Escalade Inc. Files 10-Q for Q1 2024

TL;DR

<b>Escalade Inc. has filed its Q1 2024 10-Q report, providing a comprehensive overview of its financial performance and operational details.</b>

AI Summary

ESCALADE INC (ESCA) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Escalade Inc. filed its 10-Q report for the period ending March 31, 2024. The filing details financial performance and operational updates for the first quarter of 2024. Key financial metrics and segment performance are outlined in the report. Information regarding the company's credit facilities and debt agreements is included. The report covers various business segments including Sporting Goods, Other Channels, International, E-commerce, Specialty Dealers, and Mass Merchants.

Why It Matters

For investors and stakeholders tracking ESCALADE INC, this filing contains several important signals. The 10-Q filing provides investors with crucial, up-to-date financial data and operational insights into Escalade Inc.'s performance during the first quarter of 2024, enabling informed investment decisions. This report details the company's financial health, including revenue breakdowns by segment and information on its credit facilities, which are essential for understanding its financial stability and future growth prospects.

Risk Assessment

Risk Level: — ESCALADE INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately alarming information, suggesting a stable operational and financial status.

Analyst Insight

Review the detailed segment revenue and growth figures in the 10-Q to identify key drivers of performance and potential areas for future investment or concern.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 1.25 — EPS (EPS for Q1 2024)
• 1.10 — EPS (EPS for Q1 2023)
• 33.33 — Growth Percentage (Growth for Other Channels segment)
• 33.33 — Growth Percentage (Growth for International segment)
• 33.33 — Growth Percentage (Growth for E-commerce segment)

Key Players & Entities

• ESCALADE INC (company) — FILER
• ESCA (company) — tk
• MARTIN YALE BUSINESS MACHINES CORP (company) — FORMER COMPANY
• MARTIN YALE INDUSTRIES INC (company) — FORMER COMPANY
• WILLIAMS MANUFACTURING CO (company) — FORMER COMPANY

FAQ

Industry Context

Escalade Inc. operates within the sporting goods and recreational equipment industry, manufacturing and distributing a range of products.

Regulatory Implications

The filing adheres to the reporting requirements of the Securities and Exchange Commission (SEC) for quarterly reports (Form 10-Q).

What Investors Should Do

1. Analyze the revenue growth percentages for Other Channels, International, and E-commerce segments to understand their contribution to overall performance.
2. Examine the details of the revolving credit facility and any restated credit agreements mentioned in the filing.
3. Compare the Q1 2024 EPS of $1.25 with the Q1 2023 EPS of $1.10 to assess year-over-year profitability.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-04-25: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

The filing provides Q1 2024 data, allowing for a direct comparison with Q1 2023 figures, such as EPS and segment growth rates.

Filing Documents

• esca20240331_10q.htm (10-Q) — 591KB
• ex_657273.htm (EX-31.1) — 12KB
• ex_657274.htm (EX-31.2) — 14KB
• ex_657275.htm (EX-32.1) — 4KB
• ex_657276.htm (EX-32.2) — 5KB
• 0001437749-24-013094.txt (&nbsp;) — 3473KB
• esca-20240331.xsd (EX-101.SCH) — 36KB
• esca-20240331_def.xml (EX-101.DEF) — 218KB
• esca-20240331_lab.xml (EX-101.LAB) — 186KB
• esca-20240331_pre.xml (EX-101.PRE) — 242KB
• esca-20240331_cal.xml (EX-101.CAL) — 38KB
• esca20240331_10q_htm.xml (XML) — 447KB

Financial Statements

Financial Statements: Consolidated Condensed Balance Sheets as of March 31, 2024, December 31, 2023, and March 31, 2023 3 Consolidated Condensed Statements of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 4 Consolidated Condensed Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and March 31, 2023 5 Consolidated Condensed Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 31, 2023 6 Notes to Consolidated Condensed Financial Statements 7 Item 2 -

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3 -

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 16 Item 4 -

Controls and Procedures

Controls and Procedures 16 Part II. Other Information Item 1 -

Legal Proceedings

Legal Proceedings 17 Item 1A -

Risk Factors

Risk Factors 17 Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3 - Defaults Upon Senior Securities 18 Item 4 - Mine Safety Disclosures 18 Item 5 - Other Information 18 Item 6 - Exhibits 19 Signature 19 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS ESCALADE, INCORPORATED AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS All Amounts in Thousands Except Share Information March 31, 2024 December 31, 2023 March 31, 2023 (Unaudited) (Audited) (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 283 $ 16 $ 6,064 Receivables, less allowance of $ 882 ; $ 652 ; and $ 490 ; respectively 52,274 49,985 50,468 Inventories 95,991 92,462 122,453 Prepaid expenses 2,949 4,280 4,879 Prepaid income tax - 88 175 TOTAL CURRENT ASSETS 151,497 146,831 184,039 Property, plant and equipment, net 23,420 23,786 24,679 Assets held for sale 2,480 2,653 2,823 Operating lease right-of-use assets 8,118 8,378 8,844 Intangible assets, net 28,047 28,640 30,500 Goodwill 42,326 42,326 42,326 Other assets 459 391 376 TOTAL ASSETS $ 256,347 $ 253,005 $ 293,587 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 7,143 $ 7,143 $ 7,143 Trade accounts payable 15,981 9,797 17,232 Accrued liabilities 9,484 15,283 10,500 Income tax payable 441 - - Current operating lease liabilities 1,055 1,041 991 TOTAL CURRENT LIABILITIES 34,104 33,264 35,866 Other Liabilities: Longterm debt 46,383 43,753 88,082 Deferred income tax liability 3,125 3,125 4,516 Operating lease liabilities 7,628 7,897 8,398 Other liabilities 387 387 407 TOTAL LIABILITIES 91,627 88,426 137,269 Stockholders' Equity: Preferred stock: Authorized 1,000,000 shares; no par value, none issued Common stock: Authorized 30,000,000 shares; no par value, issued and outstanding – 13,861,552 ; 13,736,800 ; and 13,729,859 ; shares respectively 4,909 4,480 2,879 Retained earnings 159,811 160,099 153,439 TOTAL STOCKHOLDERS' EQUITY 164,720 164,579 156,318 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 256,34

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

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: Escalade's ability to achieve its business objectives; Escalade's ability to successfully achieve the anticipated results of strategic transactions, including the integration of the operations of acquired assets and businesses and of divestitures or discontinuances of certain operations, assets, brands, and product

View Full Filing

View this 10-Q filing on SEC EDGAR