Escalade(ESCA) - 2024 Q3 - Quarterly Results

Financial Performance - Net sales for Q3 2024 were $67.7 million, a decline of 7.7% compared to Q3 2023[2] - Operating income increased to $8.0 million in Q3 2024 from $6.4 million in Q3 2023[2] - Net income for Q3 2024 was $5.7 million, or $0.40 per diluted share, compared to $4.3 million, or $0.31 per diluted share in Q3 2023[2] - For the nine months ended September 30, 2024, net sales were $187.6 million, a decline of 5.3% year-over-year[3] - Net income for the three months ended September 2024 was $5,667,000, up 32.5% from $4,275,000 in the same period last year[11] - EBITDA for the nine months ended September 2024 increased to $20,195,000, representing a 17.3% growth compared to $17,103,000 for the same period in 2023[11] Cash Flow and Assets - The company generated $10.5 million in cash flow from operations in Q3 2024, down from $14.8 million in Q3 2023[4] - Cash and cash equivalents decreased significantly to $426,000 from $919,000 in September 2023, a drop of 53.7%[10] - Total current assets decreased to $144,664,000 from $146,831,000 in December 2023, a decline of 1%[10] - Total assets decreased to $244,930,000 from $253,005,000 in December 2023, a decline of 3.2%[10] Debt and Liabilities - Total debt at the end of Q3 2024 was $29.5 million, significantly reduced from $72.0 million at the end of Q3 2023[4] - Total liabilities decreased to $74,860,000 from $88,426,000 in December 2023, a reduction of 15.3%[10] - Current liabilities increased to $41,960,000 from $33,264,000 in December 2023, an increase of 26.2%[10] - Interest expense for the three months ended September 2024 was $530,000, down 60% from $1,325,000 in the same period last year[11] Inventory and Retained Earnings - Inventories decreased to $85,485,000 from $92,462,000 in December 2023, a decline of 7.5%[10] - Retained earnings increased to $164,161,000 from $160,099,000 in December 2023, a growth of 2.6%[10] Dividends and Other Announcements - Escalade announced a quarterly dividend of $0.15 per share, payable on January 13, 2025[5] - The company absorbed $2.7 million in non-recurring expenses related to ongoing asset and cost rationalization programs during the first nine months of 2024[6] - International sales grew by over 13% year-over-year, and owned e-commerce sales increased by 29%[6] Gross Margin - Gross margin for Q3 2024 was 24.8%, an increase of 10 basis points from the prior year[3]