Borrowings

12 Months Ended

Dec. 29, 2012

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 7 — Borrowings

On May 4, 2012 the Company entered into the Eighth Amendment to its Credit Agreement with its issuing bank, JP Morgan Chase Bank, N.A. (Chase). The Eighth Amendment amends the Credit Agreement originally dated as of April 30, 2009. The Eighth Amendment now makes available to the Company a senior revolving credit facility in the maximum principal amount of up to $22 million with a maturity date of July 31, 2013 and a term loan in the principal amount of $8.5 million with a maturity date of May 31, 2015. The term loan agreement requires the Company to make repayment of the principal balance in equal installments of $0.5 million per quarter beginning in September 2010. A portion of the credit facility not in excess of $5 million is available for the issuance of commercial or standby letters of credit to be issued by Chase. The Credit Agreement Amendment also provides a Euro 2.0 million (approximately $2.6 million) overdraft facility. As of December 29, 2012 and December 31, 2011, the total amount outstanding on the overdraft facility was $2.5 million and $2.2 million, respectively.

The Eighth Amendment modified the loan covenants relating to capital expenditures, stock repurchases, and issuance of common stock. The Company now may incur capital expenditures of up to $7,500,000 for fiscal year 2012, and up to $4,000,000 for fiscal year 2013; repurchase shares of Escalade common stock for an aggregate amount of up to $1,000,000; and issue up to 2,500,000 shares of its common stock pursuant to the Escalade 2007 Incentive Plan, as amended at Escalade’s 2012 Annual Meeting of Stockholders to increase the total number of shares available for grant thereunder from 1,000,000 to 2,500,000 shares.

Short-Term Debt

Short-term debt at fiscal year-ends was as follows:

In Thousands	2012		2011
Senior secured revolving credit facility of $22.0 million with a maturity of July 31, 2013. 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 29, 2012 ranged between 2.2% and 3.0%.	$	11,918	$	10,000
Euro overdraft facility of approximately $2.6 million payable on demand. The facility bears an interest rate of LIBOR plus 2.5%.		2,452		2,247
Short-term debt		4,700		4,700
	$	19,070	$	16,947

The weighted average interest rate on short-term debt outstanding at December 29, 2012 and December 31, 2011 was 2.14% and 2.03%, respectively.

Long-Term Debt

Long-term debt at fiscal year-ends was as follows:

In Thousands	2012			2011
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 29, 2012, was 2.4617%.	$	5,500		$	7,000
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 29, 2012 is 0.40%, due September 2028, secured by plant facility, machinery and equipment, and a stand-by letter of credit		2,700			2,700
		8,200			9,700
Portion classified as short-term debt		(4,700	)		(4,700	)
	$	3,500		$	5,000

Maturities of long-term debt outstanding at December 29, 2012 are as follows: $4.7 million in 2013, $2.0 million in 2014, and $1.5 million in 2015.