# EDGAR Filing Document

**Accession Number:** 0000033488
**File Stem:** 0001437749-25-032266
**Filing Date:** 2025-10
**Character Count:** 35085
**Document Hash:** f4cd33dd325f964126501b2d29a5e81c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-032266.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001437749-25-032266

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ESCALADE INC
- **CENTRAL INDEX KEY:** 0000033488
- **STANDARD INDUSTRIAL CLASSIFICATION:** [3949]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 132739290
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-06966
- **FILM NUMBER:** 251431981

**BUSINESS ADDRESS:**
- **STREET 1:** 817 MAXWELL AVE.
- **CITY:** EVANSVILLE
- **STATE:** IN
- **ZIP:** 47711
- **BUSINESS PHONE:** 812-467-4449

**MAIL ADDRESS:**
- **STREET 1:** 817 MAXWELL AVE.
- **CITY:** EVANSVILLE
- **STATE:** IN
- **ZIP:** 47711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARTIN YALE BUSINESS MACHINES CORP
- **DATE OF NAME CHANGE:** 19820310

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARTIN YALE INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19720306

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILLIAMS MANUFACTURING CO
- **DATE OF NAME CHANGE:** 19710504

?xml version='1.0' encoding='ASCII'? esca20251028_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT PURSUANT**

**TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

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| | |
|:---|:---|
| Date of report (Date of earliest event reported) | October 29, 2025 |

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**ESCALADE, INCORPORATED**

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(Exact Name of Registrant as Specified in Its Charter)

Indiana

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(State or Other Jurisdiction of Incorporation)

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| | |
|:---|:---|
| 0-6966 | 13-2739290 |
| (Commission File Number) | (IRS Employer Identification No.) |

---

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| | |
|:---|:---|
| 817 Maxwell Avenue, Evansville, Indiana | 47711 |
| (Address of Principal Executive Offices) | (Zip Code) |

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(812) 467-1358

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(Registrant's Telephone Number, Including Area Code)

Not Applicable

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(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of Exchange on which registered</u> |
| Common Stock, No Par Value | ESCA | The NASDAQ Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐

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**Section 2** – **Financial Information**

**Item 2.02 Results of Operations and Financial Condition.**

On October 30, 2025, Escalade, Incorporated ("Escalade") issued the press release attached hereto as Exhibit 99.1 announcing financial information regarding Escalade's third quarter and year to date results for 2025.

The information under this Item 2.02 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Section 5** – **Corporate Governance and Management** 

**Item 5.02(b) and (c)** – **Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**

On October 30, 2025, Escalade, Incorporated ("Escalade" or the "Company") announced that Patrick J. Griffin, the Company's Vice President, Corporate Development and Investor Relations and a Director, has been appointed as the Company's Interim President and Chief Executive Officer effective October 29, 2025. Mr. Griffin replaces Armin Boehm, who resigned as of the same date.

Mr. Griffin, age 56, has served as Director at Escalade and Vice President, Corporate Development and Investor Relations for Escalade since August 2012. Prior to that, Mr. Griffin served as President of Martin Yale Group, a former subsidiary of Escalade. Mr. Griffin has held various other roles at Escalade since 2002. There are no arrangements or understandings pursuant to which Mr. Griffin was selected for this position and Mr. Griffin has no family relationship with any other executive officer or Director of Escalade. Mr. Griffin also has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

The Company has not yet determined any changes to Mr. Griffin's compensation and will file an amendment to this report describing any such changes that occur after the date of this report.

Additional information regarding Mr. Griffin, Mr. Boehm, their compensation, and the Company's compensation plans and programs is contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and its definitive proxy statement filed with the Securities and Exchange Commission on March 28, 2025.

**Section 7** – **Regulation FD** 

**Item 7.01 Regulation FD Disclosure**

On October 30, 2025, the Company issued a press release announcing the matters disclosed above in Item 5.02. A copy of this press release is attached as Exhibit 99.2 to this Current Report on Form 8-K.

The information included in this Current Report on Form 8-K under this Item 7.01 and the Exhibits attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934 or the Securities Act of 1933, except as shall be expressly set forth by specific reference.

**Section 8** – **Other Events**

**Item 8.01 Other Events.**

On October 29, 2025, the Board of Directors of Escalade approved a quarterly dividend of fifteen cents $0.15 per share would be paid to all shareholders of record on January 5, 2026 and disbursed on January 12, 2026.

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**Item 9.01 Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

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| | |
|:---|:---|
| <u>Exhibit</u> | <u>Description</u> |
| 99.1 | [Press release dated October 30, 2025 Third Quarter 2025 Results](ex_878440.htm) |
| 99.2 | [Press release dated October 30, 2025 Executive Management Change](ex_878457.htm) |
| 104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, Escalade, Incorporated has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| **Date: October 30, 2025** | **ESCALADE, INCORPORATED** <br><u>By: /s/ STEPHEN R. WAWRIN</u><br> Stephen R. Wawrin, Vice President and Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.1

EXHIBIT 99.1

**Escalade Reports Third Quarter 2025 Results**

**EVANSVILLE, IN, October 30, 2025** – Escalade, Inc. (NASDAQ: ESCA, or the "Company"), a leading manufacturer and distributor of sporting goods and indoor/outdoor recreational equipment, today announced third quarter of 2025 results.

**THIRD QUARTER 2025 HIGHLIGHTS**

*(As compared to the third quarter 2024)*

&nbsp;&nbsp;&nbsp;&nbsp;● Net sales of $67.8 million compared to $67.7 million

&nbsp;&nbsp;&nbsp;&nbsp;● Gross margin of 28.1% of net sales compared to 24.8%

&nbsp;&nbsp;&nbsp;&nbsp;● Operating income of $7.3 million compared to $8.0 million

&nbsp;&nbsp;&nbsp;&nbsp;● Net income of $5.6 million, or $0.40 earnings per diluted share, compared to $5.7 million, or $0.40 earnings per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;● EBITDA of $8.6 million compared to $9.9 million

&nbsp;&nbsp;&nbsp;&nbsp;● Ratio of net debt to trailing twelve-months EBITDA of 0.7x as of September 30, 2025 compared to 1.1x as of September 30, 2024

For the third quarter ended September 30, 2025, Escalade reported net sales of $67.8 million, net income of $5.6 million and diluted earnings per share of $0.40.

Total net sales increased 0.1% on a year-over-year basis in the third quarter, primarily due to increased sales within the archery, table tennis, billiards and safety categories, partially offset by softer market demand in our basketball category as well as the strategic exit of certain categories.

Escalade reported a third quarter gross margin of 28.1%, an increase of 334 basis points versus the prior-year period, primarily driven by lower fixed costs and decreased inventory storage and handling costs, partially offset by tariff-related costs.

Earnings before interest, taxes, depreciation, and amortization ("EBITDA") decreased $1.3 million to $8.6 million in the third quarter 2025, versus $9.9 million in the prior-year period. The decrease in EBITDA compared to the third quarter of last year was due to a $3.9 million non-recurring gain on sale of assets held for sale recognized in the prior-year period, partially offset by improved gross margins recognized in 2025.

During the third quarter of 2025, the cash flow used in operating activities was ($0.1) million, compared to cash generated of $10.5 million for the same quarter in 2024. Operating cash flow during the third quarter of 2025 reflected a seasonal buildup in working capital relative to the second quarter in advance of the holiday selling season.

Total debt at the end of the quarter was $20.2 million, down 31.4% from $29.5 million at the end of the third quarter last year.

As of September 30, 2025, the Company had total cash and equivalents of $3.5 million, together with $60.0 million of availability on its senior secured revolving credit facility maturing in 2027. At the end of the third quarter 2025, net debt (total debt less cash) was 0.7x trailing twelve-month EBITDA.

Escalade announced a quarterly dividend of $0.15 per share to be paid to all shareholders of record on January 5, 2026 and payable on January 12, 2026.

------

**MANAGEMENT COMMENTARY**

"We delivered strong third-quarter results, driven by sustained demand for our leading brands and our ongoing commitment to operational excellence," said Patrick J. Griffin, Escalade's Interim President and Chief Executive Officer. "Our results are especially encouraging given the challenging macro environment, where ongoing economic and geopolitical uncertainty continues to impact consumer spending patterns for discretionary goods."

"Our third quarter revenue reflected favorable demand across several of our core categories, including safety, table tennis, archery and billiards," continued Griffin. "We gained market share, particularly in our safety and archery categories, supported by the strength of our domestic manufacturing presence and consistent product availability. Gross margin improved significantly, driven by operational efficiency and targeted price increases in the quarter, which more than offset $4.3 million in tariff-related costs. Our team remains agile and disciplined amid a dynamic trade environment. We're prioritizing supply chain readiness as we enter the peak holiday shopping season."

"Looking ahead," added Griffin, "we expect consumers to remain cautious and value-driven. Together with our retail partners, we are executing a balanced promotional strategy during the holiday shopping season that highlights the quality of our brands, while deploying targeted promotions to generate consumer demand and maximize sell-through. Supported by our reduced operational footprint and ongoing cost discipline, we expect to sustain improved gross margin performance, even as consumer demand for discretionary products remains uneven."

Griffin concluded, "We remain focused on disciplined capital allocation and profitable growth. During the quarter, we completed the acquisition of Gold Tip, a leading arrow brand for bowhunting and target archery. The acquisition also included the Bee Stinger line of premium bow stabilizers. These two brands expand our archery product portfolio and position us for continued market share gains in the archery category. As we look forward, our strategy remains centered on profitable growth, operational excellence and creating value for our customers and shareholders."

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**CONFERENCE CALL**

A conference call will be held Thursday, October 30, 2025, at 11:00 a.m. ET to review the Company's financial results and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of Escalade's website at www.escaladeinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference:

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| | |
|:---|:---|
| **Domestic Live:** | 1-833-890-3250 |
| **International Live:** | 1-412-206-6441 |

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To listen to a replay of the teleconference, which subsequently will be available through November 13, 2025:

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| | |
|:---|:---|
| **DomesticReplay:** | 1-844-512-2921 |
| **InternationalReplay:** | 1-412-317-6671 |
| **ConferenceID:** | 10203580 |

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**USE OF NON-GAAP FINANCIAL MEASURES**

In addition to disclosing financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"), this release contains the non-GAAP financial measure known as "EBITDA." A reconciliation of this non-GAAP financial measure is contained at the end of this press release. EBITDA is a non-GAAP financial measure that Escalade uses to facilitate comparisons of operating performance across periods. Escalade believes the disclosure of EBITDA provides useful information to investors regarding its financial condition and results of operations. Non-GAAP measures should be viewed as a supplement to and not a substitute for the Company's U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated. Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of the Company's results as reported under U.S. GAAP and should be evaluated only on a supplementary basis.

**ABOUT ESCALADE** 

Founded in 1922, and headquartered in Evansville, Indiana, Escalade designs, manufactures, and sells sporting goods, fitness, and indoor/outdoor recreation equipment. Our mission is to connect family and friends, create lasting memories, and play life to the fullest. Leaders in our respective categories, Escalade's distinct and acclaimed brands include Goalrilla™ in-ground basketball hoops; STIGA® tennis tables and accessories; Bear® Archery and archery equipment; Brunswick Billiards® tables and accessories; Accudart® darting; ONIX® pickleball; Lifeline® fitness products; and RAVE Sports® water recreation products. Escalade's products are available online and through leading retailers nationwide. For more information about Escalade's diverse and prominent brand portfolio, history, financials, and governance, please visit <u>www.escaladeinc.com</u>.

**INVESTOR RELATIONS CONTACT**

Wesley Smith

Vice President, Financial Reporting & Investor Relations

812-467-1334

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**FORWARD-LOOKING STATEMENTS**

This report contains statements that we believe are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements, other than statements of historical fact, are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as "will likely result," "may," "are expected to," "is anticipated," "potential," "estimate," "forecast," "projected," "intends to," or may include other similar words or phrases such as "believes," "plans," "trend," "objective," "continue," "remain," or similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. These risks include, but are not limited to: Escalade's ability to achieve its business objectives; Escalade's plans and expectations surrounding the transition to its new Chief Executive Officer and all potential related effects and consequences; Escalade's ability to successfully implement actions to lessen the potential impacts of tariffs, a potential trade war with China and other trade restrictions applicable to our products and raw materials, including impacts on the costs of producing our goods, importing products and materials into our markets for sale, and on the pricing of our products; our international operations, including any related to political uncertainty and geopolitical tensions; Escalade's ability to successfully achieve the anticipated results of strategic transactions, including the integration of the operations of acquired assets and businesses and of divestitures or discontinuances of certain operations, assets, brands, and products; the continuation and development of key customer, supplier, licensing and other business relationships; Escalade's ability to protect its intellectual property; Escalade's ability to develop and implement our own direct to consumer e-commerce distribution channel; the impact of competitive products and pricing; product demand and market acceptance; new product development; Escalade's ability to successfully negotiate the shifting retail environment and changes in consumer buying habits; the financial health of our customers; disruptions or delays in our business operations, including without limitation disruptions or delays in our supply chain, arising from political unrest, war, terrorist attacks, labor strikes, natural disasters, public health crises such as the coronavirus pandemic, and other events and circumstances beyond our control; the evaluation and implementation of remediation efforts designed and implemented to enhance the Company's control environment; the potential identification of one or more additional material weaknesses in the Company's internal control of which the Company is not currently aware or that have not yet been detected; Escalade's ability to control costs, including managing inventory levels; general economic conditions, including inflationary pressures; fluctuation in operating results; changes in foreign currency exchange rates; changes in the securities markets; continued listing of the Company's common stock on the NASDAQ Global Market; the Company's inclusion or exclusion from certain market indices; Escalade's ability to obtain financing, to maintain compliance with the terms of such financing and to manage debt levels; the availability, integration and effective operation of information systems and other technology, and the potential interruption of such systems or technology; the potential impact of actual or perceived defects in, or safety of, our products, including any impact of product recalls or legal or regulatory claims, proceedings or investigations involving our products; risks related to data security of privacy breaches; the potential impact of regulatory claims, proceedings or investigations involving our products; Escalade's use of estimates in its financial reporting as well as in its forward looking statements; and other risks detailed from time to time in Escalade's filings with the Securities and Exchange Commission. Escalade's future financial performance could differ materially from the expectations of management contained herein. Escalade undertakes no obligation to release revisions to these forward-looking statements after the date of this report.

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Escalade, Incorporated and Subsidiaries

**Consolidated Statements of Operations**

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| All Amounts in Thousands Except Per Share Data | September<br> 30, 2025 | September<br> 30, 2024 | September<br> 30, 2025 | September<br> 30, 2024 |
| Net sales | $67786 | $67738 | $177598 | $187568 |
| Costs and Expenses |  |  |  |  |
| Cost of products sold | 48720 | 50947 | 130305 | 141312 |
| Selling, administrative and general expenses | 11198 | 11675 | 32018 | 32439 |
| Amortization | 567 | 1047 | 1701 | 2231 |
| Gain on sale of assets held for sale |  | (3905) |  | (3905) |
| Operating Income | 7301 | 7974 | 13574 | 15491 |
| Other Income (Expense) |  |  |  |  |
| Interest expense | (204) | (530) | (661) | (1995) |
| Other income | 21 | 7 | 103 | 13 |
| Income Before Income Taxes | 7118 | 7451 | 13016 | 13509 |
| Provision for Income Taxes | 1564 | 1784 | 3018 | 3223 |
| Net Income | $5554 | $5667 | $9998 | $10286 |
| Earnings Per Share Data: |  |  |  |  |
| Basic earnings per share | $0.40 | $0.41 | $0.73 | $0.74 |
| Diluted earnings per share | $0.40 | $0.40 | $0.72 | $0.73 |
| Dividends declared | $0.15 | $0.15 | $0.45 | $0.45 |

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**Consolidated Balance Sheets**

(Unaudited)

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| | | | |
|:---|:---|:---|:---|
| All Amounts in Thousands Except Share Information | September 30,<br> 2025 | December 31,<br> 2024 | September 30,<br> 2024 |
|  | (Unaudited) | (Audited) | (Unaudited) |
| ASSETS |  |  |  |
| Current Assets: |  |  |  |
| Cash and cash equivalents | $3509 | $4194 | $426 |
| Receivables, less allowance of $957; $694; and $669; respectively | 52756 | 48768 | 53480 |
| Inventories | 80662 | 76025 | 85485 |
| Prepaid expenses | 4350 | 4372 | 5117 |
| Prepaid income tax |  | 465 | 156 |
| TOTAL CURRENT ASSETS | 141277 | 133824 | 144664 |
| Property, plant and equipment, net | 21716 | 22221 | 22856 |
| Operating lease right-of-use assets | 1347 | 1186 | 7640 |
| Intangible assets, net | 25636 | 25838 | 26409 |
| Goodwill | 42326 | 42326 | 42326 |
| Other assets | 158 | 935 | 1035 |
| TOTAL ASSETS | $232460 | $226330 | $244930 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |
| Current Liabilities: |  |  |  |
| Current portion of long-term debt | $7143 | $7143 | $7143 |
| Trade accounts payable | 21119 | 11858 | 19965 |
| Accrued liabilities | 12923 | 15050 | 13769 |
| Income tax payable | 1169 |  |  |
| Current operating lease liabilities | 496 | 444 | 1083 |
| TOTAL CURRENT LIABILITIES | 42850 | 34495 | 41960 |
| Other Liabilities: |  |  |  |
| Long-term debt | 13095 | 18452 | 22353 |
| Deferred income tax liability | 3302 | 3302 | 3125 |
| Operating lease liabilities | 886 | 787 | 7125 |
| Other liabilities |  | 297 | 297 |
| TOTAL LIABILITIES | 60133 | 57333 | 74860 |
| 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 – 13,803,745; 13,732,719; and 13,877,302; shares respectively | 3757 | 4218 | 5909 |
| Retained earnings | 168570 | 164779 | 164161 |
| TOTAL STOCKHOLDERS' EQUITY | 172327 | 168997 | 170070 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $232460 | $226330 | $244930 |

---

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**Consolidated Statements of Cash Flows**

(Unaudited)

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| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
| All Amounts in Thousands | September 30,<br> 2025 | September 30,<br> 2024 |
| Operating Activities: |  |  |
| Net income | $9998 | $10286 |
| Depreciation and amortization | 3767 | 4691 |
| Allowance for credit losses | 630 | 574 |
| Stock-based compensation | 1468 | 1429 |
| Loss (gain) on disposal of assets | 7 | (3852) |
| Common stock issued in lieu of bonus to officers | 124 |  |
| Director stock compensation | 118 |  |
| Changes in assets and liabilities | 6 | 10631 |
| Net cash provided by operating activities | 16118 | 23759 |
| Investing Activities: |  |  |
| Purchase of property and equipment | (1267) | (1482) |
| Acquisition | (1800) |  |
| Proceeds from sale of property and equipment |  | 5757 |
| Net cash (used in) provided by investing activities | (3067) | 4275 |
| Financing Activities: |  |  |
| Proceeds from issuance of long-term debt | 25061 | 86651 |
| Payments on long-term debt | (30419) | (108051) |
| Cash dividends paid | (6207) | (6224) |
| Purchase of stock | (2171) |  |
| Net cash used in financing activities | (13736) | (27624) |
| Net (decrease) increase in cash and cash equivalents | (685) | 410 |
| Cash and cash equivalents, beginning of period | 4194 | 16 |
| Cash and cash equivalents, end of period | $3509 | $426 |
| Supplemental Cash Flows Information |  |  |
| Interest paid | $627 | $1893 |
| Income taxes paid, net | $1682 | $3380 |

---

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**Reconciliation of GAAP Net Income to Non-GAAP EBITDA**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| All Amounts in Thousands | September<br> 30, 2025 | September<br> 30, 2024 | September<br> 30, 2025 | September<br> 30, 2024 |
| Net Income (GAAP) | $5554 | $5667 | $9998 | $10286 |
| Interest expense | 204 | 530 | 661 | 1995 |
| Income tax expense | 1564 | 1784 | 3018 | 3223 |
| Depreciation and amortization | 1266 | 1940 | 3767 | 4691 |
| EBITDA (Non-GAAP) | $8588 | $9921 | $17444 | $20195 |

---

## Exhibit 99.2

EXHIBIT 99.2

**Escalade Announces Executive Management Change**

**EVANSVILLE, IN, October 30, 2025** – Escalade, Inc. (NASDAQ: ESCA, or the "Company") announced today that the Escalade Board of Directors appointed Patrick J. Griffin as Escalade's Interim President and Chief Executive Officer effective immediately. Mr. Griffin replaced Armin Boehm, who has resigned from the Company.

Mr. Griffin, age 56, has served as Director at Escalade and Vice President, Corporate Development and Investor Relations for Escalade since August 2012. Prior to that, Mr. Griffin served as President of Martin Yale Group, a former subsidiary of Escalade. Mr. Griffin has held various other roles at Escalade since 2002.

"We thank Armin for his time and service at Escalade and wish him the best in all future endeavors," said Walter P. Glazer, Jr., Escalade's Chairman of the Board of Directors. "Through Patrick's years of service at Escalade, he has proven to be a key member of the executive management team and the board. He has been an advocate of our strong corporate culture and our commitment to delivering superior total shareholder return. The Escalade Board of Directors and I look forward to working with him as he leads the very capable Escalade team to further success," continued Glazer.

"Our results underscore the Escalade team's dedication to progress and adaptability amid dynamic markets and shifting consumer preferences," said Patrick J. Griffin, Interim President and Chief Executive Officer. "Through ongoing investment in our brands, our businesses, and our people, we are strengthening our foundation for sustainable growth and superior shareholder value over the long term. I look forward to continuing this journey with the Escalade team," stated Griffin.

**ABOUT ESCALADE** 

Founded in 1922, and headquartered in Evansville, Indiana, Escalade designs, manufactures, and sells sporting goods, fitness, and indoor/outdoor recreation equipment. Our mission is to connect family and friends, create lasting memories, and play life to the fullest. Leaders in our respective categories, Escalade's distinct and acclaimed brands include Goalrilla™ in-ground basketball hoops; STIGA® tennis tables and accessories; Bear® Archery and archery equipment; Brunswick Billiards® tables and accessories; Accudart® darting; ONIX® pickleball; Lifeline® fitness products; and RAVE Sports® water recreation products. Escalade's products are available online and through leading retailers nationwide. For more information about Escalade's diverse and prominent brand portfolio, history, financials, and governance, please visit <u>www.escaladeinc.com</u>.

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**FORWARD-LOOKING STATEMENTS** 

This report contains statements that we believe are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements, other than statements of historical fact, are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as "will likely result," "may," "are expected to," "is anticipated," "potential," "estimate," "forecast," "projected," "intends to," or may include other similar words or phrases such as "believes," "plans," "trend," "objective," "continue," "remain," or similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. These risks include, but are not limited to: Escalade's ability to achieve its business objectives; Escalade's plans and expectations surrounding the transition to its new Chief Executive Officer and all potential related effects and consequences; Escalade's ability to successfully implement actions to lessen the potential impacts of tariffs, a potential trade war with China and other trade restrictions applicable to our products and raw materials, including impacts on the costs of producing our goods, importing products and materials into our markets for sale, and on the pricing of our products; our international operations, including any related to political uncertainty and geopolitical tensions; Escalade's ability to successfully achieve the anticipated results of strategic transactions, including the integration of the operations of acquired assets and businesses and of divestitures or discontinuances of certain operations, assets, brands, and products; the continuation and development of key customer, supplier, licensing and other business relationships; Escalade's ability to protect its intellectual property; Escalade's ability to develop and implement our own direct to consumer e-commerce distribution channel; the impact of competitive products and pricing; product demand and market acceptance; new product development; Escalade's ability to successfully negotiate the shifting retail environment and changes in consumer buying habits; the financial health of our customers; disruptions or delays in our business operations, including without limitation disruptions or delays in our supply chain, arising from political unrest, war, terrorist attacks, labor strikes, natural disasters, public health crises such as the coronavirus pandemic, and other events and circumstances beyond our control; the evaluation and implementation of remediation efforts designed and implemented to enhance the Company's control environment; the potential identification of one or more additional material weaknesses in the Company's internal control of which the Company is not currently aware or that have not yet been detected; Escalade's ability to control costs, including managing inventory levels; general economic conditions, including inflationary pressures; fluctuation in operating results; changes in foreign currency exchange rates; changes in the securities markets; continued listing of the Company's common stock on the NASDAQ Global Market; the Company's inclusion or exclusion from certain market indices; Escalade's ability to obtain financing, to maintain compliance with the terms of such financing and to manage debt levels; the availability, integration and effective operation of information systems and other technology, and the potential interruption of such systems or technology; the potential impact of actual or perceived defects in, or safety of, our products, including any impact of product recalls or legal or regulatory claims, proceedings or investigations involving our products; risks related to data security of privacy breaches; the potential impact of regulatory claims, proceedings or investigations involving our products; Escalade's use of estimates in its financial reporting as well as in its forward looking statements; and other risks detailed from time to time in Escalade's filings with the Securities and Exchange Commission. Escalade's future financial performance could differ materially from the expectations of management contained herein. Escalade undertakes no obligation to release revisions to these forward-looking statements after the date of this report.