Escalade Inc. (ESCA, Financial) filed Quarterly Report for the period ended 2010-10-02.
Escalade Inc. has a market cap of $63.5 million; its shares were traded at around $4.81 with a P/E ratio of 17.2 and P/S ratio of 0.5. ESCA is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Total bank debt at the end of the first nine months of 2010 was down $15.2 million or 41.5% from the same period last year, and down $6.2 million or 7.8% from the latest year end. The following schedule summarizes the Company s total bank debt:
The Company successfully completed negotiations with JP Morgan Chase Bank,N.A., its primary lender, regarding amendment to its Senior Secured Revolving Credit Facility and finalized the agreement on May 31, 2010. The Company is continuing to market the Reynosa facility through a national broker and is pursuing all viable offers of purchase or lease; however the real estate market in this area continues to be soft. Implementation of a new ERP system at the Office Products U.S. facility is on schedule with a targeted completion date of year end. Management will evaluate the success of this project before committing to additional implementation sites. Should the Company decide to abandon the Oracle system at all locations, the remaining book value of the Oracle system of approximately $5.3 million ($3.5 million, net of tax) would be expensed over the estimated remaining economic life of the system.
The Company has one stock repurchase program which was established in February 2003 by the Board of Directors and which authorized management to expend up to $3,000,000 to repurchase shares on the open market as well as in private negotiated transactions. The repurchase plan has no termination date. There have been no share repurchases that were not part of a publicly announced program. In February 2008, the Board of Directors increased the remaining amount on this plan to its original level of $3,000,000. Although authorized by the Board, the Company has agreed to certain restrictions on the repurchase of shares as part of the April 30, 2009 Credit Agreement terms. The Sixth Amendment contained no changes in these restrictions.
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Escalade Inc. has a market cap of $63.5 million; its shares were traded at around $4.81 with a P/E ratio of 17.2 and P/S ratio of 0.5. ESCA is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net sales for the third quarter and first nine months of 2010 were 8% and 3% higher, respectively, than same periods in the prior year. The Company s operating income for the third quarter and first nine months of fiscal 2010 was $2.4 million and $7.2 million, respectively, compared to operating income of $0.6 million and $1.4 million for the same periods last year. Net sales for the third quarter of 2010, compared to the same period in 2009 were up 17% in the Sporting Goods segment, while down 10% in the Office Product segment. The following schedule sets forth certain consolidated statement of operations data as a percentage of net revenue:Total bank debt at the end of the first nine months of 2010 was down $15.2 million or 41.5% from the same period last year, and down $6.2 million or 7.8% from the latest year end. The following schedule summarizes the Company s total bank debt:
The Company successfully completed negotiations with JP Morgan Chase Bank,N.A., its primary lender, regarding amendment to its Senior Secured Revolving Credit Facility and finalized the agreement on May 31, 2010. The Company is continuing to market the Reynosa facility through a national broker and is pursuing all viable offers of purchase or lease; however the real estate market in this area continues to be soft. Implementation of a new ERP system at the Office Products U.S. facility is on schedule with a targeted completion date of year end. Management will evaluate the success of this project before committing to additional implementation sites. Should the Company decide to abandon the Oracle system at all locations, the remaining book value of the Oracle system of approximately $5.3 million ($3.5 million, net of tax) would be expensed over the estimated remaining economic life of the system.
The Company has one stock repurchase program which was established in February 2003 by the Board of Directors and which authorized management to expend up to $3,000,000 to repurchase shares on the open market as well as in private negotiated transactions. The repurchase plan has no termination date. There have been no share repurchases that were not part of a publicly announced program. In February 2008, the Board of Directors increased the remaining amount on this plan to its original level of $3,000,000. Although authorized by the Board, the Company has agreed to certain restrictions on the repurchase of shares as part of the April 30, 2009 Credit Agreement terms. The Sixth Amendment contained no changes in these restrictions.
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