Business
Escalade Reports Second Quarter 2024 and Year to Date 2024 Results
EVANSVILLE, Ind., July 25, 2024 /PRNewswire/ -- Escalade, Inc. (NASDAQ: ESCA, or the "Company"), a leading manufacturer and distributor of sporting goods and
About this update from Escalade, Incorporated
[{"type":"text","content":"EVANSVILLE, Ind., July 25, 2024 /PRNewswire/ -- Escalade, Inc. (NASDAQ: ESCA, or the \"Company\"), a leading manufacturer and distributor of sporting goods and indoor/outdoor recreational equipment, today announced second quarter and year to date results for 2024.\n\n \n \n \n \n \n \n\n \nSECOND QUARTER 2024(As compared to the second quarter 2023)\nNet sales were $62.5 million, a decline of 7.7%Operating income was $4.5 million compared to $6.3 million in 2023Net income of $2.8 million, or $0.20 earnings per diluted share vs. $3.6 million, or $0.26 per diluted share for 2023SIX MONTHS ENDED JUNE 30, 2024(As compared to the first half 2023)\nNet sales were $119.8 million, a decline of 3.9%Operating income was $7.5 million compared to $6.4 million in 2023Net income of $4.6 million, or $0.33 per diluted share vs. $2.7 million, or $0.20 per diluted share for 2023For the second quarter ended June 30, 2024, Escalade reported net income of $2.8 million, or $0.20 per diluted share, versus net income of $3.6 million, or $0.26 per diluted share for the second quarter in 2023. Total net sales declined 7.7% on a year-over-year basis in the second quarter, due to softening consumer demand and channel inventory destocking, particularly in our indoor/outdoor games categories, partly offset by growth in our Stiga table tennis, Bear Archery, and Brunswick Billiards brands.\nFor the six months ended June 30, 2024, Escalade reported net income of $4.6 million, or $0.33 per diluted share, versus $2.7 million, or $0.20 per diluted share for the first half of 2023. Total net sales declined 3.9% on a year-over-year basis in the first half of 2024 again due to softening consumer demand and channel destocking, partly offset by growth in our table tennis, basketball, and archery categories.\nEscalade reported second quarter gross margin of 24.2%, a decline of 40 basis points versus the prior-year quarter, primarily driven by lower fixed cost absorption, increased customer program spending, and severance related expenses associated with the Company's ongoing asset optimization initiative.\nThe Company generated $13.3 million of cash flow from operations in the second quarter 2024, compared to $8.4 million for the same quarter in 2023. Earnings before interest, taxes, depreciation, and amortization (\"EBITDA\") declined 23.9% to $5.8 million in the second...