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<SEC-DOCUMENT>0001019056-06-000419.txt : 20060413
<SEC-HEADER>0001019056-06-000419.hdr.sgml : 20060413
<ACCEPTANCE-DATETIME>20060413080237
ACCESSION NUMBER:		0001019056-06-000419
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060413
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060413
DATE AS OF CHANGE:		20060413

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:		06757248

	BUSINESS ADDRESS:	
		STREET 1:		251 WEDCOR AVE
		CITY:			WABASH
		STATE:			IN
		ZIP:			46992
		BUSINESS PHONE:		2605697233

	MAIL ADDRESS:	
		STREET 1:		251 WEDCOR AVE
		CITY:			WABASH
		STATE:			IN
		ZIP:			46992

	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>escalade_8k.txt
<DESCRIPTION>FORM 8-K
<TEXT>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 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)      April 13, 2006
                                                 -------------------------------


                              ESCALADE, INCORPRATED
- --------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)


                                     Indiana
- --------------------------------------------------------------------------------
                 (State or Other Jurisdiction of Incorporation)


             0-6996                                     13-2739290
- --------------------------------------------------------------------------------
    (Commission File Number)                  (IRS Employer Identification No.)


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


                                 (260) 569-7208
- --------------------------------------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)


- --------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)


         Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))
<PAGE>

Section 2 - Financial Information

Item 2.02   Results of Operations and Financial Condition.

On April 13, 2006, Escalade, Incorporated ("Escalade") issued the press release
attached hereto as Exhibit 99.1 announcing financial information regarding
Escalade's completed first quarter of fiscal 2006. 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.

Section 9 - Financial Statements and Exhibits

Item 9.01   Financial Statements and Exhibits

         (c)      Exhibits

          EXHIBIT
          NUMBER
                       DESCRIPTION
            99.1       Press release dated April 13, 2006


                                   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 Wabash,
Indiana by the undersigned hereunto duly authorized.

Date:    April 13, 2006                     ESCALADE, INCORPORATED

                                            By: /s/ TERRY D. FRANDSEN
                                                --------------------------------
                                                 Vice President and
                                                 Chief Financial Officer

                                       2
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>

                                                                    EXHIBIT 99.1

PRESS RELEASE

ESCALADE ANNOUNCES FIRST QUARTER RESULTS OF $0.11 PER SHARE

Wabash, IN (April 13, 2006) Escalade, Incorporated (NASDAQ: ESCA) announced that
first quarter net sales were $32,800,000, a 10% increase compared to the year
ago quarter. Net income rose 18% to $1,364,000 or $0.11 per share versus $0.09
in the year ago quarter. During the first quarter of 2006, the Company began
expensing the fair value of employee stock options; this totaled $130,000.

Net sales at Escalade Sports increased 42% to $19,883,000 driven primarily by
increased basketball system sales to sporting goods chains, and secondarily by
increased sales to specialty dealers. Although the first quarter is the seasonal
low point of the year for sporting goods sales and usually results in a loss,
Escalade Sports recorded a small profit as compared to a loss in the year ago
quarter, in spite of absorbing most of the start up costs for a new
manufacturing facility in Reynosa, Mexico. This new facility will require
additional start-up expenses in the second quarter, however most of the expense
has been incurred and expected savings in the second half will more than offset
these start-up costs. Late in the quarter, the Company completed the acquisition
of the Woodplay line of premium outdoor redwood play systems which broadens the
Company's specialty dealer offering. This acquisition contributed $700,000 net
sales in the first quarter and compliments the Company's strategy of
diversifying its distribution channels, customers, and product lines. Mr. Reed,
CEO and President of Escalade, Inc. stated "We are only partially through the
2006 fall and Christmas product placement process with our large customers, and,
early indications point to overall placement gains. This coupled with the gains
we are making with the specialty dealers; lead us to believe this should be a
good year for sporting goods with gains in both sales and income."

Although net sales at Martin Yale's office products declined 18% for the quarter
to $12,916,000, the Company is encouraged by the fact that net income increased
18% as a result of the product rationalization and restructuring programs
initiated in 2004 and continued throughout 2005. The sales decline was due
primarily to the European operations product rationalization, exchange rate
differences and greater competition in the paper shredder market. Both North
America and International increased in profitability. Dan Messmer, President of
Martin Yale, stated "With our prior emphasis on profitability through product
rationalization and restructuring successfully paying off and now nearing
completion, we have shifted our main focus to increasing sales. We are
continuing to strengthen our management team, primarily in the sales/marketing
area and have developed a new line of lower cost paper shredders that are priced
competitively and yield higher margins. This new line of paper shredders is now
being introduced worldwide and is receiving favorable customer comments. We are
continuing to take the steps necessary to achieve a sales turnaround and expect
to see sales gains in the core product lines in 2006 with improved profitability
over the prior year."

Mr. Reed further stated that "Based upon our solid and improving balance sheet,
along with optimism that cash flow will continue to be strong, the Board of
Directors voted to increase the annual dividend to $0.20 per share, an increase
of 33%. Additionally, the Directors voted to replenish our stock buyback
program, returning it to the $3,000,000 level, providing the opportunity to
acquire shares when the market appears to undervalue them. We are continuing to
look for other means to enhance shareholder value, including the ongoing review
of acquisition opportunities. "

Escalade is a quality manufacturer and marketer of sporting goods and
office/graphic arts products sold worldwide. To obtain more information on the
Company and its products, visit our website at: www.EscaladeInc.com or contact
Terry Frandsen Vice President and CFO at 260/569-7208 or C.W. (Bill) Reed,
President and CEO at 260/569-7233.

                                       3
<PAGE>
<TABLE>
<CAPTION>

                     ESCALADE, INCORPORATED AND SUBSIDIARIES
                  CONSOLIDATED CONDENSED STATEMENTS OF INCOME

               (Unaudited, In Thousands Except Per Share Amounts)

                                                        3 Months Ended                       12 Months Ended
                                                 -------------------------------     -------------------------------
                                                 25 March 2006    19 March 2005      25 March 2006    19 March 2005
                                                 --------------   --------------     --------------   --------------
<S>                                              <C>              <C>                <C>              <C>
NET SALES ...................................    $       32,800   $       29,782     $      188,635   $      213,808

OPERATING  EXPENSES
      Cost of goods sold ....................            22,048           20,859            131,210          154,732
      Selling and administrative ............             8,405            7,175             36,665           39,572
      Restructuring .........................                --               --                 --            2,366
      Impairment of goodwill ................                --               --                 --            1,312
                                                 --------------   --------------     --------------   --------------
OPERATING INCOME ............................             2,347            1,748             20,760           15,826

OTHER INCOME (EXPENSE)
      Interest expense ......................              (254)            (286)            (1,450)          (1,692)
      Other income (expense) ................               (65)             245                227              281
                                                 --------------   --------------     --------------   --------------
INCOME BEFORE INCOME TAXES ..................             2,028            1,707             19,537           14,415

PROVISION FOR INCOME TAXES ..................               664              553              7,385            6,032
                                                 --------------   --------------     --------------   --------------
NET INCOME ..................................    $        1,364   $        1,154     $       12,152   $        8,383
                                                 ==============   ==============     ==============   ==============

PER SHARE DATA
      Basic earnings per share ..............    $         0.11   $         0.09     $         0.93   $         0.64
      Diluted earnings per share ............    $         0.10   $         0.09     $         0.92   $         0.63
      Average shares outstanding ............            12,979           13,058             13,042           13,031

CONSOLIDATED CONDENSED BALANCE SHEET

<CAPTION>

                            (Unaudited, In Thousands)

                                                 25 March 2006    19 March 2005   31 December 2005
                                                 --------------   --------------  ----------------
<S>                                              <C>              <C>                <C>
ASSETS
     Current assets .........................    $       68,315   $       77,910     $    71,187
     Property, Plant & Equipment - net ......            21,080           15,773          20,307
     Other assets ...........................            16,161           16,838          16,645
     Goodwill ...............................            21,759           17,793          17,157
                                                 --------------   --------------     -----------
        Total ...............................    $      127,315   $      128,314     $   125,296
                                                 ==============   ==============     ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
     Current liabilities ....................    $       25,983   $       27,865     $    30,867
     Other liabilities ......................            27,394           31,849          19,836
     Stockholders' equity ...................            73,938           68,600          74,593
                                                 --------------   --------------     -----------
        Total ...............................    $      127,315   $      128,314     $   125,296
                                                 ==============   ==============     ===========
</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.


                                       4
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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