Business
Escalade Reports Third Quarter 2021 Results
Highlights Revenue increased to $81.3 million vs. $78.1 million in Q3 2020 and $45.8 million in Q3 2019Gross margin declined 760 basis points to 22.5% vs.
About this update from Escalade, Incorporated
[{"type":"text","content":"Highlights Revenue increased to $81.3 million vs. $78.1 million in Q3 2020 and $45.8 million in Q3 2019Gross margin declined 760 basis points to 22.5% vs. 30.1% in Q3 2020Operating income of $7.7 million vs. $12.8 million in Q3 2020 and $2.9 million in Q3 2019Quarterly Diluted EPS of $0.43 per share vs. $0.71 in Q3 2020 and $0.18 in Q3 2019YTD Diluted EPS of $1.40 per share vs. $1.47 in 2020 and $0.32 in 2019 EVANSVILLE, Ind., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Escalade, Incorporated (NASDAQ: ESCA) – today announced its third quarter results for 2021, ended October 2, 2021. The Company posted quarterly revenue of $81.3 million, an increase of 4.1% over prior year. Quarterly diluted earnings per share were $0.43, a decline of 39.5% vs. Q3 2020, and an increase of 140% vs. Q3 2019. Three Year Quarterly Comparison Three Months EndedAll Amounts in ThousandsOctober 2, 2021 October 3, 2020 October 5, 2019 Net sales$81,298 $78,069 $45,756 Cost of products sold 62,992 54,548 35,717 Gross Profit 18,306 23,521 10,039 22.5% 30.1% 21.9% Operating Income 7,672 12,815 2,899 Net Income 5,966 10,186 2,540 Diluted earnings per share$0.43 $0.71 $0.18 “Third quarter results reflect continued demand for our products, offset by sharply higher transportation expenses, raw material costs, currency exchange rates, increased wage pressure, and inventory handling costs. Combined, these expenses negatively impacted earnings per share by more than 20 cents in the quarter and 40 cents per share for the nine months. Global supply chain issues have intensified and the costs to keep goods flowing to our customers have soared. The Company is taking action on several fronts to address the margin compression and long lead times. In addition to raising prices where necessary, we are redesigning products to reduce costs while maintaining quality, moving some production from Asia to our North American facilities, and adding warehouse capacity to store additional buffer inventory. Despite these challenges, we are continuing to invest in our brands to support long-term growth.” said Walter P. Glazer, Jr., Interim President and CEO of Escalade, Inc. “Year to date sales are up 20.8% and net income decreased 6.3% due to the aforementioned cost pressures and to a lesser extent, our sales mix,” continued Glazer. “With the critical holiday selling season ahead of us, our tea...