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Escalade Incorporated (ESCA-4.23%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations in the sporting goods segment, highlighting its manufacturing and distribution of products such as basketball goals, archery equipment, and fitness products.
Net sales for 2024 were $251.5 million, a decrease from $263.6 million in 2023, attributed to softer consumer demand across multiple categories.
The company reported a gross margin increase to 24.7% from 23.4% in the previous year, due to lower manufacturing and logistics costs.
Selling, general, and administrative expenses rose to $43.3 million from $41.5 million, primarily due to increased professional service costs.
Operating income was $20.0 million, up from $17.8 million in 2023, with a net income of $13.0 million compared to $9.8 million in the previous year.
The company completed the sale of its Mexico facility, resulting in a gain of $3.9 million.
Escalade's debt under its senior revolving credit facility was $25.6 million as of December 31, 2024, with a decrease in the availability of the revolving credit facility to $60.0 million.
The company continues to focus on product innovation and strategic acquisitions to drive growth in its sporting goods segment.
Escalade identified a material weakness in its internal control over financial reporting related to segregation of duties, which it is actively working to remediate.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Escalade Incorporated annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.