Business
Escalade Reports First Quarter 2019 Results
EVANSVILLE, Ind., April 18, 2019 /PRNewswire/ -- Escalade, Incorporated (NASDAQ: ESCA) - "In traditionally our softest quarter of the year, revenue was flat
About this update from Escalade, Incorporated
[{"type":"text","content":"EVANSVILLE, Ind., April 18, 2019 /PRNewswire/ -- Escalade, Incorporated (NASDAQ: ESCA) - \"In traditionally our softest quarter of the year, revenue was flat compared to the prior year, as continued growth in E-Commerce and Specialty Dealers offset softer sales in the International and Mass Merchants channels,\" stated Dave Fetherman, President and Chief Executive Officer of Escalade, Inc. \"Operating costs related to Victory Tailgate, during the slowest quarter of the year, negatively affected the margins within the quarter. Victory Tailgate has historically seen stronger results in the second and fourth quarters. SG&A spending increased due to non-recurring costs of new basketball displayers and we expect an increase in SG&A during the balance of 2019 to support additional revenue coming from Victory Tailgate. We completed the consolidation of Cue and Case's operations from St. Augustine, FL into our distribution center in Evansville, IN during the quarter, which will provide on-going lease and transportation savings. With normal weather patterns returning this spring, we are anticipating an increase in sales in our Outdoor categories after an unusually cold and wet 2018.\" \n\n \nNet sales for the first quarter of 2019 were $32.1 million, coming in flat compared to the same quarter in 2018. \nGross margin ratio for the first quarter of 2019 was 26.4%, compared to 28.0% for the same period in the prior year. Gross profit for the first quarter of 2019 was $8.5 million compared to gross profit of $9.0 million for the same quarter in 2018.\nSelling, general and administrative expenses (SG&A) were $7.7 million for the quarter compared to $7.0 million for the same period in the prior year, an increase of $0.7 million or 11.4%. SG&A, as a percent of sales, for the first quarter of 2019 increased to 24.1% from 21.6% reported for the same period prior year. \nOperating income for the first quarter of 2019 was $0.4 million compared to operating income of $1.7 million for the same period in the prior year. \nNet income for the first quarter of 2019 was $0.3 million, or $0.02 diluted earnings per share compared to net income of $1.2 million, or $0.08 diluted earnings per share for the same quarter in 2018. \nThe Company announced a quarterly dividend of $0.125 per share to be paid to all shareholders of record on June 3, ...