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20.04.2017 14:30:00
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Escalade Reports First Quarter 2017 Results
EVANSVILLE, Ind., April 20, 2017 /PRNewswire/ -- Escalade, Incorporated (NASDAQ: ESCA) - "With the first quarter of 2017 completed, the retail atmosphere continues to evolve," stated Dave Fetherman, President and Chief Executive Officer of Escalade, Inc. "Consumer buying preferences continue to shift to on-line purchasing. Our focus on this consumer shift over the last few years puts us in great position to support our e-commerce and brick-and-mortar retail partners. Revenue was down in the first quarter, compared to prior year, due to retail bankruptcy liquidations, as well as going up against portable basketball pipeline fills from a year ago. Gross margins were impacted as material prices rose as well as a shift within our product mix. We will continue to invest in internally developed product and strategic acquisitions for growth, while remaining focused on controlling operating expenses to maximize shareholder value."
Net sales for the first quarter of 2017 were $30.8 million compared to net sales of $34.6 million for the same quarter in 2016.
Gross margin ratio decreased to 27% for the first three months of 2017, compared to 32% for the same period in the prior year.
Selling, general and administrative expenses (SG&A) were $5.9 million for the first three months in 2017 compared to $7.8 million for the same period in the prior year, a decrease of $1.8 million or 24%. SG&A as a percent of sales is 19% for the first three months in 2017 compared with 23% for the same period in the prior year. The decrease in SG&A is primarily due to one-time costs associated with bad debt expenses incurred related to The Sports Authority's bankruptcy filing in 2016 and increased marketing and selling expenses related to new products introduced in 2016.
Other income for the first quarter of 2017 increased due to the recognition of a gain on bargain purchase from an acquisition completed during the quarter. This increase was partially offset due to an adverse impact from the operating results of the Company's 50% ownership in STIGA, a Swedish entity.
Net income for the first quarter of 2017 was $1.4 million, or $0.10 diluted earnings per share compared to net income of $1.7 million or $0.12 diluted earnings per share for the same quarter in 2016.
The Company announced a quarterly dividend of $0.115 per share would be paid to all shareholders of record on June 8, 2017 and disbursed on June 15, 2017.
Escalade is a leading manufacturer and marketer of sporting goods products sold worldwide. To obtain more information on the Company and its products, visit our website at: www.EscaladeInc.com or contact Patrick Griffin, Vice President of Corporate Development & Investor Relations 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, new product development, Escalade's ability to achieve its business objectives, especially with respect to its Sporting Goods business on which it has chosen to focus, 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 of non-core assets and businesses, the continuation and development of key customer and supplier relationships, the ability to successfully negotiate the shifting retail environment and changes in consumer buying habits, disruptions or delays in our supply chain, 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 Data) | ||||||||
Three Months Ended | ||||||||
All Amounts in Thousands Except Per Share Data | March 25, | March 19, | ||||||
Net sales | $30,812 | $34,568 | ||||||
Costs and Expenses | ||||||||
Cost of products sold | 22,528 | 23,539 | ||||||
Selling, administrative and general expenses | 5,930 | 7,763 | ||||||
Amortization | 358 | 788 | ||||||
Operating Income | 1,996 | 2,478 | ||||||
Other Income (Expense) | ||||||||
Interest expense | (167) | (164) | ||||||
Equity in earnings (loss) of affiliates | (52) | 49 | ||||||
Gain on bargain purchase | 256 | -- | ||||||
Other income | 4 | 59 | ||||||
Income Before Income Taxes | 2,037 | 2,422 | ||||||
Provision for Income Taxes | 649 | 725 | ||||||
Net Income | $1,388 | $ 1,697 | ||||||
Earnings Per Share Data: | ||||||||
Basic earnings per share | $ 0.10 | $ 0.12 | ||||||
Diluted earnings per share | $ 0.10 | $ 0.12 | ||||||
Dividends declared | $ 0.115 | $ 0.110 | ||||||
Consolidated Condensed Balance Sheets | |||
(Unaudited, In Thousands) | |||
All Amounts in Thousands Except Share Information | March 25, 2017 | December31, 2016 | March 19, 2016 |
(Unaudited) | (Audited) | (Unaudited) | |
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $ 2,536 | $ 1,013 | $ 3,260 |
Receivables, less allowance of $1,154; $910; and $1,888; respectively | 29,265 | 35,894 | 32,469 |
Inventories | 37,194 | 33,802 | 37,377 |
Prepaid expenses | 2,885 | 2,798 | 1,969 |
Deferred income tax benefit | -- | 1,283 | 1,598 |
Prepaid income tax | -- | 833 | 1,238 |
TOTAL CURRENT ASSETS | 71,880 | 75,623 | 77,911 |
Property, plant and equipment, net | 13,527 | 13,714 | 14,073 |
Intangible assets, net | 20,912 | 20,857 | 22,396 |
Goodwill | 21,548 | 21,456 | 21,456 |
Investments | 17,358 | 19,030 | 19,315 |
Other assets | 72 | 81 | 113 |
TOTAL ASSETS | $145,297 | $150,761 | $155,264 |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current Liabilities: | |||
Current portion of long-term debt | $ 1,300 | $ 1,250 | $ 1,910 |
Trade accounts payable | 6,562 | 4,376 | 6,470 |
Accrued liabilities | 7,103 | 12,792 | 9,796 |
Income tax payable | 105 | -- | -- |
TOTAL CURRENT LIABILITIES | 15,070 | 18,418 | 18,176 |
Other Liabilities: | |||
Long‑term debt | 23,000 | 24,189 | 32,138 |
Deferred income tax liability | 5,026 | 6,441 | 7,200 |
TOTAL LIABILITIES | 43,096 | 49,048 | 57,514 |
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 – |
14,346 |
14,305 |
14,255 |
Retained earnings | 91,586 | 91,688 | 85,992 |
Accumulated other comprehensive loss | (3,731) | (4,280) | (2,497) |
TOTAL STOCKHOLDERS' EQUITY | 102,201 | 101,713 | 97,750 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $145,297 | $150,761 | $155,264 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/escalade-reports-first-quarter-2017-results-300442329.html
SOURCE Escalade, Inc.
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