed Chief Financial Officer.
• $275,000 (dollar_amount) — Annual base salary for the new CFO.
• $50,000 (dollar_amount) — One-time signing bonus for the new CFO.
• March 11, 2024 (date) — Effective date of the new CFO's appointment.

FAQ

Filing Documents

• esca20240308_8k.htm (8-K) — 27KB
• 0001437749-24-007164.txt ( ) — 157KB
• esca-20240305.xsd (EX-101.SCH) — 3KB
• esca-20240305_def.xml (EX-101.DEF) — 11KB
• esca-20240305_lab.xml (EX-101.LAB) — 15KB
• esca-20240305_pre.xml (EX-101.PRE) — 11KB
• esca20240308_8k_htm.xml (XML) — 3KB

01 – Other Items

Item 8.01 – Other Items The Audit Committee of the Board of Directors (the "Audit Committee") of Escalade, Incorporated (the "Company"), after discussion with management of the Company and FORVIS, LLP ("FORVIS"), the Company's independent registered accounting firm, has identified material weaknesses in the Company's internal controls over financial reporting concerning (i) information technology general controls, (ii) controls over the year-end closing process, (iii) documentation and design controls related to financial statement accounts and assertions, and (iv) the monitoring of the Company's internal control framework. The Company expects to report on these material weaknesses in greater detail in the Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 10-K"). Management does not expect that these material weaknesses will impact FORVIS' ability to issue an unqualified opinion on the consolidated financial statements to be included in the 2023 10-K. The Audit Committee further has concluded, after discussion with management and FORVIS, that the Company's internal controls over financial reporting also were not effective as of December 31, 2022, March 31, 2023, June 30, 2023, or September 30, 2023. Although management does not believe that these material weaknesses impact the Company's consolidated financial statements presented in the Form 10-K for the year ended December 31, 2022 (the "2022 10-K") or in the Company's quarterly reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023, or September 30, 2023, the Company is undergoing remedial testing to determine whether there has been any material impact. The Company intends to file an amended Annual Report on Form 10-K/A for the year ended December 31, 2022 to state that the Company's internal controls over financial reporting were not effective as of December 31, 2022, along with any other material issues revealed by the remedial testing in process by the Company. Th

Forward-looking statements

Forward-looking statements This filing contains "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions that could cause actual results to differ materially from historical results and those presently anticipated or projected. Forward-looking statements generally are accompanied by words such as "may," "will," "anticipate," "intend," "expect" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. You should not place undue reliance on forward-looking statements because such forward-looking statements involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, the impact of management's conclusion, in consultation with the Audit Committee, that material weaknesses existed in the Company's internal control procedures over financial reporting; the evaluation and implementation of remediation efforts designed and implemented to enhance the Company's control environment; the potential identification of one or more additional material weaknesses in the Company's internal control of which the Company is not currently aware or that have not yet been detected; the potential identification of one or more material weaknesses in the Company's consolidated financial statements of which the Company is not currently aware or that have not yet been detected; and those described more fully in the Company's periodic filings with the SEC. Forward-looking statements contained in this report are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law. 2 Date: March 8, 2024 ESCALADE, INCORP

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View this 8-K filing on SEC EDGAR