Financial Performance - Net sales for the three months ended March 31, 2024, increased to 57,304thousand,upfrom56,931 thousand in the same period of 2023, representing a growth of 0.65%[10] - Operating income significantly improved to 3,060thousandforQ12024,comparedtoonly149 thousand in Q1 2023, marking a substantial increase of 1,953.69%[10] - Net income for the three months ended March 31, 2024, was 1,775thousand,aturnaroundfromanetlossof952 thousand in the same period of 2023[10] - Basic and diluted earnings per share for Q1 2024 were both 0.13,comparedtoalossof0.07 per share in Q1 2023[10] Assets and Cash Flow - Total assets as of March 31, 2024, were 256,347thousand,adecreasefrom293,587 thousand as of March 31, 2023[27] - Cash and cash equivalents at the end of Q1 2024 were 283thousand,downfrom6,064 thousand at the end of Q1 2023[14] - The company reported a net cash provided by operating activities of 7thousandforQ12024,asignificantdeclinefrom4,516 thousand in Q1 2023[14] Dividends - The company declared dividends of 0.15pershareforbothQ12024andQ12023[10]−TheCompanypaidaquarterlydividendof0.15 per common share, totaling approximately 2.1milliononJanuary12,2024[28]CostofGoodsSoldandInventory−Thecostofproductssolddecreasedto42,950 thousand in Q1 2024 from 45,879thousandinQ12023,reflectingareductionof6.3695,991 thousand, an increase from 92,462thousandasofDecember31,2023[21]GrossSalesandAdjustments−TotalgrosssalesforthethreemonthsendedMarch31,2024,were64.047 million, an increase from 62.973millioninthesameperiodof2023[37]−TheCompanyrecognizedtotalgross−to−netsalesadjustmentsof6.743 million for the three months ended March 31, 2024, compared to 6.042millioninthesameperiodof2023[37]DebtandCreditFacilities−TheCompanyhasaseniorrevolvingcreditfacilitywithamaximumavailabilityof85.0 million as of March 31, 2024[46] - As of March 31, 2024, the outstanding principal amount of the term loan was 31.0million,andthetotalamountdrawnundertheRevolvingFacilitywas22.5 million[47] Lease Obligations - The weighted average remaining lease term for operating leases was 7.89 years as of March 31, 2024[40] - The Company recorded operating lease costs of 375,000forthethreemonthsendedMarch31,2024,comparedto374,000 for the same period in 2023[40] - Future minimum lease payments under non-cancellable leases total 10,602,000asofMarch31,2024[41]Litigation−Thecompanyisinvolvedinlitigationbutdoesnotexpectanymaterialadverseeffectsonitsbusinessorfinancialcondition[42]−Thecompanydoesnotbelievethatexistinglitigationwillhaveamaterialadverseeffectonitsbusinessorfinancialcondition[42]Stock−BasedCompensation−Thecompanyrecognizedstock−basedcompensationexpenseof429 thousand in Q1 2024, slightly down from $459 thousand in Q1 2023[25]
Escalade(ESCA)2024-04-25 10:06