Business
Escalade Reports First Quarter 2021 Results
First-Quarter Highlights - Revenue increased 58.7% on net sales of $59.2 million - Gross margin improvement of 210 bps to 29.5% - Operating income of $7.1
About this update from Escalade, Incorporated
[{"type":"text","content":"First-Quarter Highlights\n - Revenue increased 58.7% on net sales of $59.2 million\n - Gross margin improvement of 210 bps to 29.5%\n - Operating income of $7.1 million, an increase of 194.1%\n - Diluted EPS of $0.39 per share vs. $0.14 in the first quarter of 2020\n\n\nEVANSVILLE, Ind., April 15, 2021 /PRNewswire/ -- Escalade, Incorporated (NASDAQ: ESCA) – today announced its first quarter for 2021, ended March 20, 2021. The Company posted quarterly revenue of $59.2 million, an increase of 58.7% over prior year, and a record for its first fiscal quarter. This represents the fifth consecutive quarter of record sales. Quarterly diluted earnings per share were $0.39, an increase of 178.6% from prior year. \n\n \n \n \n \n \n \n\n \n\"First quarter results were quite good, reflecting continued strong demand for our categories, market share gains, margin improvement due to increased factory utilization, and SG&A leverage. Through extraordinary efforts by our teams, we were able to mitigate some of the negative impact from supply chain and logistics issues, sharply higher raw material costs, and negative currency exchange rates. While these cost headwinds are continuing, they are not unique to Escalade and we are taking every measure to protect the profit margins which allow us to reinvest in the business, to support our retail partners, and serve our consumers with innovative products that bring families and friends together,\" said Walter P. Glazer, Jr., Interim President and CEO of Escalade, Inc. \n\"Late last year, we made a significant inventory commitment to ensure supply for our retail partners,\" continued Glazer. \"While we are carrying much higher than normal inventory, current supply chain issues and delays may work in our favor over the coming months.\" \nNet sales for the first quarter of 2021 were $59.2 million compared to net sales of $37.3 million for the same quarter in 2020, an increase of $21.9 million or 58.7%. The increase in sales was driven by growth in nearly all our product lines, led by our archery and outdoor categories. \nGross margin ratio for the first quarter of 2021 was 29.5%, compared to 27.4% for the same period in the prior year. The improvement in gross margin was primarily due to product mix and operating efficiencies. Gross profit for the first quarter of 2021 was $17.4 million compared to gross ...