Escalade, Inc. reported net revenues for the fourth quarter of 2013 were 14 percent higher than the same quarter last year. Net revenues for the full year 2013 were 11 percent higher than last year. Sales growth was driven by the Sporting Goods segment and was a direct result of continued product innovation and brand marketing.
Net income for the fourth quarter of 2013 was $3.1 million, or 23 cents basic earnings per share compared to net income of $3.9 million or 29 cents basic earnings per share for the same quarter in 2012. Net income for the full year 2013 was $9.8 million or 11 percent higher than last year excluding the impact of goodwill and intangible asset impairment in 2012. 2013 basic earnings per share was 73 cents compared to 66 cents basic earnings per share last year excluding the impact of goodwill and intangible asset impairment in 2012. In the third quarter of 2012, the company recorded goodwill and intangible asset impairments related to the Information Security and Print finishing segment totaling $13.4 million along with an unrelated impairment for an equity method investment in the amount of $382 thousand.
In the Sporting Goods segment, net revenue increased 18.1 percent in 2013 compared to 2012 with growth coming from most sales channels in the Sporting Goods segment. The company continues to aggressively pursue opportunities to increase revenue through introduction of new products, expansion of product distribution, acquisitions, and increased investment in consumer marketing.
Net revenue in the Information Security and Print Finishing business decreased 12.3 percent in 2013 compared to 2012. Excluding the effect of changes in foreign exchange rates, 2013 net revenues were down 12.5 percent compared with 2012. Sales are direct to end users, including government agencies, as well as through office products retailers, wholesalers, specialty dealers, and business partners.
"We are pleased with achieving double-digit top line revenue and earnings growth," stated Robert J. Keller, President and Chief Executive Officer of Escalade, Inc. "Our full year revenue growth of 11 percent and net income of $0.73 per share reflects the strong market acceptance of our innovative new products and trusted brands. We continue to focus on making improvements in our company and expanding our footprint in core markets."
