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Escalade Reports First Quarter 2016 Results
1 hour 27 minutes ago - DJNF
EVANSVILLE, Ind., April 15, 2016 /PRNewswire/ -- Escalade, Incorporated (NASDAQ: ESCA) announced that net sales for the first quarter of 2016 were $34.6 million, or 3% higher compared to net sales of $33.4 million for the same quarter in 2015. Net income for the first quarter of 2016 was $1.7 million, or $0.12 diluted earnings per share compared to net income of $3.5 million or $0.25 diluted earnings per share for the same quarter in 2015. During the first quarter, one of the Company's larger customers, The Sports Authority, filed for bankruptcy. At the time of the bankruptcy filing, accounts receivable due from The Sports Authority were $2.2 million.
Gross margin ratio for the first quarter of 2016 remained flat at 32% compared to the same quarter in 2015. Selling, general and administrative expenses (SG&A) were $7.8 million for the first quarter of 2016 compared to $5.9 million for the same period in 2015, an increase of $1.9 million, which is primarily due to one-time costs associated with bad debt expenses incurred related to Sports Authority's bankruptcy filing and increased marketing efforts and selling expenses for new portable basketball systems introduced in the first quarter of 2016 that will benefit future periods.
Other income for the first quarter of 2016 was adversely impacted from the operating results of the Company's 50% ownership in STIGA, a Swedish entity.
"The first quarter results were impacted by the additional expenses incurred for bad debt related to Sports Authority's bankruptcy filing announced in early March," stated Dave Fetherman, President and Chief Executive Officer of Escalade, Inc. "We continue to experience a decline in operating income due to the soft Archery category, but anticipate offsetting this decline with the introduction of our BearX crossbows, which began shipping in the second quarter. We have successfully introduced a new line of portable basketball systems, building on our strong Goalrilla, Goalsetter and Silverback brands and lead position within the in-ground basketball category. We expect these systems to be fully launched in the market by the end of the third quarter. Both of these new product categories are expected to have a positive impact on the second half of 2016. Our growth strategy of strategic acquisitions and internally developed product remains a focus for the Company, and we will continue executing on that strategy."
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