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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950152-04-001067.txt : 20040213
<SEC-HEADER>0000950152-04-001067.hdr.sgml : 20040213
<ACCEPTANCE-DATETIME>20040213104308
ACCESSION NUMBER:		0000950152-04-001067
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040213
ITEM INFORMATION:		
FILED AS OF DATE:		20040213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESCALADE INC
		CENTRAL INDEX KEY:			0000033488
		STANDARD INDUSTRIAL CLASSIFICATION:	 [3949]
		IRS NUMBER:				132739290
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06966
		FILM NUMBER:		04595500

	BUSINESS ADDRESS:	
		STREET 1:		817 MAXWELL AVE
		STREET 2:		P O BOX 899
		CITY:			EVANSVILLE
		STATE:			IN
		ZIP:			47717
		BUSINESS PHONE:		8124671200

	MAIL ADDRESS:	
		STREET 1:		PO BOX 889
		CITY:			EVANSVILLE
		STATE:			IN
		ZIP:			47706

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARTIN YALE BUSINESS MACHINES CORP
		DATE OF NAME CHANGE:	19820310

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARTIN YALE INDUSTRIES INC
		DATE OF NAME CHANGE:	19720306

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WILLIAMS MANUFACTURING CO
		DATE OF NAME CHANGE:	19710504
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l05721ae8vk.txt
<DESCRIPTION>ESCALADE, INC.                  8-K
<TEXT>
<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     Pursuant to Section 13 or 15 (D) of the
                         Securities Exchange Act of 1934

       Date of Report (Date of Earliest event reported): February 13, 2004
                                                         -----------------

                             ESCALADE, INCORPORATED
                             -----------------------
             (Exact name of Registrant as specified in its charter)

           Indiana                           0-6966                13-2739290
           -------                           ------                ----------
(State or Other Jurisdiction of      (Commission File Number)     (IRS Employer
       Incorporation)                                               I.D. No.)

                    251 Wedcor Avenue, Wabash, Indiana 46992
                    ----------------------------------------
                    (Address of Principal Executive Offices)

       Registrant's telephone number, including area code: (260) 569-7208
                                                           --------------

ITEM 12.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 13, 2004, Escalade, Incorporated ("Escalade") issued the press
release and quarterly message to shareholders attached hereto as Exhibits 99.1
and 99.2, respectively, which documents contain financial information about
Escalade's fourth completed fiscal quarter of 2003. The information hereunder
shall not be deemed to be "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the
liabilities of that section, nor shall it be incorporated by reference into a
filing under the Securities Act of 1933 or the Exchange Act, except as shall be
expressly set forth by specific reference in such a filing.

                                   SIGNATURES

Pursuant to the requirements of the Securities Act of 1934, Escalade,
Incorporated has duly caused this report to be signed on its behalf in
Evansville, Indiana by the undersigned hereunto duly authorized.

Date:         February 13, 2004      ESCALADE, INCORPORATED
                                     By: /s/ Terry D. Frandsen
                                     -------------------------
                                     Vice President and Chief Financial Officer

<PAGE>

                                INDEX TO EXHIBITS

             EXHIBIT
             NUMBER          DESCRIPTION

               99.1          Press release dated February 13, 2004
               99.2          Message to Shareholders dated February 13, 2004
                             for the quarter ended December 27, 2003



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>l05721aexv99w1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>
- --------------------------------------------------------------------------------
                                  EXHIBIT 99.1

PRESS RELEASE

ESCALADE, INCORPORATED ANNOUNCES RECORD FOURTH QUARTER EARNINGS

FOURTH QUARTER AND YEAR ENDED DECEMBER 27, 2003

Wabash, IN (February 13, 2004) -- Escalade, Incorporated (NASDAQ: ESCA)
announced that net sales in the fourth quarter increased 28% over the same
period last year to $69,128,000 while net income rose 45% to $6,465,000
resulting in $1.01 per share versus $0.68 per share for the same quarter last
year. Net sales for the year increased 43% to $221,728,000 and net income rose
33% to $14,850,000. Earnings per share for the year were $2.29 per share versus
$1.72 per share last year.

Annual net sales at Escalade Sports increased 10% over the prior year to
$139,285,000, but for the fourth quarter net sales declined 1.5% compared to the
previous year. However, net income for the fourth quarter increased 3.1% over
the prior year, resulting in an increase of 15% for the full year. The
comparative decline in net sales for the quarter is due to the shift in sales
from the third to fourth quarter of 2002 as a result of the shipment delays
caused by the West Coast Longshoreman's lockout in 2002. The majority of the
sales increase for the year is attributed to the Bear Archery acquisition,
however, the sales of core products also increased, particularly basketball,
game tables, and pre-acquisition archery products. Sell through of our sporting
goods products by our customers was very good and end of year inventories at our
customers are down to normal levels compared to the high year-end customer
inventory levels a year ago. Customer inventories are an important indicator of
future sales levels and year-end inventory levels at customers are particularly
important when it comes to the first half of the next year, a seasonally slow
period in our segment of the sporting goods industry.

For the quarter, net sales of Office Products increased 277% to $21,713,000 and
net income increased 213 % over the same period last year. For the full year,
net sales increased 187% to $82,443,000 and net income rose 37% as compared to
2002. The increase in net sales is due entirely to the acquisition of
Schleicher, a manufacturer and distributor of data shredding equipment,
headquartered in Germany. The increase in net income is due to savings from the
refinancing of Schleicher's debt in Europe, improvements in earnings from
pre-acquisition operations such as the elimination of the Hardwood Creek
project, and a slight improvement in Schleicher's European operations.
During the quarter, Schleicher voluntarily de-listed from the German stock
exchange and converted to a private company. The collective group now does
business as Martin Yale Industries, Inc. in North America and Martin Yale
International GmbH in the rest of the world. We have identified several areas of
synergy and will implement these at various points throughout 2004. We
anticipate a modest incremental gain from these changes in 2004 and the full
benefit in 2005. We believe we can further increase sales in Europe of U.S.
products and sales in the U.S. of European products, however, some of this could
be enhanced or diminished by the dollar / euro exchange rate.

Our European joint ventures, Stiga and Escalade International continued to
provide improved contributions as they collectively provided $0.04 per share for
the quarter and $0.13 for the full year.

<PAGE>
Escalade is a diversified holding company leveraging more than 75 years of
operating experience to deliver outstanding products, value and customer
relations through wholly owned subsidiaries. For more information on Escalade,
Inc., please visit our website at www.EscaladeInc.com or contact Terry Frandsen,
VP and CFO at 260/569-7208 or C.W. (Bill) Reed, President and CEO at
260/569-7233.

In Thousands, Except Per Share Data
<TABLE>
<CAPTION>

                                         THREE MONTHS ENDED               TWELVE MONTHS ENDED
                                             (Unaudited)                        (Audited)
                                       December 27,     December 28,   December 27,   December 28,
                                           2003             2002           2003           2002
<S>                                    <C>              <C>            <C>            <C>
Net Sales                              $  69,128        $  53,889      $  221,728     $  155,455
Cost of Goods Sold                        50,994           40,565         154,365        111,164
Selling, and Administrative Costs         10,426            6,696          46,367         26,328
                                      ----------       ----------      ----------     ----------
Operating Income                           7,708            6,628          20,996         17,963
Interest Expense                            (482)            (281)         (2,282)          (951)
Other Income (Expense)                     1,425              150           2,509            (70)
                                      ----------       ----------      ----------     ----------

Income Before Taxes                        8,651            6,497          21,223         16,942
Provision for Income Taxes                (2,186)          (2,043)         (6,373)        (5,804)
                                      ----------       ----------      ----------     ----------
Net Income                             $   6,465       $    4,454       $  14,850      $  11,138
                                       =========       ==========       =========      =========
Basic Earnings Per Share                   $1.01            $0.68           $2.29          $1.72
Diluted Earnings Per Share                 $0.98            $0.68           $2.25          $1.66
Average Shares Outstanding                 6,425            6,509           6,484          6,486
</TABLE>
<TABLE>
<CAPTION>
                                             December 27, 2003          December 28, 2002
                                                 (Audited)                  (Audited)
<S>                                              <C>                        <C>
Current Assets                                   $   79,619                 $  59,417
Fixed Assets                                         17,537                     9,060
Other Assets                                         18,318                    14,960
Goodwill                                             18,777                    13,351
                                                 ----------                 ---------
Total Assets                                     $  134,251                 $  96,788
                                                 ==========                 =========

Current Liabilities                              $   53,669                 $  32,376
Other Liabilities                                    19,116                    18,537
Stockholder's Equity                                 61,466                    45,875
                                                 ----------                 ---------
Total Assets                                     $  134,251                 $  96,788
                                                 ==========                 =========
</Table>

                           FORWARD LOOKING STATEMENTS

          This report contains forward-looking statements relating to present or
future trends or factors that are subject to risks and uncertainties. These
risks, include, but are not limited to, the impact of competitive products and
pricing, product demand and market acceptance, Escalade's ability to
successfully integrate the operations of acquired assets and businesses, new
product development, the continuation and development of key customer and
supplier relationships, Escalade's ability to control costs, general economic
conditions, fluctuations in operating results, changes in the securities markets
and other risks detailed from time to time in Escalade's filings with the
Securities and Exchange Commission. Escalade's future financial performance
could differ materially from the expectations of management contained herein.
Escalade undertakes no obligation to update these forward-looking statements
after the date of this report.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>l05721aexv99w2.txt
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<PAGE>
- --------------------------------------------------------------------------------
                                  EXHIBIT 99.2

                             MESSAGE TO SHAREHOLDERS

Once again, your company produced record sales and earnings for the quarter. In
the fourth quarter net sales increased 28% to $69,128,000 while net income rose
45% to $6,465,000 resulting in $1.01 per share versus $0.68 per share for the
same quarter last year. Net sales for the year increased 43% to $221,728,000 and
net income rose 33% to $14,850,000. Earnings per share for the year were $2.29
per share versus $1.72 per share last year.

Annual net sales at Escalade Sports increased 10% over the prior year to
$139,285,000, but for the fourth quarter net sales declined 1.5% compared to the
previous year. However, net income for the fourth quarter increased 3.1% over
the prior year, resulting in an increase of 15% for the full year. The
comparative decline in net sales for the quarter is due to the shift in sales
from the third to fourth quarter of 2002 as a result of the shipment delays
caused by the West Coast Longshoreman's lockout in 2002. The majority of the
sales increase for the year is attributed to the Bear Archery acquisition,
however, the sales of core products also increased, particularly basketball,
game tables, and pre-acquisition archery products. Sell through of our sporting
goods products by our customers was very good and end of year inventories at our
customers are down to normal levels compared to the high year-end customer
inventory levels a year ago. Customer inventories are an important indicator of
future sales levels and year-end inventory levels at customers are particularly
important when it comes to the first half of the next year, a seasonally slow
period in our segment of the sporting goods industry.

For the quarter, net sales of Office Products increased 277% to $21,713,000 and
net income increased 213 % over the same period last year. For the full year,
net sales increased 187% to $82,443,000 and net income rose 37% as compared to
2002. The increase in net sales is due entirely to the acquisition of
Schleicher, a manufacturer and distributor of data shredding equipment,
headquartered in Germany. The increase in net income is due to savings from the
refinancing of Schleicher's debt in Europe, improvements in earnings from
pre-acquisition operations such as the elimination of the Hardwood Creek
project, and a slight improvement in Schleicher's European operations.
During the quarter, Schleicher voluntarily de-listed from the German stock
exchange and converted to a private company. The collective group now does
business as Martin Yale Industries, Inc. in North America and Martin Yale
International GmbH in the rest of the world. We have identified several areas of
synergy and will implement these at various points throughout 2004. We
anticipate a modest incremental gain from these changes in 2004 and the full
benefit in 2005. We believe we can further increase sales in Europe of U.S.
products and sales in the U.S. of European products, however, some of this could
be enhanced or diminished by the dollar / euro exchange rate.

Our European joint ventures, Stiga and Escalade International continued to
provide improved contributions as they collectively provided $0.04 per share for
the quarter and $0.13 for the full year.

We are continuing to identify and evaluate opportunities to enhance shareholder
value.

Thank you for your continued support.

C.W. Bill Reed
President and CEO
<PAGE>
                     ESCALADE, INCORPORATED AND SUBSIDIARIES
                   CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                      (In Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
                                              THREE MONTHS ENDED                      TWELVE MONTHS ENDED
                                                 (Unaudited)                               (Audited)
                                    December 27, 2003    December 28, 2002   December 27, 2003   December 28, 2002
<S>                                      <C>                <C>                <C>                 <C>
NET SALES                                $  69,128          $  53,889          $  221,728          $  155,455

COSTS AND EXPENSES
    Cost of goods sold                      50,994             40,565             154,365             111,164
    Selling, and administrative
    costs                                   10,426              6,696              46,367              26,328
                                        ----------         ----------          ----------          ----------
        Total operating expenses            61,420             47,261             200,732             137,492
                                        ----------          ---------          ----------          ----------
OPERATING INCOME                             7,708              6,628              20,996              17,963

OTHER INCOME (EXPENSE)
    Interest expense                          (482)              (281)             (2,282)               (951)
    Other income (expense)                   1,425                150               2,509                 (70)
                                        ----------        -----------           ---------        --------------
        Total other income
        (expense)                              943               (131)                227              (1,021)
                                       -----------        -----------          ----------         -----------
INCOME BEFORE INCOME TAXES
                                             8,651              6,497              21,223              16,942
PROVISION FOR INCOME TAXES                  (2,186)            (2,043)             (6,373)             (5,804)
                                        ----------        -----------         -----------         -----------
NET INCOME                               $   6,465         $    4,454           $  14,850           $  11,138
                                         =========         ==========           =========           =========
PER SHARE DATA:
BASIC EARNINGS PER SHARE                     $1.01              $0.68               $2.29               $1.72
DILUTED EARNINGS PER SHARE                   $0.98              $0.68               $2.25               $1.66
AVERAGE SHARES OUTSTANDING
                                             6,425              6,509               6,484               6,486
</TABLE>


                      CONSOLIDATED CONDENSED BALANCE SHEETS
                             (Audited, In Thousands)
<TABLE>
<CAPTION>
                                                          December 27, 2003       December 28, 2002
<S>                                                           <C>                      <C>
ASSETS
    Current assets                                            $   79,619               $  59,417
    Fixed assets                                                  17,537                   9,060
    Other assets                                                  18,318                  14,960
    Goodwill                                                      18,777                  13,351
                                                              ----------               ---------
        TOTAL                                                 $  134,251               $  96,788
                                                               =========               =========
LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities                                       $   53,669               $  32,376
    Other liabilities                                             19,116                  18,537
    Stockholders' equity                                          61,466                  45,875
                                                              ----------               ---------
        TOTAL                                                 $  134,251               $  96,788
                                                              ==========               =========
</TABLE>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
