Business
Escalade Reports Fourth Quarter and Full Year 2019 Results
Fourth-Quarter Highlights - Net sales of $47.0 million - Gross profit of $10.9 million - Diluted EPS of $0.18 per share - Announced quarterly dividend of
About this update from Escalade, Incorporated
[{"type":"text","content":"Fourth-Quarter Highlights\n - Net sales of $47.0 million\n - Gross profit of $10.9 million\n - Diluted EPS of $0.18 per share\n - Announced quarterly dividend of $0.125 per share\n\n\nEVANSVILLE, Ind., Feb. 21, 2020 /PRNewswire/ -- Escalade, Incorporated (NASDAQ: ESCA) - \"Revenue declined 7.7% in the quarter due to softness in the archery and fitness categories. These shortfalls were partially offset by positive growth in Outdoor Games, Pickleball and Basketball categories,\" stated Dave Fetherman, President and CEO. \"Gross margins were down 90 basis points in the quarter, impacted by tariffs and sales mix. We anticipate the facility consolidations completed during 2019 and actions taken to reduce operating costs will lead to improved operating profits in 2020. The Company repurchased 80,570 shares of stock during the quarter and 271,774 shares for 2019. The Company announced a quarterly dividend of $0.125 per share.\" \n\n \n \n\n \nFourth Quarter Results\nNet sales for the fourth quarter of 2019 were $47.0 million compared to net sales of $51.0 million for the same quarter in 2018, a decrease of $4.0 million or 7.7%.\nGross margin ratio for the fourth quarter of 2019 was 23.1%, compared to 24.0% for the same period in the prior year. Gross profit for the fourth quarter of 2019 was $10.9 million compared to gross profit of $12.2 million for the same quarter in 2018. Margins were negatively impacted by tariffs and sales mix. \nSelling, general and administrative expenses (SG&A) were $7.0 million for the quarter compared to $6.9 million for the same period in the prior year, an increase of $0.1 million or 2.3%. SG&A, as a percent of sales, for the fourth quarter of 2019 increased to 15.0% from 13.5% reported for the same period prior year. \nOperating income for the fourth quarter of 2019 was $3.5 million compared to operating income of $5.0 million for the same period in the prior year. \nNet income for the fourth quarter of 2019 was $2.6 million, or $0.18 diluted earnings per share compared to net income of $3.6 million, or $0.25 diluted earnings per share for the same quarter in 2018. \nFull Year Results\nFull year net sales for 2019 were $180.5 million compared to $175.8 million in 2018, an increase of $4.8 million, or 2.7%.\nGross margin ratio for full year 2019 decreased to 23.5% from 25.6%. Margins were negatively impact...