Similar to the company’s first quarter results, Escalade saw revenues for its sporting goods segment climb 9.3% for the fiscal second quarter ended July 10. Citing increases in consumer spending and new product distribution, management believes improved sales in the sporting goods segment will continue through the remainder of the year.
Escalade Sports posted a 9.3% increase to $25.6 million from $23.4 million in the year-ago period. Operating income was up 104% to $4.4 million and net income for the division jumped 235% to $2.3 million.
Overall, Escalade reported that revenues increased slightly to $35.7 million from $35.6 million a year ago.
Net income for the quarter reached $1.9 million, or 15 cents a share, against earnings of $366,000, or 3 cents, a year ago. Escalade attributed the uptick to improved margins, operational improvements and reduced interest costs. The overall gross margin for the second quarter was up 230 basis points to 33.3% of sales.
