Escalade Inc. ESCA,Trading down 1.00% after market hours
Escalade Inc.
Escalade, Incorporated, announced that net income for the second quarter of 2009 increased to $366 thousand or $0.03 per share compared to a net loss of $(704) thousand or $(0.06) loss per share for the same quarter last year. Net sales for the second quarter and first half of fiscal 2009 declined 22.2% and 19.2%, respectively, compared to same periods last year. For the first half of 2009, the Company has improved gross margins by 330 basis points and reduced selling, administrative and general expenses by 22%, mainly due to facility consolidation in the Sporting Goods segment and Company-wide cost cutting measures implemented last year, resulting in improved Company profitability.
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Escalade, Incorporated (Escalade) is in the manufacture and sale of sporting goods and office products. The Company operates in two segments: sporting goods and office products. In March 2008, the Company acquired an additional 50% interest in Action Group, which is a dealer of office supplies in South Africa. In June 2008, the Company acquired Safe Tech Sweden AB, which is a distributor of office supplies.
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