Escalade posts Q1 loss of $0.07/diluted share; sales down 21.3%; amends credit agreement

ESCALADE INC

2023-Q1 EPS reported -$0.07 revenue$56,931,000

Q1 net loss of $1.0M ($0.07 diluted loss) vs $0.49 diluted EPS in Q1 2022; net sales $56.9M down 21.3%.
Gross margin fell 840 bps to 19.4% on higher-cost inventory, unfavorable mix and lower volumes.
EBITDA declined 85.2% to $1.6M; net debt to trailing EBITDA at 3.8x, above target 1.5-2.5x.
Credit agreement amended: leverage covenant eased, min EBITDA covenant $22.5M for Q2/Q3 2023; revolver reduced to $75M post Mexico sale.
Expects $2.8M-$3.8M annual savings from Mexico divestiture and domestic workforce reduction.

item 1.01 item 2.03 item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ESCALADE INC reported first quarter 2023 results: revenue $56.9 million, net income net loss of $1.0 million, EPS $0.07 loss per diluted share.

Period: first quarter 2023
Revenue: $56.9 million
Net income: net loss of $1.0 million
EPS: $0.07 loss per diluted share
Result: reported results

Exact text from the filing

For the three months ended March 31, 2023, Escalade posted net sales of $56.9 million, net loss of $1.0 million and diluted loss per share of $0.07.

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Source: SEC EDGAR

accession 0001437749-23-013128

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