Escalade, Inc. announced that net income for the second quarter of 2013 jumped 141 percent to $2.6 million, or 19 cents per share, compared to net income of $1.1 million, or 8 cents per share, for the same quarter in 2012. Consolidated net revenues for the second quarter were 12 percent higher than the same quarter last year. Net revenues for the Sporting Goods segment were up 21 percent, while quarterly net revenues from the Information Security and Print Finishing business decreased 15 percent.
Year to date revenues have increased over 8 percent over the same period in the prior year. For the first half of 2013, net income is $4.2 million, or 31 cents per share, while the first half of 2012 showed net
income of $2.7 million, or 20 cents per share.
Revenues from the Sporting Goods business were up 21 percent for the quarter and 18 percent for the first half of 2013, compared to the same periods in the prior year. Management expects strong sales in the Sporting Goods segment for the remainder of the year.
Revenues from the Information Security and Print Finishing business decreased 15 percent and 18 percent for the second quarter and first half of 2013, respectively, compared to the same periods in the prior year. Excluding the effects of changes in the currency exchange rates, revenues decreased 16 percent and 18 percent, for the second quarter and first half of 2013, respectively. Contributing to the decrease in revenue is a reduction in government spending in European countries along with increased competition globally in all major product lines. The Information Security and Print Finishing segment represents 20 percent and 26 percent of year-to-date revenues for 2013 and 2012, respectively.
“We experienced excellent results in the Sporting Goods segment, which generated a consolidated net income increase of 141 percent on 12 percent revenue growth for the second quarter,” stated Robert J. Keller, president and CEO of Escalade, Inc. “Momentum continues to build with consumers and retailers in response to the innovation and performance delivered through our flagship brands. Operational improvements and favorable product mix helped drive significant income growth.”