Business
Escalade Reports Record Second Quarter Results and Increases Quarterly Dividend 12%
Second-Quarter Highlights - Revenue increased 50.1% on net sales of $83.5 million - Gross margin improvement of 450 bps to 27.8% - Operating income of $10.9
About this update from Escalade, Incorporated
[{"type":"text","content":"Second-Quarter Highlights\n - Revenue increased 50.1% on net sales of $83.5 million\n - Gross margin improvement of 450 bps to 27.8%\n - Operating income of $10.9 million, an increase of 340.0%\n - Diluted EPS of $0.61 per share\n - Quarterly dividend increase from $0.125 per share to $0.14 per share\n\n\nEVANSVILLE, Ind., Aug. 6, 2020 /PRNewswire/ -- Escalade, Incorporated (NASDAQ: ESCA) - \"Following a strong first quarter performance, the Company accelerated growth in the second quarter, delivering record sales and earnings. Despite continued challenges associated with the COVID-19 pandemic, our revenue grew 50.1%, while gross margin expanded 450 basis points in the quarter. This resulted in an acceleration of diluted EPS to $0.61 versus $0.13 in 2019,\" said Scott Sincerbeaux, President and CEO of Escalade, Inc. \"Our entire organization rallied around each other to ensure the well-being of our collective teams. Early in the quarter, our production facilities in Gainesville, Florida and Rosarito, Mexico experienced closures associated with the outbreak of COVID-19 and reopened with heightened health and safety protocols and we expect this to continue for the foreseeable future. We have proactively worked to ramp up domestic and international production to meet existing and anticipated future demand, while securing critical inventory to support ongoing trends in the marketplace. Our ability to react and accelerate manufacturing efforts is a meaningful reflection on the relationships we have with our partners across the globe. These essential steps will serve to support our key retailers and business partners as the country continues to reopen. The changing consumer landscape and return to home recreation and entertainment places us in a position to meet demand and our strong pipeline of product and industry leading innovation positions us for sustained growth now and into the future. We are making appropriate investments in talent and organizational structure as well as facility improvements and expanded supply chain capabilities. These investments will enable us to navigate the continued uncertainty in the marketplace, meet customer and consumer demand and pave the way for continued organic growth. I would like to thank our leadership team and the entire organization for their effort and commitment in delivering a record qua...