| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| ESCALADE, INCORPORATED                                 |
|--------------------------------------------------------|
| (Exact name of registrant as specified in its charter) |

|                                    |   |         |
|-----------------------------------------|--------|--------------|
| Indiana                                 |   | 13-2739290   |
| (State of incorporation)                |   | (I.R.S. EIN) |
|                                    |   |         |
| 817 Maxwell Ave, Evansville, Indiana    |   | 47711        |
| (Address of Principal Executive Office) |   | (Zip Code)   |
|                                    |   |         |

| Common Stock, No Par Value |   | The NASDAQ Stock Market LLC            |
|----------------------------|--------|----------------------------------------|
| (Title of Class)           |   | (Name of Exchange on Which Registered) |

| Large accelerated filer o             | Accelerated filer o         |
|---------------------------------------|-----------------------------|
|                                  |                        |
| Non-accelerated filer o (do not       | Smaller reporting company x |
| check if a smaller reporting company) |                        |

----

|     |     |                                                                                                            | Page   |
|----------|----------|-----------------------------------------------------------------------------------------------------------------|--------|
| Part I   |     |                                                                                                            |   |
|     | Item 1.  | Business                                                                                                        | 3      |   |
|     | Item 1A. | Risk Factors                                                                                                    | 5      |   |
|     | Item 1B. | Unresolved Staff Comments                                                                                       | 13     |   |
|     | Item 2.  | Properties                                                                                                      | 13     |   |
|     | Item 3.  | Legal Proceedings                                                                                               | 14     |   |
|     | Item 4.  | [Reserved]                                                                                                      | 14     |   |
|     |     |                                                                                                            |   |   |
| Part II  |     |                                                                                                            |   |
|     | Item 5.  | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Securities | 14     |   |
|     | Item 6.  | Selected Financial Data                                                                                         | 16     |   |
|     | Item 7.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                     | 17     |   |
|     | Item 7A. | Quantitative and Qualitative Disclosures About Market Risk                                                      | 25     |   |
|     | Item 8.  | Financial Statements and Supplementary Data                                                                     | 25     |   |
|     | Item 9.  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                            | 25     |   |
|     | Item 9A. | Controls and Procedures                                                                                         | 26     |   |
|     | Item 9B. | Other Information                                                                                               | 27     |   |
|     |     |                                                                                                            |   |   |
| Part III |     |                                                                                                            |   |
|     | Item 10. | Directors, Executive Officers and Corporate Governance                                                          | 27     |   |
|     | Item 11. | Executive Compensation                                                                                          | 27     |   |
|     | Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                  | 27     |   |
|     | Item 13. | Certain Relationships and Related Transactions                                                                  | 28     |   |
|     | Item 14. | Principal Accounting Fees and Services                                                                          | 28     |   |
|     |     |                                                                                                            |   |   |
| Part IV  |     |                                                                                                            |   |
|     | Item 15. | Exhibits and Financial Statement Schedules                                                                      | 28     |   |

----

Part I

| ITEM 1 — BUSINESS |
|------------------------------|

|                                     |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Sporting Goods                           |   |   | 71     | %      |   |   | 66     | %      |   |   | 66 | % |
| Information Security and Print Finishing |   |   | 29     | %      |   |   | 34     | %      |   |   | 34 | % |
| Total Net Sales                          |   |   | 100    | %      |   |   | 100    | %      |   |   | 100 | % |

| Product Segment                 |   | Brand Names                                                   |
|---------------------------------|--------|---------------------------------------------------------------|
| Archery                         |   | Bear Archery®, Trophy Ridge®, Whisker Biscuit® |
| Table Tennis                    |   | STIGA®, Ping-Pong®                                  |
| Basketball Backboards and Goals |   | GoalrillaTM, Goaliath®, Silverback®            |
| Play Systems                    |   | Woodplay®, Childlife®                               |
| Fitness                         |   | The STEP®, USWeightTM                               |
| Game Tables (Hockey and Soccer) |   | Harvard Game®, Atomic®, Accudart®              |
| Pool Tables and Accessories     |   | Mosconi®, Mizerak®                                  |

----

----

|                                     |   | 2010   |   |   | 2009   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|
| Sporting Goods                           |   |   |   |   |   |   |
| USA                                      |   | 284    |   |   |   | 259    |   |
| Mexico                                   |   | 98     |   |   |   | 104    |   |
| Asia                                     |   | 8      |   |   |   | 8      |   |
|                                     |   | 390    |   |   |   | 371    |   |
| Information Security and Print Finishing |   |   |   |   |   |   |   |
| USA                                      |   | 89     |   |   |   | 93     |   |
| Europe                                   |   | 121    |   |   |   | 128    |   |
| Asia                                     |   | 8      |   |   |   | 8      |   |
|                                     |   | 218    |   |   |   | 229    |   |
| Total                                    |   | 608    |   |   |   | 600    |   |

| ITEM 1A —RISK FACTORS |
|-----------------------------|

----

----

----

----

----

----

----

|   | ● | General economic and market conditions;                                                                                                                                           |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | Actual or anticipated variations in quarterly operating results;                                                                                                                  |
|   | ● | Lack of research coverage by securities analysts;                                                                                                                                 |
|   | ● | Relatively low market capitalization resulting in low trading volume in the Company’s stock;                                                                                |
|   | ● | If securities analysts provide coverage, our inability to meet or exceed securities analysts’ estimates or expectations;                                                    |
|   | ● | Conditions or trends in the Company’s industries;                                                                                                                           |
|   | ● | Changes in the market valuations of other companies in the Company’s industries;                                                                                            |
|   | ● | Announcements by the Company or the Company’s competitors of significant acquisitions, strategic partnerships, divestitures, joint ventures or other strategic initiatives; |
|   | ● | Capital commitments;                                                                                                                                                              |
|   | ● | Additions or departures of key personnel;                                                                                                                                         |
|   | ● | Sales and repurchases of the Company’s common stock; and                                                                                                                    |
|   | ● | The ability to maintain listing of the Company’s common stock on the NASDAQ Global Market.                                                                                  |

----

| ITEM 1B —UNRESOLVED STAFF COMMENTS |
|------------------------------------------|

| ITEM 2 —PROPERTIES |
|--------------------------|

| Location                   | Square Footage | Owned orLeased | Use                                               |
|----------------------------|----------------|----------------|---------------------------------------------------|
|                       |           |           |                                              |
| Sporting Goods             |           |           |                                              |
| Evansville, Indiana, USA   | 359,000        | Owned          | Distribution; sales and marketing; administration |
| Olney, Illinois, USA       | 108,500        | Leased         | Manufacturing and distribution                    |
| Gainesville, Florida, USA  | 154,200        | Owned          | Manufacturing and distribution                    |
| Rosarito, Mexico           | 66,500         | Owned          | Manufacturing and distribution                    |
| Rosarito, Mexico           | 108,200        | Leased         | Manufacturing                                     |
| Reynosa, Mexico            | 126,800        | Owned          | Idle                                              |
| Raleigh, N. Carolina, USA  | 69,800         | Leased         | Manufacturing and distribution                    |
| Jacksonville, Florida, USA | 18,000         | Leased         | Sales and marketing                               |
| Shanghai, China            | 650            | Leased         | Sales and sourcing                                |

| Information Security and Print Finishing |    |   |
|------------------------------------------|---------|--------|
| Wabash, Indiana, USA                     | 141,000 | Owned  | Manufacturing and distribution; sales and marketing; administration |
| Markdorf, Germany                        | 70,300  | Owned  | Manufacturing and distribution; sales and marketing; administration |
| Paris, France                            | 1,335   | Leased | Distribution; sales and marketing |
| Crawley, UK                              | 8,300   | Leased | Sales and marketing |
| Barcelona, Spain                         | 8,600   | Leased | Distribution; sales and marketing |
| Johannesburg, South Africa               | 4,800   | Leased | Distribution; sales and marketing |
| Sollentuna, Sweden                       | 1,400   | Leased | Sales and marketing |
| Beijing, China                           | 1,400   | Leased | Sales and marketing |

----

| ITEM 3 —LEGAL PROCEEDINGS |
|---------------------------------|

| ITEM 4 —[RESERVED] |
|--------------------------|

Part II

| ITEM 5 —MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER REPURCHASES OF SECURITIES |
|---------------------------------------------------------------------------------------------------------------------------------|

| Prices                                 |   | High   |   |   | Low    |   |
|----------------------------------------|--------|--------|--------|--------|--------|--------|
| 2010                                   |   |   |   |   |   |   |
| Fourth quarter ended December 25, 2010 |   | $      | 6.65   |   |   | $      | 4.27 |   |
| Third quarter ended October 2, 2010    |   |   | 5.80   |   |   |   | 4.14 |   |
| Second quarter ended July 10, 2010     |   |   | 5.52   |   |   |   | 2.46 |   |
| First quarter ended March 20, 2010     |   |   | 3.00   |   |   |   | 2.21 |   |
| 2009                                   |   |   |   |   |   |   |   |   |
| Fourth quarter ended December 26, 2009 |   | $      | 3.07   |   |   | $      | 1.96 |   |
| Third quarter ended October 3, 2009    |   |   | 3.44   |   |   |   | 0.72 |   |
| Second quarter ended July 11, 2009     |   |   | 1.48   |   |   |   | 0.43 |   |
| First quarter ended March 21, 2009     |   |   | 1.15   |   |   |   | 0.30 |   |
| 2008                                   |   |   |   |   |   |   |   |   |
| Fourth quarter ended December 27, 2008 |   | $      | 2.54   |   |   | $      | 0.48 |   |
| Third quarter ended October 4, 2008    |   |   | 5.40   |   |   |   | 2.51 |   |
| Second quarter ended July 12, 2008     |   |   | 9.14   |   |   |   | 4.80 |   |
| First quarter ended March 22, 2008     |   |   | 9.39   |   |   |   | 8.00 |   |

----

| Record Date       | Payment Date     |   | Amount per Common Share |   |
|-------------------|------------------|--------|-------------------------|--------|
| March 14, 2008    | March 21, 2008   |   | $                       | 0.25   |   |
| November 22, 2010 | December 6, 2010 |   | $                       | 0.10   |   |

|                             |   | 2005   |   | 2006   |   | 2007   |   | 2008   |   | 2009   |   | 2010   |
|----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Escalade Common Stock            |   | 100    |   |   | 93     |   |   | 81     |   |   | 7      |   |   | 23 |   |   | 58 |   |
| NASDAQ US Stock Index            |   | 100    |   |   | 110    |   |   | 119    |   |   | 57     |   |   | 83 |   |   | 98 |   |
| NASDAQ Non-Financial Stock Index |   | 100    |   |   | 110    |   |   | 124    |   |   | 57     |   |   | 86 |   |   | 102 |   |

----

| Period                                                                    |   | (a) Total Number of Shares (or Units)Purchased |   | (b) Average Price Paid per Share (or Unit) |   |   | (c) Total Number of Shares (or Units) Purchased as Part of Publicly AnnouncedPlans or Programs |   | (d) Maximum Number (or ApproximateDollar Value) ofShares (or Units) that May Yet Be Purchased Underthe Plans or Programs |   |
|---------------------------------------------------------------------------|--------|------------------------------------------------|--------|--------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------|--------|
| Share purchases prior to 10/02/2010 under the current repurchase program. |   | 982,916                                        |   |                                       | $      | 8.84   |                                                                                           |   | 982,916                                                                                                                  |   |   | $ | 2,273,939 |   |
|                                                                      |   |                                           |   |                                       |   |   |                                                                                           |   |                                                                                                                     |   |   |   |   |   |
| Fourth quarter purchases:                                                 |   |                                           |   |                                       |   |   |                                                                                           |   |                                                                                                                     |   |   |   |   |   |
| 10/03/2010 – 10/30/2010                                             |   | None                                           |   |                                       | None   |   |                                                                                           | None   |                                                                                                                     |   | No Change |   |
| 10/31/2010 – 11/27/2010                                             |   | None                                           |   |                                       | None   |   |                                                                                           | None   |                                                                                                                     |   | No Change |   |
| 11/28/2010 – 12/25/2010                                             |   | None                                           |   |                                       | None   |   |                                                                                           | None   |                                                                                                                     |   | No Change |   |
|                                                                      |   |                                           |   |                                       |   |   |                                                                                           |   |                                                                                                                     |   |   |   |   |   |
|   Total share purchases under the current program                    |   | 982,916                                        |   |                                       | $      | 8.84   |                                                                                           |   | 982,916                                                                                                                  |   |   | $ | 2,273,939 |   |

| ITEM 6 —SELECTED FINANCIAL DATA |
|---------------------------------------|

| At and For Years Ended                   |   | December 25,2010 |    |   | December 26,2009 |   |    | December 27,2008 |   |   | December 29,2007 |   |   | December 30,2006 |    |
|------------------------------------------|--------|------------------|---------|--------|------------------|--------|---------|------------------|--------|--------|------------------|--------|--------|------------------|---------|
|                                     |   |             |    |   |             |   |    |             |   |   |             |   |   |             |    |
| Income Statement Data                    |   |             |    |   |             |   |    |             |   |   |             |   |   |             |    |
| Net revenue                              |   |             |    |   |             |   |    |             |   |   |             |   |   |             |    |
| Sporting Goods                           |   | $                | 85,815  |   |             | $      | 76,807  |             |   | $      | 98,039           |   |   | $                | 129,788 |   |   | $ | 136,733 |   |
| Information Security and Print Finishing |   |             | 34,841  |   |             |   | 39,192  |             |   |   | 50,647           |   |   |             | 55,788  |   |   |   | 54,732 |   |
| Total net sales                          |   |             | 120,656 |   |             |   | 115,999 |             |   |   | 148,686          |   |   |             | 185,576 |   |   |   | 191,465 |   |
| Net income (loss)                        |   |             | 6,059   |   |             |   | 1,657   |             |   |   | (7,496           | )      |   |             | 9,255   |   |   |   | 8,495 |   |
| Weighted-average shares                  |   |             | 12,726  |   |             |   | 12,632  |             |   |   | 12,684           |   |   |             | 12,901  |   |   |   | 13,012 |   |
|                                     |   |             |    |   |             |   |    |             |   |   |             |   |   |             |    |   |   |   |   |   |
| Per Share Data                           |   |             |    |   |             |   |    |             |   |   |             |   |   |             |    |   |   |   |   |   |
| Basic earnings (loss) per share          |   | $                | 0.48    |   |             | $      | 0.13    |             |   | $      | (0.59            | )      |   | $                | 0.72    |   |   | $ | 0.65 |   |
| Cash dividends                           |   | $                | 0.10    |   |             | $      | — |             |   | $      | 0.25             |   |   | $                | 0.22    |   |   | $ | 0.20 |   |
|                                     |   |             |    |   |             |   |    |             |   |   |             |   |   |             |    |   |   |   |   |   |
| Balance Sheet Data                       |   |             |    |   |             |   |    |             |   |   |             |   |   |             |    |   |   |   |   |   |
| Working capital                          |   |             | 24,132  |   |             |   | 9,688   |             |   |   | 4,842            |   |   |             | 31,442  |   |   |   | 33,125 |   |
| Total assets                             |   |             | 127,553 |   |             |   | 127,238 |             |   |   | 147,701          |   |   |             | 152,016 |   |   |   | 150,715 |   |
| Short-term bank debt                     |   |             | 11,407  |   |             |   | 27,644  |             |   |   | 46,525           |   |   |             | 13,033  |   |   |   | 10,336 |   |
| Long-term bank debt                      |   |             | 7,500   |   |             |   | — |             |   |   | —          |   |   |             | 19,135  |   |   |   | 22,609 |   |
| Total stockholders’ equity         |   |             | 87,030  |   |             |   | 82,764  |             |   |   | 78,790           |   |   |             | 91,742  |   |   |   | 85,715 |   |

----

| ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|------------------------------------------------------------------------------------------------------------|

----

|                                     |   | 2010   |   | 2009   |   | 2008   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                     |   |   |   |   |   |   |   |   |   |
| Net revenue                              |   |   |   |   |   |   |   |   |   |
| Sporting Goods                           |   | 11.7   | %      |   | -21.7  | %      |   | -24.5 | % |
| Information Security and Print Finishing |   | -11.1  | %      |   | -22.6  | %      |   | -9.2 | % |
| Total                                    |   | 4.0    | %      |   | -22.0  | %      |   | -19.9 | % |
|                                     |   |   |   |   |   |   |   |   |   |
| Net income                               |   | 265.6  | %      |   | 122.1  | %      |   | -181.0 | % |

|                                         |   | 2010   |   |   | 2009   |   |   | 2008 |   |
|----------------------------------------------|--------|--------|--------|--------|--------|--------|--------|------|--------|
| Net revenue                                  |   |   | 100.0  | %      |   |   | 100.0  | %    |   |   | 100.0 | % |
| Cost of products sold                        |   |   | 69.2   | %      |   |   | 70.9   | %    |   |   | 75.4 | % |
| Gross margin                                 |   |   | 30.8   | %      |   |   | 29.1   | %    |   |   | 24.6 | % |
| Selling, administrative and general expenses |   |   | 22.9   | %      |   |   | 25.4   | %    |   |   | 26.8 | % |
| Impairment of assets                         |   |   | 0.0    | %      |   |   | 0.0    | %    |   |   | 1.8 | % |
| Amortization                                 |   |   | 1.1    | %      |   |   | 2.0    | %    |   |   | 1.5 | % |
| Operating income (loss)                      |   |   | 6.8    | %      |   |   | 1.7    | %    |   |   | (5.5 | %) |

----

| In Thousands            |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                    |   |   |   |   |   |   |   |   |   |
| Net revenue             |   | $      | 85,815 |   |   | $      | 76,807 |   |   | $ | 98,039 |   |
| Operating income (loss) |   |   | 9,171  |   |   |   | 4,610  |   |   |   | (6,250 | ) |
| Net income (loss)       |   |   | 4,601  |   |   |   | 1,273  |   |   |   | (5,428 | ) |

| In Thousands      |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|              |   |   |   |   |   |   |   |   |   |
| Net revenue       |   | $      | 34,841 |   |   | $      | 39,192 |   |   | $ | 50,647 |   |
| Operating income  |   |   | 926    |   |   |   | 1,780  |   |   |   | 3,930 |   |
| Net income (loss) |   |   | (187   | )      |   |   | 1,077  |   |   |   | 1,835 |   |

----

----

| Amounts in thousands                                  |   | Payments Due by Period |   |
|-------------------------------------------------------|--------|------------------------|--------|
| Contractual Obligations                               |   | Total                  |   |   | Less than 1 year |   |   | 1 –3 years |   |   | 3 – 5 years |   |   | More than 5 years |   |
|                                                  |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt                                                  |   | $                      | 18,907 |   |   | $ | 11,407 |   |   | $ | 4,000 |   |   | $ | 3,500 |   |   | $ | — |   |
| Overdraft facility                                    |   |                   | 1,585  |   |   |   | 1,585 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Future interest payments (1)                          |   |                   | 2,260  |   |   |   | 1,360 |   |   |   | 650 |   |   |   | 250 |   |   |   | — |   |
| Operating leases                                      |   |                   | 1,391  |   |   |   | 873 |   |   |   | 452 |   |   |   | 66 |   |   |   | — |   |
| Minimum payments under royalty and license agreements |   |                   | 3,185  |   |   |   | 430 |   |   |   | 880 |   |   |   | 750 |   |   |   | 1,125 |   |
| Total                                                 |   | $                      | 27,328 |   |   | $ | 15,655 |   |   | $ | 5,982 |   |   | $ | 4,566 |   |   | $ | 1,125 |   |

----

----

----

----

| ITEM 7A —QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|---------------------------------------------------------------------------|

| ITEM 8 —FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
|-----------------------------------------------------------|

| ITEM 9 — CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
|----------------------------------------------------------------------------------------------------------|

----

| ITEM 9A —CONTROLS AND PROCEDURES |
|----------------------------------------|

----

|   | /s/ Robert J. Keller, Chief Executive Officer | /s/ Deborah J. Meinert, Chief Financial Officer |
|--------|-----------------------------------------------|-------------------------------------------------|

| ITEM 9B —OTHER INFORMATION |
|----------------------------------|

Part III

| ITEM 10 —DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
|-----------------------------------------------------------------------|

| ITEM 11—EXECUTIVE COMPENSATION |
|--------------------------------------|

| ITEM 12 —SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
|---------------------------------------------------------------------------------------------------------------|

----

|     Plan Category                      |   | Number ofSecurities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights |    |   | Weighted-Average Exercise Priceof Outstanding Options, Warrantsand Rights |   |    | Number ofSecurities RemainingAvailable for Future Issuance |   |
|------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|---------|--------|---------------------------------------------------------------------------|--------|---------|------------------------------------------------------------|--------|
|                                                       |   |                                                                                       |    |   |                                                                      |   |    |                                                       |   |
| Equity compensation plans approved by security holders (1) |   |                                                                                       | 929,024 |   |                                                                      | $      | 2.23    |                                                       |   |   | 961,610 |   |
| Equity compensation plans not approved by security holders |   |                                                                                       | — |   |                                                                      |   | — |                                                       |   |   | — |   |
| Total                                                      |   |                                                                                       | 929,024 |   |                                                                      |   |    |                                                       |   |   | 961,610 |   |

| ITEM 13 —CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS |
|---------------------------------------------------------------|

| ITEM 14 —PRINCIPAL ACCOUNTING FEES AND SERVICES |
|-------------------------------------------------------|

Part IV

| ITEM 15 —EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
|--------------------------------------------------------|

| (A)    | Documents filed as a part of this report: |
|--------|-------------------------------------------|
|   |                                      |   |   |   |
|   | (1)                                       | Financial Statements |
|   |                                      |   |   |   |
|   |                                      |   | Report of Independent Registered Public Accounting Firm |
|   |                                      |   | Consolidated financial statements of Escalade, Incorporated and subsidiaries: |
|   |                                      |   |   | Consolidated balance sheets—December 25, 2010 and December 26, 2009 |
|   |                                      |   |   | Consolidated statements of operations—fiscal years ended December 25, 2010, December 26, 2009, and December 27, 2008 |
|   |                                      |   |   | Consolidated statements of stockholders’ equity—fiscal years ended December 25, 2010, December 26, 2009, and December 27, 2008 |
|   |                                      |   |   | Consolidated statements of cash flows—fiscal years ended December 25, 2010, December 26, 2009, and December 27, 2008 |
|   |                                      |   |   | Notes to consolidated financial statements |

----

|   | All other schedules are omitted because of the absence of conditions under which they are required or because the required information is given in the consolidated financial statements or notes thereto. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                       |   |
| (3)    | Exhibits                                                                                                                                                                                                   |   |
|   | 3.1                                                                                                                                                                                                        | Articles of Incorporation of Escalade, Incorporated (b) |
|   | 3.2                                                                                                                                                                                                        | Amended By-Laws of Escalade, Incorporated (q) |
|   | 4.1                                                                                                                                                                                                        | Form of Escalade, Incorporated’s common stock certificate (a) |
|   | 10.1                                                                                                                                                                                                       | Licensing agreement between Sweden Table Tennis AB and Indian Industries, Inc. dated January 1, 1995 (d) |
|   | 10.2                                                                                                                                                                                                       | Credit Agreement dated as of April 30, 2009 among Escalade, Incorporated and JPMorgan Chase Bank, N.A. (without exhibits and schedules, which Escalade has determined are not material) (k) |
|   | 10.3                                                                                                                                                                                                       | Pledge and Security Agreement dated as of April 30, 2009 by and between Escalade, Incorporated and JPMorgan Chase Bank, N.A. (without exhibits and schedules, which Escalade has determined are not material) (k) |
|   | 10.4                                                                                                                                                                                                       | Form of Pledge and Security Agreement dated as of April 30, 2009 with JPMorgan Chase Bank, N.A. (j) (l) |
|   | 10.5                                                                                                                                                                                                       | Form of Unlimited Continuing Guaranty dated as of April 30, 2009 in favor of JPMorgan Chase Bank, N.A. (k) (l) |
|   | 10.6                                                                                                                                                                                                       | First Amendment dated as of July 29, 2009 to Credit Agreement by and between Escalade, Incorporated and JPMorgan Chase Bank, N.A. (m) |
|   | 10.7                                                                                                                                                                                                       | Second Amendment dated as of September 30, 2009 to Credit Agreement by and between Escalade, Incorporated and JPMorgan Chase Bank, N.A. (n) |
|   | 10.8                                                                                                                                                                                                       | Third Amendment dated as of October 30, 2009 to Credit Agreement by and between Escalade, Incorporated and JPMorgan Chase Bank, N.A. (o) |
|   | 10.9                                                                                                                                                                                                       | Loan Agreement dated September 1, 1998 between Martin Yale Industries, Inc. and City of Wabash, Indiana (f) |
|   | 10.10                                                                                                                                                                                                      | Trust Indenture between the City of Wabash, Indiana and Bank One Trust Company, NA as Trustee dated September 1, 1998 relating to the Adjustable Rate Economic Development Revenue Refunding Bonds, Series 1998 (Martin Yale Industries, Inc. Project) (f) |
|   | 10.11                                                                                                                                                                                                      | Fourth Amendment dated as of March 1, 2010 to Credit Agreement by and between Escalade, Incorporated and JPMorgan Chase Bank, N.A. (p) |
|   | 10.12                                                                                                                                                                                                      | Fifth Amendment dated as of April 15, 2010 to Credit Agreement by and between Escalade, Incorporated and JPMorgan Chase Bank, N.A. (r) |
|   | 10.13                                                                                                                                                                                                      | Sixth Amendment to Credit Agreement dated as of May 31, 2010 by and between Escalade, Incorporated and JPMorgan Chase Bank, N.A., (s) |
|   | 10.14                                                                                                                                                                                                      | Overdraft Facility by and between Escalade, Incorporated and JPMorgan Chase Bank, N.A., London Branch (s) |

| (4)    | Executive Compensation Plans and Arrangements |
|--------|-----------------------------------------------|
|   | 10.15                                         | The Harvard Sports/Indian Industries, Inc. 401(k) Plan as amended and merged in 1993 (c) |
|   | 10.16                                         | Martin Yale Industries, Inc. 401(k) Retirement Plan as amended in 1993 (c) |
|   | 10.17                                         | Incentive Compensation Plan for Escalade, Incorporated and its subsidiaries (a) |
|   | 10.18                                         | Example of contributory deferred compensation agreement between Escalade, Incorporated and certain management employees allowing for deferral of compensation (a) |
|   | 10.19                                         | 1997 Director Stock Compensation and Option Plan (e) |
|   | 10.20                                         | 1997 Incentive Stock Option Plan (e) |
|   | 10.21                                         | 1997 Director Stock Compensation and Option Plan Certificate (g) |
|   | 10.22                                         | 1997 Incentive Stock Option Plan Certificate (g) |
|   | 10.23                                         | Escalade, Incorporated 2007 Incentive Plan, incorporated by reference herein from Annex 1 to the Registrant’s 2007 Definitive Proxy Statement. (h) |
|   | 10.24                                         | Employment offer letter dated July 23, 2007 between Robert Keller and Escalade, Inc. (i) |
|   | 10.25                                         | Form of Restricted Stock Unit Agreement utilized in Restricted Stock Unit grants pursuant to the Escalade Incorporated 2007 Incentive Plan. (j) |
|   | 10.26                                         | Escalade, Incorporated schedule of Directors Compensation |
|   | 10.27                                         | Escalade, Incorporated schedule of Executive Officers Compensation |
|   | 10.28                                         | Form of Stock Option Award Agreement utilized in Stock Option grants to employees pursuant to the Escalade, Incorporated 2007 Incentive Plan (t) |
|   | 10.29                                         | Form of Stock Option Award Agreement utilized in Stock Option grants to Directors pursuant to the Escalade, Incorporated 2007 Incentive Plan (t) |

----

|   | 21   | Subsidiaries of the Registrant                                 |
|--------|------|----------------------------------------------------------------|
|   | 23.1 | Consent of BKD, LLP                                            |
|   | 23.2 | Consent of FALK GmbH & Co KG                               |
|   | 31.1 | Chief Executive Officer Rule 13a-14(a)/15d-14(a) Certification |
|   | 31.2 | Chief Financial Officer Rule 13a-14(a)/15d-14(a) Certification |
|   | 32.1 | Chief Executive Officer Section 1350 Certification             |
|   | 32.2 | Chief Financial Officer Section 1350 Certification             |

|   | (a) | Incorporated by reference from the Company’s Form S-2 Registration Statement, File No. 33-16279, as declared effective by the Securities and Exchange Commission on September 2, 1987                                                                                                                                                                                                                                                                                                                 |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b) | Incorporated by reference from the Company’s 2007 First Quarter Report on Form 10-Q                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (c) | Incorporated by reference from the Company’s 1993 Annual Report on Form 10-K                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | (d) | Incorporated by reference from the Company’s 1995 Annual Report on Form 10-K                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | (e) | Incorporated by reference from the Company’s 1997 Proxy Statement                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | (f) | Incorporated by reference from the Company’s 1998 Third Quarter Report on Form 10-Q                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (g) | Incorporated by reference from the Company’s 2004 Annual Report on Form 10-K                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | (h) | Incorporated by reference from the Company’s 2007 Second Quarter Report on Form 10-Q                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | (i) | Incorporated by reference from the Company’s 2007 Third Quarter Report on Form 10-Q                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (j) | Incorporated by reference from the Company’s Form 8-K filed on February 29, 2008                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | (k) | Incorporated by reference from the Company’s Form 8-K filed on May 6, 2009                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (l) | Each of Escalade’s eleven domestic subsidiaries has entered into the identical form of Pledge and Security Agreement and form of Unlimited Continuing Guaranty. Those eleven domestic subsidiaries are: Indian Industries, Inc.; Harvard Sports, Inc.; Martin Yale Industries, Inc.; U.S. Weight, Inc.; Bear Archery, Inc.; Escalade Sports Playground, Inc.; Schleicher & Co. America, Inc.; Olympia Business Systems, Inc.; EIM Company, Inc.; SOP Services, Inc.; and Escalade Insurance, Inc. |
|   | (m) | Incorporated by reference from the Company’s Form 8-K filed on July 30, 2009                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | (n) | Incorporated by reference from the Company’s Form 8-K filed on September 30, 2009                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | (o) | Incorporated by reference from the Company’s 2009 Third Quarter Report on Form 10-Q                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (p) | Incorporated by reference from the Company’s Form 8-K filed on March 2, 2010                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | (q) | Incorporated by reference from the Company’s 2010 Second Quarter Report on Form 10-Q filed on August 2, 2010                                                                                                                                                                                                                                                                                                                                                                                          |
|   | (r) | Incorporated by reference from the Company’s 2010 First Quarter Report on Form 10-Q filed on April 16, 2010                                                                                                                                                                                                                                                                                                                                                                                           |
|   | (s) | Incorporated by reference from the Company’s Form 8-K filed on June 4, 2010                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | (t) | Incorporated by reference from the Company’s 2009 Annual Report on Form 10-K filed on March 5, 2010                                                                                                                                                                                                                                                                                                                                                                                                   |

----

|                                                                          |                                                                                                                                      | Page   |
|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                          |                                                                                                                                      |   |
| Reports of Independent Registered Public Accounting Firms                     | 32                                                                                                                                        |
|                                                                          |                                                                                                                                      |   |
| Consolidated financial statements of Escalade, Incorporated and subsidiaries: |                                                                                                                                      |
|                                                                          |                                                                                                                                      |   |
|                                                                          | Consolidated balance sheets—December 25, 2010 and December 26, 2009                                                                 | 34     |
|                                                                          |                                                                                                                                      |   |
|                                                                          | Consolidated statements of operations—fiscal years ended December 25, 2010, December 26, 2009 and December 27, 2008                 | 35     |
|                                                                          |                                                                                                                                      |   |
|                                                                          | Consolidated statements of stockholders’ equity—fiscal years ended December 25, 2010, December 26, 2009 and December 27, 2008 | 36     |
|                                                                          |                                                                                                                                      |   |
|                                                                          | Consolidated statements of cash flows—fiscal years ended December 25, 2010, December 26, 2009 and December 27, 2008                 | 37     |
|                                                                          |                                                                                                                                      |   |
|                                                                          | Notes to consolidated financial statements                                                                                                | 38     |

----

Reports of Independent Registered Public Accounting Firms

----

| /s/ FALK GmbH & Co KG            |   |
|--------------------------------------|--------|
| Wirtschaftsprüfungsgesellschaft |   |
| Steuerberatungsgesellschaft          |   |
|                                 |   |
| Heidelberg/Germany,                  |   |
| March 1, 2011                        |   |

----

Consolidated Balance Sheets

| All Amounts in Thousands Except Share Information                                   |   | December 25,2010 |    |   | December 26,2009 |   |
|-------------------------------------------------------------------------------------|--------|------------------|---------|--------|------------------|--------|
|                                                                                |   |             |    |   |             |   |
| Assets                                                                              |   |             |    |   |             |   |
| Current assets                                                                      |   |             |    |   |             |   |
| Cash and cash equivalents                                                           |   | $                | 1,536   |   |             | $      | 3,039 |   |
| Time deposits                                                                       |   |             | 1,250   |   |             |   | 750 |   |
| Receivables, less allowances of $1,204 and $1,485                                   |   |             | 25,458  |   |             |   | 23,488 |   |
| Inventories                                                                         |   |             | 22,888  |   |             |   | 20,905 |   |
| Prepaid expenses                                                                    |   |             | 1,160   |   |             |   | 1,617 |   |
| Deferred income tax benefit                                                         |   |             | 1,502   |   |             |   | 1,999 |   |
| Prepaid income tax                                                                  |   |             | 1,216   |   |             |   | 1,138 |   |
| Total current assets                                                                |   |             | 55,010  |   |             |   | 52,936 |   |
|                                                                                |   |             |    |   |             |   |   |   |
| Property, plant and equipment, net                                                  |   |             | 19,844  |   |             |   | 21,493 |   |
| Intangible assets                                                                   |   |             | 15,678  |   |             |   | 17,181 |   |
| Goodwill                                                                            |   |             | 25,397  |   |             |   | 26,215 |   |
| Investments                                                                         |   |             | 11,624  |   |             |   | 9,156 |   |
| Other assets                                                                        |   |             | — |   |             |   | 257 |   |
| Total assets                                                                        |   | $                | 127,553 |   |             | $      | 127,238 |   |
|                                                                                |   |             |    |   |             |   |   |   |
| Liabilities and Stockholders’ Equity                                          |   |             |    |   |             |   |   |   |
| Current liabilities                                                                 |   |             |    |   |             |   |   |   |
| Notes payable—bank                                                            |   | $                | 9,407   |   |             | $      | 27,644 |   |
| Current portion of long-term debt                                                   |   |             | 2,000   |   |             |   | — |   |
| Trade accounts payable                                                              |   |             | 3,751   |   |             |   | 1,578 |   |
| Accrued liabilities                                                                 |   |             | 15,720  |   |             |   | 12,738 |   |
| Deferred compensation                                                               |   |             | — |   |             |   | 1,288 |   |
| Total current liabilities                                                           |   |             | 30,878  |   |             |   | 43,248 |   |
|                                                                                |   |             |    |   |             |   |   |   |
| Long-term debt                                                                      |   |             | 7,500   |   |             |   | — |   |
| Deferred income tax liability                                                       |   |             | 2,145   |   |             |   | 1,226 |   |
| Total liabilities                                                                   |   |             | 40,523  |   |             |   | 44,474 |   |
|                                                                                |   |             |    |   |             |   |   |   |
| Commitments and contingencies                                                       |   |             | — |   |             |   | — |   |
|                                                                                |   |             |    |   |             |   |   |   |
| Stockholders’ equity                                                          |   |             |    |   |             |   |   |   |
| Preferred stock                                                                     |   |             |    |   |             |   |   |   |
| Authorized: 1,000,000 shares, no par value, none issued                             |   |             |    |   |             |   |   |   |
| Common stock                                                                        |   |             |    |   |             |   |   |   |
| Authorized: 30,000,000 shares, no par value                                         |   |             |    |   |             |   |   |   |
| Issued and outstanding: 2010 —12,780,372 shares, 2009—12,656,737 shares |   |             | 12,780  |   |             |   | 12,657 |   |
| Retained earnings                                                                   |   |             | 70,329  |   |             |   | 65,341 |   |
| Accumulated other comprehensive income                                              |   |             | 3,921   |   |             |   | 4,766 |   |
| Total stockholders’ equity                                                    |   |             | 87,030  |   |             |   | 82,764 |   |
| Total liabilities and stockholders’ equity                                    |   | $                | 127,553 |   |             | $      | 127,238 |   |

----

Consolidated Statements of Operations

|                                                 |   | Years Ended      |    |
|------------------------------------------------------|--------|------------------|---------|
|  All Amounts in Thousands Except Per Share Data |   | December 25,2010 |    |   | December 26,2009 |   |   | December 27,2008 |   |
|                                                 |   |             |    |   |   |   |   |   |   |
| Net Sales                                            |   | $                | 120,656 |   |   | $ | 115,999 |   |   | $ | 148,686 |   |
|                                                 |   |             |    |   |   |   |   |   |   |   |   |   |
| Costs, Expenses and Other Income                     |   |             |    |   |   |   |   |   |   |   |   |   |
| Cost of products sold                                |   |             | 83,475  |   |   |   | 82,250 |   |   |   | 112,138 |   |
| Selling, administrative and general expenses         |   |             | 27,704  |   |   |   | 29,484 |   |   |   | 39,883 |   |
| Long-lived asset impairment charges                  |   |             | — |   |   |   | — |   |   |   | 2,623 |   |
| Amortization                                         |   |             | 1,288   |   |   |   | 2,265 |   |   |   | 2,163 |   |
|                                                 |   |             |    |   |   |   |   |   |   |   |   |   |
| Operating Income (Loss)                              |   |             | 8,189   |   |   |   | 2,000 |   |   |   | (8,121 | ) |
|                                                 |   |             |    |   |   |   |   |   |   |   |   |   |
| Interest expense                                     |   |             | (1,163  | ) |   |   | (1,665 | ) |   |   | (2,025 | ) |
| Other income (expense)                               |   |             | 2,050   |   |   |   | 2,270 |   |   |   | (34 | ) |
|                                                 |   |             |    |   |   |   |   |   |   |   |   |   |
| Income (Loss) Before Income Taxes (Benefit)          |   |             | 9,076   |   |   |   | 2,605 |   |   |   | (10,180 | ) |
|                                                 |   |             |    |   |   |   |   |   |   |   |   |   |
| Provision (Benefit) for Income Taxes                 |   |             | 3,017   |   |   |   | 948 |   |   |   | (2,684 | ) |
|                                                 |   |             |    |   |   |   |   |   |   |   |   |   |
| Net Income (Loss)                                    |   | $                | 6,059   |   |   | $ | 1,657 |   |   | $ | (7,496 | ) |
|                                                 |   |             |    |   |   |   |   |   |   |   |   |   |
| Earnings (Loss) Per Share Data                       |   |             |    |   |   |   |   |   |   |   |   |   |
| Basic earnings (loss) per share                      |   | $                | 0.48    |   |   | $ | 0.13 |   |   | $ | (0.59 | ) |
| Diluted earnings (loss) per share                    |   | $                | 0.46    |   |   | $ | 0.13 |   |   | $ | (0.59 | ) |

----

Consolidated Statements of Stockholders’ Equity

|                                                                            |   |         |   |   |     |   |   | Accumulated   |   |   |   |   |
|---------------------------------------------------------------------------------|--------|--------------|--------|--------|----------|--------|--------|---------------|--------|--------|--------|--------|
|                                                                            |   |         |   |   |     |   |   | Other         |   |   |   |   |
|                                                                            |   | Common Stock |   |   | Retained |   |   | Comprehensive |   |   |   |   |
| All Amounts in Thousands                                                        |   | Shares       |   |   | Amount   |   |   | Earnings      |   |   | Income |   |   | Total |   |
|                                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |
| Balances at December 29, 2007                                                   |   |         | 12,673 |   |     | $      | 12,673 |          |   | $      | 73,246 |   |   | $ | 5,823 |   |   | $ | 91,742 |   |
|                                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                                     |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                               |   |         |   |   |     |   |   |          |   |   | (7,496 | )      |   |   |   |   |   |   | (7,496 | ) |
| Foreign currency translation adjustment                                         |   |         |   |   |     |   |   |          |   |   |   |   |   |   | (2,344 | ) |   |   | (2,344 | ) |
| Unrealized loss on interest rate swap agreement, net of tax                     |   |         |   |   |     |   |   |          |   |   |   |   |   |   | (35 | ) |   |   | (35 | ) |
| Realization of previously unrealized gains and losses on securities, net of tax |   |         |   |   |     |   |   |          |   |   |   |   |   |   | (320 | ) |   |   | (320 | ) |
| Total comprehensive income (loss)                                               |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   | (10,195 | ) |
|                                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Expense of stock options                                                        |   |         |   |   |     |   |   |          |   |   | 910    |   |   |   |   |   |   |   | 910 |   |
| Exercise of stock options                                                       |   |         | 45     |   |     |   | 45     |          |   |   | 268    |   |   |   |   |   |   |   | 313 |   |
| Dividend paid                                                                   |   |         |   |   |     |   |   |          |   |   | (3,174 | )      |   |   |   |   |   |   | (3,174 | ) |
| Stock issued to directors as compensation                                       |   |         | 10     |   |     |   | 10     |          |   |   | 104    |   |   |   |   |   |   |   | 114 |   |
| Purchase of stock                                                               |   |         | (112   | )      |     |   | (112   | )             |   |   | (808   | )      |   |   |   |   |   |   | (920 | ) |
|                                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at December 27, 2008                                                   |   |         | 12,616 |   |     | $      | 12,616 |          |   | $      | 63,050 |   |   | $ | 3,124 |   |   | $ | 78,790 |   |
|                                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                      |   |         |   |   |     |   |   |          |   |   | 1,657  |   |   |   |   |   |   |   | 1,657 |   |
| Foreign currency translation adjustment                                         |   |         |   |   |     |   |   |          |   |   |   |   |   |   | 1,642 |   |   |   | 1,642 |   |
| Total comprehensive income                                                      |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   | 3,299 |   |
|                                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Expense of stock options                                                        |   |         |   |   |     |   |   |          |   |   | 588    |   |   |   |   |   |   |   | 588 |   |
| Settlement of restricted stock units                                            |   |         | 7      |   |     |   | 7      |          |   |   | (7     | )      |   |   |   |   |   |   | — |   |
| Stock issued to directors as compensation                                       |   |         | 34     |   |     |   | 34     |          |   |   | 53     |   |   |   |   |   |   |   | 87 |   |
|                                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at December 26, 2009                                                   |   |         | 12,657 |   |     | $      | 12,657 |          |   | $      | 65,341 |   |   | $ | 4,766 |   |   | $ | 82,764 |   |
|                                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                      |   |         |   |   |     |   |   |          |   |   | 6,059  |   |   |   |   |   |   |   | 6,059 |   |
| Foreign currency translation adjustment                                         |   |         |   |   |     |   |   |          |   |   |   |   |   |   | (845 | ) |   |   | (845 | ) |
| Total comprehensive income                                                      |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   | 5,214 |   |
|                                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Expense of stock options                                                        |   |         |   |   |     |   |   |          |   |   | 177    |   |   |   |   |   |   |   | 177 |   |
| Exercise of stock options                                                       |   |         | 75     |   |     |   | 75     |          |   |   | (17    | )      |   |   |   |   |   |   | 58 |   |
| Settlement of restricted stock units                                            |   |         | 12     |   |     |   | 12     |          |   |   | (12    | )      |   |   |   |   |   |   | — |   |
| Stock option forfeiture                                                         |   |         |   |   |     |   |   |          |   |   | (32    | )      |   |   |   |   |   |   | (32 | ) |
| Dividend paid                                                                   |   |         |   |   |     |   |   |          |   |   | (1,285 | )      |   |   |   |   |   |   | (1,285 | ) |
| Stock issued to directors as compensation                                       |   |         | 36     |   |     |   | 36     |          |   |   | 98     |   |   |   |   |   |   |   | 134 |   |
|                                                                            |   |         |   |   |     |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at December 25, 2010                                                   |   |         | 12,780 |   |     | $      | 12,780 |          |   | $      | 70,329 |   |   | $ | 3,921 |   |   | $ | 87,030 |   |

----

Consolidated Statements of Cash Flows

|                                                                                              |   | Years Ended      |
|---------------------------------------------------------------------------------------------------|--------|------------------|
|  All Amounts in Thousands                                                                    |   | December 25,2010 |   |   | December 26,2009 |   |   | December 27,2008 |   |
| Operating Activities                                                                              |   |             |   |   |   |   |   |   |   |
| Net income (loss)                                                                                 |   | $                | 6,059 |   |   | $ | 1,657 |   |   | $ | (7,496 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |             |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                     |   |             | 4,330 |   |   |   | 5,965 |   |   |   | 5,539 |   |
| Long-lived asset impairment charges                                                               |   |             | — |   |   |   | — |   |   |   | 2,623 |   |
| Available for sale securities impairment charges                                                  |   |             | — |   |   |   | — |   |   |   | 884 |   |
| Provision for doubtful accounts                                                                   |   |             | (247 | ) |   |   | 362 |   |   |   | 525 |   |
| Stock option expense                                                                              |   |             | 177 |   |   |   | 641 |   |   |   | 910 |   |
| Equity in net income of joint venture investments                                                 |   |             | (1,963 | ) |   |   | (1,598 | ) |   |   | (1,054 | ) |
| Deferred income taxes                                                                             |   |             | 1,401 |   |   |   | 2,175 |   |   |   | (1,488 | ) |
| Provision for deferred compensation                                                               |   |             | — |   |   |   | 110 |   |   |   | 101 |   |
| (Gain) loss on disposals of assets                                                                |   |             | (1 | ) |   |   | (408 | ) |   |   | 731 |   |
|                                                                                              |   |             |   |   |   |   |   |   |   |   |   |   |
| Changes in                                                                                        |   |             |   |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                                               |   |             | (1,752 | ) |   |   | 3,661 |   |   |   | 3,028 |   |
| Inventories                                                                                       |   |             | (2,411 | ) |   |   | 9,059 |   |   |   | 2,639 |   |
| Prepaids                                                                                          |   |             | 435 |   |   |   | 210 |   |   |   | (1,715 | ) |
| Other assets                                                                                      |   |             | (16 | ) |   |   | (503 | ) |   |   | 3,504 |   |
| Income tax payable                                                                                |   |             | (55 | ) |   |   | 2,739 |   |   |   | (4,225 | ) |
| Accounts payable and accrued expenses                                                             |   |             | 2,895 |   |   |   | (5,757 | ) |   |   | (6,418 | ) |
| Net cash provided by (used in) operating activities                                               |   |             | 8,852 |   |   |   | 18,313 |   |   |   | (1,912 | ) |
|                                                                                              |   |             |   |   |   |   |   |   |   |   |   |   |
| Investing Activities                                                                              |   |             |   |   |   |   |   |   |   |   |   |   |
| Purchase of property and equipment                                                                |   |             | (1,778 | ) |   |   | (1,894 | ) |   |   | (9,484 | ) |
| Purchase of short-term time deposits                                                              |   |             | (500 | ) |   |   | (750 | ) |   |   | — |   |
| Acquisitions, net of cash acquired                                                                |   |             | — |   |   |   | — |   |   |   | (467 | ) |
| Proceeds from sale of property and equipment                                                      |   |             | 13 |   |   |   | 269 |   |   |   | 33 |   |
| Proceeds from sale of investments                                                                 |   |             | — |   |   |   | 1,645 |   |   |   | 1,501 |   |
| Net cash used in investing activities                                                             |   |             | (2,265 | ) |   |   | (730 | ) |   |   | (8,417 | ) |
|                                                                                              |   |             |   |   |   |   |   |   |   |   |   |   |
| Financing Activities                                                                              |   |             |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in notes payable—bank                                               |   |             | (8,237 | ) |   |   | (18,880 | ) |   |   | 33,491 |   |
| Net increase (decrease) in overdraft facility                                                     |   |             | 1,406 |   |   |   | — |   |   |   | — |   |
| Proceeds from exercise of stock options                                                           |   |             | 58 |   |   |   | — |   |   |   | 313 |   |
| Stock option forfeiture                                                                           |   |             | (32 | ) |   |   | — |   |   |   | — |   |
| Reduction of long-term debt                                                                       |   |             | (500 | ) |   |   | — |   |   |   | (19,135 | ) |
| Purchase of stock                                                                                 |   |             | — |   |   |   | — |   |   |   | (920 | ) |
| Cash dividend paid                                                                                |   |             | (1,285 | ) |   |   | — |   |   |   | (3,174 | ) |
| Directors compensation                                                                            |   |             | 134 |   |   |   | 33 |   |   |   | 114 |   |
| Net cash provided by (used in) financing activities                                               |   |             | (8,456 | ) |   |   | (18,847 | ) |   |   | 10,689 |   |
|                                                                                              |   |             |   |   |   |   |   |   |   |   |   |   |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents                                      |   |             | 366 |   |   |   | 686 |   |   |   | 449 |   |
|                                                                                              |   |             |   |   |   |   |   |   |   |   |   |   |
| Increase (Decrease) in Cash and Cash Equivalents                                                  |   |             | (1,503 | ) |   |   | (578 | ) |   |   | 809 |   |
|                                                                                              |   |             |   |   |   |   |   |   |   |   |   |   |
| Cash and Cash Equivalents, Beginning of Year                                                      |   |             | 3,039 |   |   |   | 3,617 |   |   |   | 2,808 |   |
|                                                                                              |   |             |   |   |   |   |   |   |   |   |   |   |
| Cash and Cash Equivalents, End of Year                                                            |   | $                | 1,536 |   |   | $ | 3,039 |   |   | $ | 3,617 |   |
|                                                                                              |   |             |   |   |   |   |   |   |   |   |   |   |
| Supplemental Cash Flows Information                                                               |   |             |   |   |   |   |   |   |   |   |   |   |
| Interest paid                                                                                     |   | $                | 1,161 |   |   | $ | 1,802 |   |   | $ | 2,024 |   |
| Income taxes paid                                                                                 |   | $                | 1,832 |   |   | $ | 184 |   |   | $ | 2,167 |   |

----

| Note 1 —Nature of Operations and Summary of Significant Accounting Policies |
|-----------------------------------------------------------------------------------|

| In Thousands    |   | 2010   |   |   | 2009   |   |
|-----------------|--------|--------|--------|--------|--------|--------|
|            |   |   |   |   |   |   |
| Raw materials   |   | $      | 5,973  |   |   | $      | 6,357 |   |
| Work in process |   |   | 2,497  |   |   |   | 1,142 |   |
| Finished goods  |   |   | 14,418 |   |   |   | 13,406 |   |
|            |   | $      | 22,888 |   |   | $      | 20,905 |   |

----

| In Thousands                              |   | 2010   |    |   | 2009   |   |
|-------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                      |   |   |    |   |   |   |
| Land                                      |   | $      | 2,381   |   |   | $      | 2,485 |   |
| Buildings and leasehold improvements      |   |   | 20,672  |   |   |   | 20,446 |   |
| Machinery and equipment                   |   |   | 30,581  |   |   |   | 31,057 |   |
| Total cost                                |   |   | 53,634  |   |   |   | 53,988 |   |
| Accumulated depreciation and amortization |   |   | (33,790 | )      |   |   | (32,495 | ) |
|                                      |   | $      | 19,844  |   |   | $      | 21,493 |   |

| In Thousands                                      |   | 2010   |   |   | 2009   |   |
|---------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                              |   |   |   |   |   |   |
| Non-marketable equity investments (equity method) |   | $      | 11,624 |   |   | $      | 9,156 |   |

----

| In Thousands                                                                      |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|-----------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|                                                                              |   |   |    |   |   |   |    |   |   |
| Income from non-marketable equity investments accounted for on the equity method  |   | $      | 1,963   |   |   | $      | 1,598   |   |   | $ | 1,054 |   |
| Dividend and interest income from marketable equity securities available for sale |   |   | — |   |   |   | 48      |   |   |   | 264 |   |
| Gain (loss) on sale of marketable equity securities available for sale            |   |   | — |   |   |   | 432     |   |   |   | (505 | ) |
| Royalty income from patents                                                       |   |   | 79      |   |   |   | 50      |   |   |   | 127 |   |
| Impairment write-down on marketable securities available for sale                 |   |   | — |   |   |   | — |   |   |   | (884 | ) |
| Other                                                                             |   |   | 8       |   |   |   | 142     |   |   |   | (90 | ) |
|                                                                              |   | $      | 2,050   |   |   | $      | 2,270   |   |   | $ | (34 | ) |

----

| Note 2 —Certain Significant Estimates |
|---------------------------------------------|

| In Thousands      |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|              |   |   |   |   |   |   |   |   |   |
| Beginning balance |   | $      | 737    |   |   | $      | 896    |   |   | $ | 1,208 |   |
| Additions         |   |   | 357    |   |   |   | 232    |   |   |   | 113 |   |
| Deductions        |   |   | (438   | )      |   |   | (391   | )      |   |   | (425 | ) |
| Ending balance    |   | $      | 656    |   |   | $      | 737    |   |   | $ | 896 |   |

| In Thousands      |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|              |   |   |   |   |   |   |   |   |   |
| Beginning balance |   | $      | 3,152  |   |   | $      | 3,943  |   |   | $ | 3,573 |   |
| Additions         |   |   | 189    |   |   |   | 1,042  |   |   |   | 1,786 |   |
| Deductions        |   |   | (1,502 | )      |   |   | (1,833 | )      |   |   | (1,416 | ) |
| Ending balance    |   | $      | 1,839  |   |   | $      | 3,152  |   |   | $ | 3,943 |   |

----

| In Thousands      |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|              |   |   |   |   |   |   |   |   |   |
| Beginning balance |   | $      | 1,485  |   |   | $      | 1,114  |   |   | $ | 1,087 |   |
| Additions         |   |   | 654    |   |   |   | 1,224  |   |   |   | 525 |   |
| Deductions        |   |   | (935   | )      |   |   | (853   | )      |   |   | (498 | ) |
| Ending balance    |   | $      | 1,204  |   |   | $      | 1,485  |   |   | $ | 1,114 |   |

| In Thousands      |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|              |   |   |   |   |   |   |   |   |   |
| Beginning balance |   | $      | 138    |   |   | $      | 504    |   |   | $ | 1,508 |   |
| Additions         |   |   | 150    |   |   |   | 170    |   |   |   | 498 |   |
| Deductions        |   |   | (224   | )      |   |   | (536   | )      |   |   | (1,502 | ) |
| Ending balance    |   | $      | 64     |   |   | $      | 138    |   |   | $ | 504 |   |

| In Thousands      |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|              |   |   |   |   |   |   |   |   |   |
| Beginning balance |   | $      | 1,322  |   |   | $      | 2,648  |   |   | $ | 3,323 |   |
| Additions         |   |   | 2,637  |   |   |   | 1,816  |   |   |   | 2,999 |   |
| Deductions        |   |   | (2,643 | )      |   |   | (3,142 | )      |   |   | (3,674 | ) |
| Ending balance    |   | $      | 1,316  |   |   | $      | 1,322  |   |   | $ | 2,648 |   |

| In Thousands      |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|              |   |   |   |   |   |   |   |   |   |
| Beginning balance |   | $      | 926    |   |   | $      | 939    |   |   | $ | 862 |   |
| Additions         |   |   | 1,023  |   |   |   | 1,582  |   |   |   | 1,673 |   |
| Deductions        |   |   | (1,259 | )      |   |   | (1,595 | )      |   |   | (1,596 | ) |
| Ending balance    |   | $      | 690    |   |   | $      | 926    |   |   | $ | 939 |   |

----

| In Thousands      |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|              |   |   |   |   |   |   |   |   |   |
| Beginning balance |   | $      | 363    |   |   | $      | 532    |   |   | $ | 449 |   |
| Additions         |   |   | 1,236  |   |   |   | 2,010  |   |   |   | 1,274 |   |
| Deductions        |   |   | (1,271 | )      |   |   | (2,179 | )      |   |   | (1,191 | ) |
| Ending balance    |   | $      | 328    |   |   | $      | 363    |   |   | $ | 532 |   |

| Note 3 — Accrued Liabilities |
|------------------------------------|

| In Thousands                             |   | 2010   |   |   | 2009   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                     |   |   |   |   |   |   |
| Employee compensation                    |   | $      | 4,696  |   |   | $      | 3,419 |   |
| Customer related allowances and accruals |   |   | 3,982  |   |   |   | 4,867 |   |
| Other accrued items                      |   |   | 7,042  |   |   |   | 4,452 |   |
|                                     |   | $      | 15,720 |   |   | $      | 12,738 |   |

| Note 4 —Operating Leases |
|--------------------------------|

| In Thousands |   | Amount |    |
|--------------|--------|--------|---------|
|         |   |   |    |
| 2011         |   | $      | 873     |   |
| 2012         |   |   | 348     |   |
| 2013         |   |   | 104     |   |
| 2014         |   |   | 66      |   |
| 2015         |   |   | — |   |
|         |   | $      | 1,391   |   |

| Note 5 —Acquired Intangible Assets and Goodwill |
|-------------------------------------------------------|

|                   |   | 2010     |   |   | 2009         |   |
|------------------------|--------|----------|--------|--------|--------------|--------|
|                   |   | Gross    |   |   |         |   |   | Gross |   |   |   |   |
|                   |   | Carrying |   |   | Accumulated  |   |   | Carrying |   |   | Accumulated |   |
| In Thousands           |   | Amount   |   |   | Amortization |   |   | Amount |   |   | Amortization |   |
|                   |   |     |   |   |         |   |   |   |   |   |   |   |
| Patents                |   | $        | 22,369 |   |         | $      | 11,978 |   |   | $ | 22,369 |   |   | $ | 10,978 |   |
| Consulting agreements  |   |     | 976    |   |         |   | 976 |   |   |   | 976 |   |   |   | 976 |   |
| Non-compete agreements |   |     | 2,197  |   |         |   | 2,073 |   |   |   | 2,197 |   |   |   | 2,015 |   |
| Customer list          |   |     | 1,821  |   |         |   | 1,582 |   |   |   | 1,971 |   |   |   | 1,465 |   |
| Trademarks             |   |     | 5,046  |   |         |   | 122 |   |   |   | 5,224 |   |   |   | 122 |   |
|                   |   | $        | 32,409 |   |         | $      | 16,731 |   |   | $ | 32,737 |   |   | $ | 15,556 |   |

----

| In Thousands                             |   | 2011   |   |   | 2012   |   |   | 2013   |   |   | 2014   |   |   | 2015   |    |   | Thereafter |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|------------|--------|
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |       |   |
| Sporting Goods                           |   | $      | 1,729  |   |   | $      | 1,713  |   |   | $      | 1,688  |   |   | $      | 1,552   |   |       | $      | 1,546 |   |   | $ | 2,304 |   |
| Information Security and Print Finishing |   |   | 131    |   |   |   | 74     |   |   |   | 18     |   |   |   | — |   |       |   | — |   |   |   | — |   |
|                                     |   | $      | 1,860  |   |   | $      | 1,787  |   |   | $      | 1,706  |   |   | $      | 1,552   |   |       | $      | 1,546 |   |   | $ | 2,304 |   |

| In Thousands                            |   | Sporting Goods |    |   | Information Securityand Print Finishing |   |   | Total  |   |
|-----------------------------------------|--------|----------------|---------|--------|-----------------------------------------|--------|--------|--------|--------|
|                                    |   |           |    |   |                                    |   |   |   |   |
| Balance at December 27, 2008            |   | $              | 12,017  |   |                                    | $      | 13,794 |   |   | $ | 25,811 |   |
| Purchase price adjustment               |   |           | — |   |                                    |   | 191    |   |   |   | 191 |   |
| Foreign currency translation adjustment |   |           | — |   |                                    |   | 213    |   |   |   | 213 |   |
| Balance at December 26, 2009            |   |           | 12,017  |   |                                    |   | 14,198 |   |   |   | 26,215 |   |
| Foreign currency translation adjustment |   |           | — |   |                                    |   | (818   | )      |   |   | (818 | ) |
| Balance at December 25, 2010            |   | $              | 12,017  |   |                                    | $      | 13,380 |   |   | $ | 25,397 |   |

| Note 6 —Equity Interest Investments |
|-------------------------------------------|

----

| In Thousands            |   |   |   |   |   | 2010   |   |   | 2009   |   |
|-------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                    |   |   |   |   |   |   |   |   |   |   |
| Current assets          |   |   |   |   |   | $      | 19,384 |   |   | $      | 15,085 |   |
| Non-current assets      |   |   |   |   |   |   | 11,338 |   |   |   | 11,826 |   |
| Total assets            |   |   |   |   |   |   | 30,722 |   |   |   | 26,911 |   |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities     |   |   |   |   |   |   | 9,599  |   |   |   | 7,508 |   |
| Non-current liabilities |   |   |   |   |   |   | 8,918  |   |   |   | 9,864 |   |
| Total liabilities       |   |   |   |   |   |   | 18,517 |   |   |   | 17,372 |   |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Net assets              |   |   |   |   |   | $      | 12,205 |   |   | $      | 9,539 |   |

|         |   |   | 2010         |   |   |   | 2009   |   |   |   | 2008   |   |
|--------------|--------|--------|--------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|         |   |   |         |   |   |   |   |   |   |   |   |   |
| Net sales    |   | $      |  30,826 |   |   | $      | 25,833 |   |   | $      | 27,519 |   |
| Gross profit |   |   | 13,953       |   |   |   | 12,166 |   |   |   | 11,295 |   |
| Net income   |   |   | 2,044        |   |   |   | 1,615  |   |   |   | 244    |   |

| Note 7 —Borrowings |
|--------------------------|

----

| In Thousands                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2010   |    |   | 2009   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |
| Senior secured revolving credit facility of $27.0 million with a maturity of May 31, 2012. The loan bears an interest rate of the Alternative Base Rate plus or minus the applicable ABR spread, or LIBOR plus the applicable LIBOR Spread, determined quarterly and based on the Company’s leverage ratio. Secured by substantially all assets of the Company. The interest rates at December 25, 2010 ranged between 2.5% and 3.0%. |   | $      | 6,707   |   |   | $      | 22,067 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |   |   |
| Senior secured revolving credit facility of Euro 3.0 million (approximately $4.1 million), the balance due on May 31, 2010 was eliminated with the execution of the Sixth Amendment to the Credit Agreement.                                                                                                                                                                                                                                |   |   | — |   |   |   | 2,877 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |   |   |
| Short-term debt                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 4,700   |   |   |   | 2,700 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $      | 11,407  |   |   | $      | 27,644 |   |

| In Thousands                                                                                                                                                                                                                                                                                                                                                                                                       |   | 2010   |   |   | 2009   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |
| Revolving term loan of $10.0 million, executed on May 31, 2010 with a term of 5 years, with payments of $0.5 million quarterly beginning with the calendar quarter ended September 30, 2010. The loan bears an interest rate of Alternative Base Rate plus or minus the applicable ABR Spread, or LIBOR plus the applicable LIBOR Spread, determined quarterly. The interest rate at December 25, 2010, was 2.76%. |   | $      | 9,500  |   |   | $      | — |   |
|                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Mortgage payable (Wabash, Indiana Adjustable Rate Economic Development Revenue Refunding Bonds), annual installments are optional, interest varies with short-term rates and is adjustable weekly based on market conditions, maximum rate is 10.00%, rate at December 25, 2010 is 0.72%, due September 2028, secured by plant facility, machinery and equipment, and a stand-by letter of credit                  |   |   | 2,700  |   |   |   | 2,700 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 12,200 |   |   |   | 2,700 |   |
| Portion classified as short-term debt                                                                                                                                                                                                                                                                                                                                                                              |   |   | (4,700 | )      |   |   | (2,700 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                               |   | $      | 7,500  |   |   | $      | — |   |

| Note 8 —Earnings Per Share |
|----------------------------------|

| In Thousands                                                  |   | 2010   |    |   | 2009   |   |   | 2008   |   |
|---------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
|                                                          |   |   |    |   |   |   |   |   |   |
| Weighted average common shares outstanding                    |   |   | 12,726  |   |   |   | 12,632 |   |   |   | 12,637 |   |
| Dilutive effect of stock options                              |   |   | 515     |   |   |   | 239    |   |   |   | 47 |   |
| Weighted average common shares outstanding, assuming dilution |   |   | 13,241  |   |   |   | 12,871 |   |   |   | 12,684 |   |
|                                                          |   |   |    |   |   |   |   |   |   |   |   |   |
| Number of anti-dilutive stock options                         |   |   | — |   |   |   | 30     |   |   |   | 391 |   |

----

| Note 9 —Employee Benefit Plans |
|--------------------------------------|

| Note 10 —Deferred Compensation Plan |
|-------------------------------------------|

| Note 11 —Stock Compensation Plans |
|-----------------------------------------|

----

|                                                       |   | Number of Shares |     |   | Weighted-Average Grant Date Fair Value |   |
|------------------------------------------------------------|--------|------------------|----------|--------|----------------------------------------|--------|
|                                                       |   |             |     |   |                                   |   |
| Non-vested restricted stock units as of December 26, 2009  |   |             | 185,250  |   |                                   | $      | 5.76 |   |
| Granted                                                    |   |             | —  |   |                                   | $      | — |   |
| Vested                                                     |   |             | —  |   |                                   | $      | — |   |
| Forfeited                                                  |   |             | (102,542 | )      |                                   | $      | 5.75 |   |
| Non-vested restricted stock units as of December 25, 2010  |   |             | 82,708   |   |                                   | $      | 5.78 |   |
|                                                       |   |             |     |   |                                   |   |   |   |
| Vested but unsettled                                       |   |             | 73,840   |   |                                   |   |   |   |
| Outstanding restricted stock units as of December 25, 2010 |   |             | 156,548  |   |                                   |   |   |   |

|   |   | Incentive Stock Options |   | Director Stock Options |
|--------|--------|-------------------------|--------|------------------------|
|   |   | Granted                 |   | Outstanding            |   | Granted |   | Outstanding |
|   |   |                    |   |                   |   |   |   |   |   |   |   |   |
| 2010   |   | 299,000                 |   |                   | 877,500 |   |   | 30,000 |   |   | 51,524 |   |
| 2009   |   | 682,000                 |   |                   | 791,000 |   |   | 30,000 |   |   | 51,600 |   |
| 2008   |   | —                 |   |                   | 366,500 |   |   | — |   |   | 24,367 |   |

|                                                        |   | 2010                   |   |   | 2009             |   |   | 2008    |   |
|-------------------------------------------------------------|--------|------------------------|--------|--------|------------------|--------|--------|---------|--------|
|                                                        |   |                   |   |   |             |   |   |    |   |
| Risk-free interest rates                                    |   | 1.36%                  |   |   | 1.15% to 1.38%   |   |   | — |   |
| Dividend yields                                             |   | 0%                     |   |   | 0%               |   |   | — |   |
| Volatility factors of expected market price of common stock |   | 97.64% to 116.63% |   |   | 81.34% to 94.93% |   |   | — |   |
| Weighted average expected life of the options               |   | 1-4 years              |   |   | 1-3 years        |   |   | — |   |

----

|                                                           |   | 2010   |     |   | 2009        |   |            | 2008   |   |
|----------------------------------------------------------------|--------|--------|----------|--------|-------------|--------|-----------------|--------|--------|
|                                                           |   | Shares |     |   | OptionPrice |   |            | Shares |   |   | Option Price |   |   | Shares |   |   | Option Price |   |
|                                                           |   |   |     |   |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding at beginning of year                               |   |   | 842,600  |   |        |   | $0.64 to $13.40 |   |   |   | 390,867 |   |   |   | $6.99 to $19.21 |   |   |   | 446,343 |   |   |   | $6.99 to $19.21 |   |
|                                                           |   |   |     |   |        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issued during year                                             |   |   | 329,000  |   |        |   | $2.56           |   |   |   | 712,000 |   |   |   | $0.64 to $0.89 |   |   |   | — |   |   |   | — |   |
|                                                           |   |   |     |   |        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canceled or expired                                            |   |   | (167,576 | )      |        |   |            |   |   |   | (260,267 | ) |   |   |   |   |   |   | (10,726 | ) |   |   |   |   |
|                                                           |   |   |     |   |        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exercised during year                                          |   |   | (75,000  | )      |        |   | $0.64 to $0.89  |   |   |   | — |   |   |   |   |   |   |   | (44,750 | ) |   |   | $6.99 to $9.03 |   |
|                                                           |   |   |     |   |        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding at end of year                                     |   |   | 929,024  |   |        |   | $0.64 to $11.26 |   |   |   | 842,600 |   |   |   | $0.64 to $13.40 |   |   |   | 390,867 |   |   |   | $6.99 to $19.21 |   |
|                                                           |   |   |     |   |        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exercisable at end of year                                     |   |   | 87,524   |   |        |   |            |   |   |   | 191,850 |   |   |   |   |   |   |   | 314,117 |   |   |   |   |   |
|                                                           |   |   |     |   |        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average fair value of options granted during the year |   | $      | 1.80     |   |        |   |            |   |   | $ | 0.38 |   |   |   |   |   |   | $ | — |   |   |   |   |   |

|                     |   | Options Outstanding |   | Options Exercisable                        |   |
|--------------------------|--------|---------------------|--------|--------------------------------------------|--------|
| Range of Exercise Prices |   | Number of Shares    |   | Weighted-Average RemainingContractual Life |   | Weighted-AverageExercise Price |   | Number of Shares |   | Weighted-AverageExercise Price |   |
|                     |   |                |   |                                       |   |   |   |   |   |   |   |
| $0.64 - $0.89            |   | 522,000             |   | 3.3 years                                  |   | $  0.64 |   | 5,000 |   | $  0.89 |   |
| $2.56                    |   | 324,500             |   | 4.2 years                                  |   | $  2.56 |   | — |   | $     — |   |
| $9.35 - $11.26           |   | 82,524              |   | 0.3 years                                  |   | $10.97 |   | 82,524 |   | $10.97 |   |
|                     |   |                |   |                                       |   |   |   |   |   |   |   |
|                     |   | 929,024             |   |                                       |   |   |   | 87,524 |   |   |   |

| Note 12 —Other Comprehensive Income (Loss) |
|--------------------------------------------------|

| In Thousands                                                                                                                                     |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Realization of previously unrealized gains on available-for-sale investments net of tax of $0, $0, and $210 in 2010, 2009 and 2008, respectively |   | $      | — |   |   | $      | — |   |   | $ | ( 320 | ) |
| Change in foreign currency translation adjustment                                                                                                |   |   | (845    | )      |   |   | 1,642   |   |   |   | (2,344 | ) |
| Change in unrealized loss on interest rate swap agreement net of tax of $0, $0, and $23, in 2010, 2009 and 2008, respectively                    |   |   | — |   |   |   | — |   |   |   | (35 | ) |
|                                                                                                                                             |   | $      | (845    | )      |   | $      | 1,642   |   |   | $ | (2,699 | ) |

----

| In Thousands                            |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-----------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Foreign currency translation adjustment |   |   | 3,921  |   |   |   | 4,766  |   |   |   | 3,124 |   |
|                                    |   | $      | 3,921  |   |   | $      | 4,766  |   |   | $ | 3,124 |   |

| Note 13 —Provision for Taxes |
|------------------------------------|

| In Thousands                   |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                           |   |   |   |   |   |   |   |   |   |
| Income (loss) before taxes:    |   |   |   |   |   |   |   |   |   |
| United States of America (USA) |   | $      | 10,919 |   |   | $      | 3,359  |   |   | $ | (10,106 | ) |
| Non USA                        |   |   | (1,843 | )      |   |   | (754   | )      |   |   | (74 | ) |
|                           |   | $      | 9,076  |   |   | $      | 2,605  |   |   | $ | (10,180 | ) |
| Provision for taxes:           |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal                        |   | $      | 118    |   |   | $      | (906   | )      |   | $ | (2,575 | ) |
| State                          |   |   | 180    |   |   |   | (685   | )      |   |   | 804 |   |
| International                  |   |   | (194   | )      |   |   | 364    |   |   |   | 575 |   |
|                           |   |   | 104    |   |   |   | (1,227 | )      |   |   | (1,196 | ) |
| Deferred                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal                        |   |   | 2,802  |   |   |   | 1,686  |   |   |   | (774 | ) |
| State                          |   |   | 59     |   |   |   | 964    |   |   |   | (714 | ) |
| International                  |   |   | 52     |   |   |   | (475   | )      |   |   | — |   |
|                           |   |   | 2,913  |   |   |   | 2,175  |   |   |   | (1,488 | ) |
|                           |   | $      | 3,017  |   |   | $      | 948    |   |   | $ | (2,684 | ) |

| In Thousands                                                                         |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                 |   |   |   |   |   |   |   |   |   |
| Income tax at statutory rate                                                         |   | $      | 3,086  |   |   | $      | 886    |   |   | $ | (3,461 | ) |
| Increase (decrease) in income tax resulting from                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Permanent differences (investment income, dividends, and captive insurance earnings) |   |   | (368   | )      |   |   | (162   | )      |   |   | 117 |   |
| State tax expense, net of federal effect                                             |   |   | 158    |   |   |   | 184    |   |   |   | (125 | ) |
| Effect of foreign tax rates                                                          |   |   | 484    |   |   |   | (188   | )      |   |   | 391 |   |
| Other                                                                                |   |   | (343   | )      |   |   | 228    |   |   |   | 394 |   |
| Recorded provision for income taxes                                                  |   | $      | 3,017  |   |   | $      | 948    |   |   | $ | (2,684 | ) |

----

| In Thousands                             |   | 2010   |    |   | 2009   |   |
|------------------------------------------|--------|--------|---------|--------|--------|--------|
| Balance, beginning of year               |   | $      | 536     |   |   | $      | 954 |   |
| Additions for current year tax positions |   |   | — |   |   |   | — |   |
| Additions for prior year tax positions   |   |   | — |   |   |   | — |   |
| Settlements                              |   |   | (263    | )      |   |   | — |   |
| Reductions settlements                   |   |   | — |   |   |   | — |   |
| Reductions for prior year tax positions  |   |   | (53     | )      |   |   | (418 | ) |
| Balance, end of year                     |   | $      | 220     |   |   | $      | 536 |   |

| In Thousands                        |   | 2010   |    |   | 2009   |   |
|-------------------------------------|--------|--------|---------|--------|--------|--------|
| Assets                              |   |   |    |   |   |   |
| Employee benefits                   |   | $      | 58      |   |   | $      | 29 |   |
| Valuation reserves                  |   |   | 1,727   |   |   |   | 2,034 |   |
| Deferred compensation               |   |   | — |   |   |   | 507 |   |
| Property and equipment              |   |   | — |   |   |   | 24 |   |
| Stock based compensation            |   |   | 268     |   |   |   | 469 |   |
| Federal and state credits           |   |   | 375     |   |   |   | 507 |   |
| Net operating loss carry forward    |   |   | 7,584   |   |   |   | 6,914 |   |
| Total assets                        |   |   | 10,012  |   |   |   | 10,484 |   |
|                                |   |   |    |   |   |   |   |   |
| Liabilities                         |   |   |    |   |   |   |   |   |
| Unrealized equity investment income |   |   | (1,627  | )      |   |   | (1,225 | ) |
| Goodwill and intangible assets      |   |   | (2,184  | )      |   |   | (1,631 | ) |
| Property and equipment              |   |   | (218    | )      |   |   | — |   |
| Total liabilities                   |   |   | (4,029  | )      |   |   | (2,856 | ) |
|                                |   |   |    |   |   |   |   |   |
| Valuation Allowance                 |   |   |    |   |   |   |   |   |
| Beginning balance                   |   |   | (6,855  | )      |   |   | (1,301 | ) |
| Increase (decrease) during period   |   |   | 229     |   |   |   | (5,554 | ) |
| Ending balance                      |   |   | (6,626  | )      |   |   | (6,855 | ) |
|                                |   | $      | (643    | )      |   | $      | 773 |   |

| In Thousands                                            |   | 2010   |   |   | 2009   |   |
|---------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Deferred income tax asset - current                     |   | $      | 1,502  |   |   | $      | 1,999 |   |
| Deferred income tax asset (liability) – long-term |   |   | (2,145 | )      |   |   | (1,226 | ) |
|                                                    |   | $      | (643   | )      |   | $      | 773 |   |

----

| Note 14 —Operating Segment and Geographic Information |
|-------------------------------------------------------------|

| In Thousands                                      |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|---------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|                                              |   |   |    |   |   |   |    |   |   |
| Sporting Goods                                    |   |   |    |   |   |   |    |   |   |
| Net revenue                                       |   | $      | 85,815  |   |   | $      | 76,807  |   |   | $ | 98,039 |   |
| Operating income (loss)                           |   |   | 9,171   |   |   |   | 4,610   |   |   |   | (6,250 | ) |
| Interest expense                                  |   |   | 1,655   |   |   |   | 2,673   |   |   |   | 1,568 |   |
| Provision (benefit) for taxes                     |   |   | 2,993   |   |   |   | 715     |   |   |   | (3,054 | ) |
| Net income (loss)                                 |   |   | 4,601   |   |   |   | 1,273   |   |   |   | (5,428 | ) |
| Identifiable assets                               |   |   | 68,047  |   |   |   | 67,528  |   |   |   | 78,593 |   |
| Non-marketable equity investments (equity method) |   |   | — |   |   |   | — |   |   |   | — |   |
| Depreciation & amortization                   |   |   | 2,461   |   |   |   | 3,217   |   |   |   | 3,784 |   |
| Capital expenditures                              |   |   | 517     |   |   |   | 792     |   |   |   | 2,261 |   |
|                                              |   |   |    |   |   |   |    |   |   |   |   |   |
| Information Security and Print Finishing          |   |   |    |   |   |   |    |   |   |   |   |   |
| Net revenue                                       |   |   | 34,841  |   |   |   | 39,192  |   |   |   | 50,647 |   |
| Operating income                                  |   |   | 926     |   |   |   | 1,780   |   |   |   | 3,930 |   |
| Interest expense                                  |   |   | 203     |   |   |   | (208    | )      |   |   | (256 | ) |
| Provision for taxes                               |   |   | 913     |   |   |   | 988     |   |   |   | 2,037 |   |
| Net income (loss)                                 |   |   | (187    | )      |   |   | 1,077   |   |   |   | 1,835 |   |
| Identifiable assets                               |   |   | 37,713  |   |   |   | 40,105  |   |   |   | 44,306 |   |
| Non-marketable equity investments (equity method) |   |   | 321     |   |   |   | 341     |   |   |   | 336 |   |
| Depreciation & amortization                   |   |   | 1,114   |   |   |   | 1,576   |   |   |   | 1,755 |   |
| Capital expenditures                              |   |   | 1,261   |   |   |   | 640     |   |   |   | 582 |   |
|                                              |   |   |    |   |   |   |    |   |   |   |   |   |
| All Other                                         |   |   |    |   |   |   |    |   |   |   |   |   |
| Net revenue                                       |   |   | — |   |   |   | — |   |   |   | — |   |
| Operating income (loss)                           |   |   | (1,908  | )      |   |   | (4,390  | )      |   |   | (5,801 | ) |
| Interest expense                                  |   |   | (695    | )      |   |   | (800    | )      |   |   | 713 |   |
| Provision (benefit) for taxes                     |   |   | (889    | )      |   |   | (755    | )      |   |   | (1,667 | ) |
| Net income (loss)                                 |   |   | 1,645   |   |   |   | (693    | )      |   |   | (3,903 | ) |
| Identifiable assets                               |   |   | 21,793  |   |   |   | 19,605  |   |   |   | 24,802 |   |
| Non-marketable equity investments (equity method) |   |   | 11,303  |   |   |   | 8,815   |   |   |   | 6,584 |   |
| Depreciation & amortization                   |   |   | 755     |   |   |   | 1,172   |   |   |   | — |   |
| Capital expenditures                              |   |   | — |   |   |   | 462     |   |   |   | 6,641 |   |
|                                              |   |   |    |   |   |   |    |   |   |   |   |   |
| Total                                             |   |   |    |   |   |   |    |   |   |   |   |   |
| Net revenue                                       |   |   | 120,656 |   |   |   | 115,999 |   |   |   | 148,686 |   |
| Operating income (loss)                           |   |   | 8,189   |   |   |   | 2,000   |   |   |   | (8,121 | ) |
| Interest expense                                  |   |   | 1,163   |   |   |   | 1,665   |   |   |   | 2,025 |   |
| Provision (benefit)for taxes                      |   |   | 3,017   |   |   |   | 948     |   |   |   | (2,684 | ) |
| Net income (loss)                                 |   |   | 6,059   |   |   |   | 1,657   |   |   |   | (7,496 | ) |
| Identifiable assets                               |   |   | 127,553 |   |   |   | 127,238 |   |   |   | 147,701 |   |
| Non-marketable equity investments (equity method) |   |   | 11,624  |   |   |   | 9,156   |   |   |   | 6,920 |   |
| Depreciation & amortization                   |   |   | 4,330   |   |   |   | 5,965   |   |   |   | 5,539 |   |
| Capital expenditures                              |   |   | 1,778   |   |   |   | 1,894   |   |   |   | 9,484 |   |

----

| In Thousands  |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|---------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|          |   |   |    |   |   |   |    |   |   |
| North America |   | $      | 100,921 |   |   | $      | 95,723  |   |   | $ | 122,530 |   |
| Europe        |   |   | 11,486  |   |   |   | 13,033  |   |   |   | 19,566 |   |
| Other         |   |   | 8,249   |   |   |   | 7,243   |   |   |   | 6,590 |   |
|          |   | $      | 120,656 |   |   | $      | 115,999 |   |   | $ | 148,686 |   |

| In Thousands  |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|---------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|          |   |   |    |   |   |   |    |   |   |
| North America |   | $      | 103,277 |   |   | $      | 100,643 |   |   | $ | 119,417 |   |
| Europe        |   |   | 24,276  |   |   |   | 26,595  |   |   |   | 28,284 |   |
|          |   | $      | 127,553 |   |   | $      | 127,238 |   |   | $ | 147,701 |   |

----

| Note 15 —Summary of Quarterly Results |
|---------------------------------------------|

| In thousands, except per share data (unaudited) |   | March 20 |   |   | July 10 |   |   | October 2 |   |   | December 25 |   |
|-------------------------------------------------|--------|----------|--------|--------|---------|--------|--------|-----------|--------|--------|-------------|--------|
|                                            |   |     |   |   |    |   |   |      |   |   |        |   |
| 2010                                            |   |     |   |   |    |   |   |      |   |   |        |   |
| Net sales                                       |   | $        | 25,169 |   |    | $      | 35,737 |      |   | $      | 28,565      |   |   | $ | 31,185 |   |
| Operating income                                |   |     | 1,409  |   |    |   | 3,450  |      |   |   | 2,359       |   |   |   | 971 |   |
| Net income (loss)                               |   |     | 802    |   |    |   | 1,862  |      |   |   | 1,172       |   |   |   | 2,223 |   |
| Basic earnings per share                        |   | $        | 0.06   |   |    | $      | 0.15   |      |   | $      | 0.09        |   |   | $ | 0.18 |   |
|                                            |   |     |   |   |    |   |   |      |   |   |        |   |   |   |   |   |
| In thousands, except per share data (unaudited) |   | March 21 |   |   | July 11 |   |   | October 3 |   |   | December 26 |   |
|                                            |   |     |   |   |    |   |   |      |   |   |        |   |   |   |   |   |
| 2009                                            |   |     |   |   |    |   |   |      |   |   |        |   |   |   |   |   |
| Net sales                                       |   | $        | 24,958 |   |    | $      | 35,641 |      |   | $      | 26,358      |   |   | $ | 29,042 |   |
| Operating income (loss)                         |   |     | (628   | )      |    |   | 1,374  |      |   |   | 612         |   |   |   | 642 |   |
| Net income (loss)                               |   |     | (439   | )      |    |   | 366    |      |   |   | 618         |   |   |   | 1,112 |   |
| Basic earnings per share                        |   | $        | (0.03  | )      |    | $      | 0.03   |      |   | $      | 0.05        |   |   | $ | 0.08 |   |
|                                            |   |     |   |   |    |   |   |      |   |   |        |   |   |   |   |   |

| Note 16 —Acquisitions |
|-----------------------------|

| Note 17 —Commitments and Contingencies |
|----------------------------------------------|

| In Thousands |   | Amount |   |
|--------------|--------|--------|--------|
|         |   |   |   |
| 2011         |   | $      | 430    |   |
| 2012         |   |   | 530    |   |
| 2013         |   |   | 350    |   |
| 2014         |   |   | 375    |   |
| 2015         |   |   | 375    |   |
| Thereafter   |   |   | 1,125  |   |
|         |   | $      | 3,185  |   |

----

| Note 18 —Fair Values of Financial Instruments |
|-----------------------------------------------------|

| In Thousands                      |   | 2010           |   |   | 2009       |   |
|-----------------------------------|--------|----------------|--------|--------|------------|--------|
|                              |   | CarryingAmount |   |   | Fair Value |   |   | CarryingAmount |   |   | Fair Value |   |
| Financial assets                  |   |           |   |   |       |   |   |   |   |   |   |   |
| Cash and cash equivalents         |   | $              | 1,536  |   |       | $      | 1,536 |   |   | $ | 3,039 |   |   | $ | 3,039 |   |
| Time deposits                     |   | $              | 1,250  |   |       | $      | 1,250 |   |   | $ | 750 |   |   | $ | 750 |   |
|                              |   |           |   |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities             |   |           |   |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Note payable and Short-term debt  |   | $              | 9,407  |   |       | $      | 9,407 |   |   | $ | 27,644 |   |   | $ | 27,644 |   |
| Current portion of Long-term debt |   | $              | 2,000  |   |       | $      | 2,000 |   |   | $ | — |   |   | $ | — |   |
| Long-term debt                    |   | $              | 7,500  |   |       | $      | 7,500 |   |   | $ | — |   |   | $ | — |   |
|                              |   |           |   |   |       |   |   |   |   |   |   |   |   |   |   |   |

----

| ESCALADE, INCORPORATED                |          |
|---------------------------------------|---------------|
|                                  |          |
| By:                                   |          |
|                                  |          |
| /s/ Robert. Keller                    | March 1, 2011 |
| Robert J. Keller                      |          |
| President and Chief Executive Officer |          |

| /s/ Robert E. Griffin     |   | Chairman and Director                                                                   | March 1, 2011 |
|---------------------------|--------|-----------------------------------------------------------------------------------------|---------------|
| Robert E. Griffin         |   |                                                                                    |          |
|                      |   |                                                                                    |          |
| /s/ Edward E. Williams    |   | Director                                                                                | March 1, 2011 |
| Edward E. Williams        |   |                                                                                    |          |
|                      |   |                                                                                    |          |
| /s/ Richard D. White      |   | Director                                                                                | March 1, 2011 |
| Richard D. White          |   |                                                                                    |          |
|                      |   |                                                                                    |          |
| /s/ George Savitsky       |   | Director                                                                                | March 1, 2011 |
| George Savitsky           |   |                                                                                    |          |
|                      |   |                                                                                    |          |
| /s/ Richard Baalmann, Jr. |   | Director                                                                                | March 1, 2011 |
| Richard Baalmann, Jr.     |   |                                                                                    |          |
|                      |   |                                                                                    |          |
| /s/ Patrick Griffin       |   | Director and President Martin Yale Global                                               | March 1, 2011 |
| Patrick Griffin           |   |                                                                                    |          |
|                      |   |                                                                                    |          |
| /s/ Robert J. Keller      |   | Director and President and Chief Executive Officer (Principal Executive Officer)        | March 1, 2011 |
| Robert J. Keller          |
|                      |   |                                                                                    |          |
| /s/ Deborah J. Meinert    |   | Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | March 1, 2011 |
| Deborah J. Meinert        |

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