10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 21, 2015 or

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _____ to _____

Commission File Number 0-6966

ESCALADE, INCORPORATED

(Exact name of registrant as specified in its charter)

Indiana (State of incorporation) 13-2739290 (I.R.S. EIN)

817 Maxwell Ave, Evansville, Indiana (Address of principal executive office) 47711 (Zip Code)

812-467-4449

(Registrant's Telephone Number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated filer x
Non-accelerated filer ¨    (Do not check if a smaller reporting company)	Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at April 10, 2015
Common, no par value	14,031,686

INDEX

		Page No.
Part I.	Financial Information:
Item 1 -	Financial Statements:
	Consolidated Condensed Balance Sheets as of March 21, 2015, December 27, 2014, and  March 22, 2014	3
	Consolidated Condensed Statements of Operations for the Three Months Ended March 21, 2015 and March 22, 2014	4
	Consolidated Condensed Statements of Comprehensive Income for the Three Months Ended March 21, 2015 and March 22, 2014	5
	Consolidated Condensed Statements of Cash Flows for the Three Months Ended March 21, 2015 and March 22, 2014	6
	Notes to Consolidated Condensed Financial Statements	7
Item 2 -	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3 -	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4 -	Controls and Procedures	15
Part II.	Other Information
Item 2 -	Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 6 -	Exhibits	17
	Signature	17

2

PART I - FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

ESCALADE, INCORPORATED AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

All Amounts in Thousands Except Share Information	March 21, 2015			December 27, 2014			March 22, 2014
	(Unaudited)			(Audited)			(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	1,522		$	3,232		$	1,603
Time deposits		1,450			1,450			1,450
Receivables, less allowance of $864; $900; and $1,127; respectively		28,419			32,150			26,973
Inventories		29,981			23,775			23,393
Prepaid expenses		1,712			1,622			907
Deferred income tax benefit		1,126			925			2,104
Prepaid income tax		3,610			5,697			604
Assets held for sale		—			—			16,170
TOTAL CURRENT ASSETS		67,820			68,851			73,204
Property, plant and equipment, net		11,592			11,596			10,487
Intangible assets, net		12,831			13,465			10,428
Goodwill		14,875			14,875			13,113
Investments		17,727			18,949			19,979
Other assets		21			145			145
Assets held for sale		—			—			6,263
TOTAL ASSETS	$	124,866		$	127,881		$	133,619
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable	$	13,742		$	16,200		$	13,871
Current portion of long-term debt		1,592			1,586			1,569
Trade accounts payable		4,816			1,853			3,610
Accrued liabilities		8,544			12,107			8,117
Liabilities held for sale		—			—			6,432
TOTAL CURRENT LIABILITIES		28,694			31,746			33,599
Other Liabilities:
Long-term debt		2,960			3,360			4,551
Deferred income tax liability		2,997			2,996			5,393
TOTAL LIABILITIES		34,651			38,102			43,543
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 – 14,025,184; 13,998,090; and 13,786,966; shares respectively		14,025			13,998			13,787
Retained earnings		80,042			77,745			70,944
Accumulated other comprehensive income (loss)		(3,852	)		(1,964	)		5,345
TOTAL STOCKHOLDERS' EQUITY		90,215			89,779			90,076
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	124,866		$	127,881		$	133,619

See notes to Consolidated Condensed Financial Statements.

3

ESCALADE, INCORPORATED AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended
All Amounts in Thousands Except Per Share Data	March 21, 2015			March 22, 2014
Net sales	$	33,419		$	27,721
Costs, Expenses and Other Income
Cost of products sold		22,585			18,713
Selling, administrative and general expenses		5,914			5,115
Amortization		633			571
Operating Income		4,287			3,322
Interest expense		101			87
Other expense (income)		(733	)		(189	)
Income Before Income Taxes from Continuing Operations		4,919			3,424
Provision for Income Taxes from Continuing Operations		1,422			1,159
Net Income from Continuing Operations		3,497			2,265
Discontinued Operations
Income from operations		—			143
Provision for income taxes		—			157
Net Loss from Discontinued Operations		—			(14	)
Net Income	$	3,497		$	2,251
Basic Earnings Per Share Data:
Income from continuing operations	$	0.25		$	0.16
Loss from discontinued operations		0.00			0.00
Net Income	$	0.25		$	0.16
Diluted Earnings Per Share Data:
Income from continuing operations	$	0.25		$	0.16
Loss from discontinued operations		0.00			0.00
Net Income	$	0.25		$	0.16
Dividends declared	$	0.10		$	0.09

See notes to Consolidated Condensed Financial Statements.

4

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended
All Amounts in Thousands Except Share Information	March 21, 2015			March 22, 2014
Net Income	$	3,497		$	2,251
Foreign currency translation adjustment		(1,888	)		425
Comprehensive Income	$	1,609		$	2,676

All amounts are net of tax

See notes to Consolidated Condensed Financial Statements.

5

ESCALADE, INCORPORATED AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended
All Amounts in Thousands	March 21, 2015			March 22, 2014
Operating Activities:
Net income	$	3,497		$	2,251
Depreciation and amortization		1,104			1,012
Gain on disposal of property and equipment		—			(1	)
Stock-based compensation		107			133
Additional discontinued operations activities		—			479
Adjustments necessary to reconcile net income to net cash provided by operating activities		(1,819	)		5,674
Net cash provided by operating activities		2,889			9,548
Investing Activities:
Purchase of property and equipment		(468	)		(276	)
Proceeds from sale of property and equipment		—			7
Proceeds from disposal of short-term time deposits		—			250
Discontinued operations activities		—			(3	)
Net cash used by investing activities		(468	)		(22	)
Financing Activities:
Net decrease in notes payable		(2,458	)		(7,828	)
Principal payments on long-term debt		(394	)		(389	)
Proceeds from exercise of stock options		96			533
Cash dividends paid		(1,403	)		(1,244	)
Director stock compensation		28			23
Net cash used by financing activities		(4,131	)		(8,905	)
Effect of exchange rate changes on cash		—			60
Net increase (decrease) in cash and cash equivalents		(1,710	)		681
Cash and cash equivalents, beginning of period (includes zero and $1,255 respectively of cash reported as assets held for sale)		3,232			2,346
Cash and cash equivalents, end of period (includes zero and $1,424 respectively of cash reported as assets held for sale)	$	1,522		$	3,027
Supplemental Cash Flows Information
Dividends payable	$	1		$	39

See notes to Consolidated Condensed Financial Statements.

6

ESCALADE, INCORPORATED AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

Note A – Summary of Significant Accounting Policies

Presentation of Consolidated Condensed Financial Statements – The significant accounting policies followed by the Company and its wholly owned subsidiaries for interim financial reporting are consistent with the accounting policies followed for its annual financial reporting. All adjustments that are of a normal recurring nature and are in the opinion of management necessary for a fair statement of the results for the periods reported have been included in the accompanying consolidated condensed financial statements. The consolidated condensed balance sheet of the Company as of December 27, 2014 has been derived from the audited consolidated balance sheet of the Company as of that date. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K annual report for 2014 filed with the Securities and Exchange Commission.

Reclassifications – Certain reclassifications have been made to prior year financial statements to conform to the current year financial statement presentation. These reclassifications had no effect on net earnings.

Note B - Seasonal Aspects

The results of operations for the three month period ended March 21, 2015 and March 22, 2014 are not necessarily indicative of the results to be expected for the full year.

Note C - Inventories

In thousands	March 21, 2015		December 27, 2014		March 22, 2014
Raw materials	$	3,870	$	3,950	$	4,523
Work in progress		4,306		3,967		4,280
Finished goods		21,805		15,858		14,590
	$	29,981	$	23,775	$	23,393

Additionally, the Company had inventory totaling, zero, zero and $9,540 that has been reclassified to assets held for sale at March 21, 2015, December 27, 2014 and March 22, 2014, respectively.

Note D – Equity Interest Investments

The Company has a 50% interest in a joint venture, Stiga Sports AB (Stiga). The joint venture is accounted for under the equity method of accounting. Stiga, located in Sweden, is a global sporting goods company producing table tennis equipment and game products. Financial information for Stiga reflected in the table below has been translated from local currency to U.S. dollars using exchange rates in effect at the respective period-end for balance sheet amounts, and using average exchange rates for statement of operations amounts. Certain differences exist between U.S. GAAP and local GAAP in Sweden, and the impact of these differences is not reflected in the summarized information reflected in the table below. The most significant difference relates to the accounting for goodwill for Stiga which is amortized over eight years in Sweden but is not amortized for U.S. GAAP reporting purposes. The goodwill for Stiga was fully amortized as of December 27, 2014. The effect on Stiga’s net assets resulting from the cumulative amortization of goodwill for the periods ended March 21, 2015 and March 22, 2014 are addbacks to Stiga’s consolidated financial information of $10.3 million and $13.8 million, respectively. These net differences are comprised of cumulative goodwill adjustments of $14.4 million offset by the related cumulative tax effect of $4.1 million as of March 21, 2015 and cumulative goodwill adjustments of $19.3 million offset by the related cumulative tax effect of $5.5 million as of March 22, 2014. The Company’s 50% portion of the statement of operations impact of these goodwill and tax adjustments and other individually insignificant U.S. GAAP adjustments for the periods ended March 21, 2015, and March 22, 2014 are to increase Stiga’s net income by approximately zero and $0.2 million, respectively. The Company’s 50% portion of net income for Stiga for the periods ended March 21, 2015 and March 22, 2014 was $666 thousand and $189 thousand, respectively, and is included in other income (expense) on the Company’s statements of operations.

7

Summarized financial information for Stiga Sports AB balance sheets as of March 21, 2015, December 27, 2014, and March 22, 2014 and statements of operations for the three months ended March 21, 2015 and March 22, 2014 is as follows:

In thousands	March 21, 2015		December 27, 2014		March 22, 2014
Current assets	$	25,295	$	30,539	$	26,775
Non-current assets		7,869		8,082		9,444
Total assets		33,164		38,621		36,219
Current liabilities		4,334		7,669		5,498
Non-current liabilities		4,167		4,229		4,991
Total liabilities		8,501		11,898		10,489
Net assets	$	24,663	$	26,723	$	25,730

	Three Months Ended
	March 21, 2015		March 22, 2014
Net sales	$	5,599	$	5,345
Gross profit		2,871		2,856
Net income		518		93

Note E – Income Taxes

The provision for income taxes was computed based on financial statement income. In accordance with FASB Accounting Standards Codification (ASC) 740, the Company has recorded the following changes in uncertain tax positions:

		Three Months Ended
In thousands		March 21, 2015		March 22, 2014
Beginning balance	$	—	$	—
Additions for current year tax positions		—		—
Additions for prior year tax positions		—		—
Settlements		—		—
Reductions or settlements		—		—
Reductions for prior year tax positions		—		—
Ending balance	$	—	$	—

Note F – Fair Values of Financial Instruments

The following methods were used to estimate the fair value of all financial instruments recognized in the accompanying balance sheets at amounts other than fair values.

Cash and Cash Equivalents and Time Deposits

Fair values of cash and cash equivalents and time deposits approximate cost due to the short period of time to maturity.

8

Notes Payable and Long-term Debt

Fair values of notes payable and long-term debt is estimated based on borrowing rates currently available to the Company for bank loans with similar terms and maturities and determined through the use of a discounted cash flow model.

The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall in accordance with FASB ASC 825 at March 21, 2015, December 27, 2014 and March 22, 2014.

			Fair Value Measurements Using
March 21, 2015 In thousands	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	1,522	$	1,522	$	—	$	—
Time deposits	$	1,450	$	1,450	$	—	$	—
Financial liabilities
Notes payable	$	13,742	$	—	$	13,742	$	—
Current portion of  long-term debt	$	1,592	$	—	$	1,592	$	—
Long-term debt	$	2,960	$	—	$	2,960	$	—

			Fair Value Measurements Using
December 27, 2014 In thousands	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	3,232	$	3,232	$	—	$	—
Time deposits	$	1,450	$	1,450	$	—	$	—
Financial liabilities
Notes payable	$	16,200	$	—	$	16,200	$	—
Current portion of  long-term debt	$	1,586	$	—	$	1,586	$	—
Long-term debt	$	3,360	$	—	$	3,360	$	—

9

			Fair Value Measurements Using
March 22, 2014 In thousands	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	3,027	$	3,027	$	—	$	—
Time deposits	$	1,450	$	1,450	$	—	$	—
Financial liabilities
Notes payable	$	13,871	$	—	$	13,871	$	—
Current portion of  long-term debt	$	1,569	$	—	$	1,569	$	—
Long-term debt	$	4,551	$	—	$	4,551	$	—

Note G – Stock Compensation

The fair value of stock-based compensation is recognized in accordance with the provisions of FASB ASC 718, Stock Compensation.

During the three months ended March 21, 2015 and pursuant to the 2007 Incentive Plan, in lieu of director fees, the Company awarded to certain directors 844 shares of common stock. In addition, the Company awarded 8,000 restricted stock units to directors and 38,250 restricted stock units to employees. The restricted stock units awarded to directors time vest over two years (one-half one year from grant date and one-half two years from grant date) provided that the director is still a director of the Company at the vest date. Director restricted stock units are subject to forfeiture, except for termination of services as a result of retirement, death or disability, if on the vesting date the director no longer holds a position with the Company. The 2015 restricted stock units awarded to employees vest over four years (one-third two years from grant date, one-third three years from grant date and one-third four years from grant date) provided that the employee is still employed by the Company and that the performance criteria related to the market price of the Company’s stock is satisfied. The criteria is for any 30 consecutive trading days on the NASDAQ Stock Market (or such other principal securities exchange on which the Company’s shares of common stock are then traded) during the period beginning on the grant date and ending on the fourth anniversary thereof, the cumulative average Volume Weighted Average Price per share is at least 15% higher than the closing price per share on the grant date plus any incremental dividends paid above the current quarterly dividend rate of $0.10 per share by the Company during such four year period. The Company utilizes the Monte Carlo technique to determine the fair value of restricted stock units granted for awards with market conditions.

For the three months ended March 21, 2015 and March 22, 2014, the Company recognized stock based compensation expense of $135 thousand and $156 thousand, respectively. At March 21, 2015 and March 22, 2014, respectively, there was $1.1 million and $1.2 million in unrecognized stock-based compensation expense related to non-vested stock awards.

Note H – Discontinued Operations

On October 1, 2014, the Company completed the sale of the Information Security business. The sale of the Information Security business, coupled with the sale of our Print Finishing business on June 30, 2014, represents the Company’s exit from the Information Security and Print Finishing segment. As a result, the Information Security and Print Finishing segment has been classified as discontinued operations for all periods presented and certain assets and liabilities in prior periods are classified as held for sale.

The fair value for these assets was determined by estimating the most likely sale price with a third-party buyer based on market data. Because of the significance of the unobservable inputs and management’s judgment used in the assets held for sale analysis, these measurements were classified in level three of the valuation hierarchy.

10

The results of operations presented as discontinued operations are summarized below.

	Three Months Ended
All Amounts in Thousands	March 21, 2015		March 22, 2014
Net sales	$	—	$	6,353
Cost of products sold		—		4,006
Selling, administrative and general expenses		—		2,136
Interest expense		—		69
Other expense (income)		—		(1	)
Income Before Income Taxes		—		143
Discontinued Operations
Income from operations		—		—
Provision for income taxes		—		157
Net Loss from Discontinued Operations	$	—	$	(14	)

The assets and liabilities held for sale are summarized below.

All Amounts in Thousands	March 21, 2015		December 27, 2014		March 22, 2014
ASSETS
Cash and cash equivalents	$	—	$	—	$	1,424
Receivables, net		—		—		4,620
Inventories		—		—		9,540
Prepaid expenses		—		—		554
Property, plant and equipment, net		—		—		4,174
Intangible assets		—		—		1,758
Investments		—		—		331
Other assets		—		—		32
Assets held for sale	$	—	$	—	$	22,433
LIABILITIES
Trade accounts payable	$	—	$	—	$	898
Accrued liabilities		—		—		5,534
Liabilities held for sale	$	—	$	—	$	6,432

Note I - Segment Information

The Information Security and Print Finishing segment has been classified as discontinued operations for all periods presented.

	As of and for the Three Months Ended March 21, 2015
In thousands	Sporting Goods		Discontinued Operations		Corp.			Total
Revenues from external customers	$	33,419	$	—	$	—		$	33,419
Operating income (loss)		5,244		—		(957	)		4,287
Net income		3,216		—		281			3,497
Total assets	$	98,470	$	—	$	26,396		$	124,866

11

	As of and for the Three Months Ended March 22, 2014
In thousands	Sporting Goods		Discontinued Operations			Corp.			Total
Revenues from external customers	$	27,721	$	6,353		$	—		$	34,074
Operating income (loss)		4,269		211			(946	)		3,534
Net income (loss)		2,619		(14	)		(354	)		2,251
Total assets	$	84,242	$	22,629		$	26,748		$	133,619

Note J – Dividend Payment

On March 20, 2015, the Company paid a quarterly dividend of $0.10 per common share to all shareholders of record on March 13, 2015. The total amount of the dividend was approximately $1.4 million and was charged against retained earnings.

Note K - Earnings Per Share

The shares used in computation of the Company’s basic and diluted earnings per common share are as follows:

	Three Months Ended
In thousands	March 21, 2015		March 22, 2014
Weighted average common shares outstanding		14,015		13,686
Dilutive effect of stock options and restricted stock units		235		255
Weighted average common shares outstanding, assuming dilution		14,250		13,941

Stock options that are anti-dilutive as to earnings per share and unvested restricted stock units which have a market condition for vesting that has not been achieved are ignored in the computation of dilutive earnings per share. The number of stock options and restricted stock units that were excluded in 2015 and 2014 were 38,250 and 75,000, respectively.

Note L – New Accounting Standards

There have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 21, 2015, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 27, 2014, that are of significance, or potential significance to the Company.

Note M – Commitments and Contingencies

The Company is involved in litigation arising in the normal course of business. The Company does not believe that the disposition or ultimate resolution of existing claims or lawsuits will have a material adverse effect on the business or financial condition of the Company.

Note N – Subsequent Events

On April 1, 2015, the Company paid in full the $2.7 million mortgage payable that was secured by the real estate in Wabash, Indiana.

12

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This report contains forward-looking statements relating to present or future trends or factors that are subject to risks and uncertainties. These risks include, but are not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, Escalade’s ability to achieve its business objectives, especially with respect to its Sporting Goods business on which it has chosen to focus, Escalade’s ability to successfully achieve the anticipated results of strategic transactions, including the integration of the operations of acquired assets and businesses and the divestiture of its Information Security and Print Finishing segment, the continuation and development of key customer and supplier relationships, disruptions or delays in our supply chain, Escalade’s ability to control costs, general economic conditions, fluctuation in operating results, changes in foreign currency exchange rates, changes in the securities market, Escalade’s ability to obtain financing and to maintain compliance with the terms of such financing 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.

Overview

Escalade, Incorporated (Escalade, the Company, we, us or our) is solely focused on growing its Sporting Goods segment through organic growth of existing categories, strategic acquisitions, and new product development now that the businesses comprising the Information Security and Print Finishing segment have been divested. The Sporting Goods segment competes in a variety of categories including basketball goals, archery, indoor and outdoor game recreation and fitness products. Strong brands and on-going investment in product development provide a solid foundation for building customer loyalty and continued growth.

The Company has historically manufactured and distributed products for two industries: Sporting Goods; and Information Security and Print Finishing. On June 30, 2014, the Company announced the sale of its Print Finishing business. On October 1, 2014, the Company announced the sale of its Information Security business. The divestiture of these two divisions accomplishes the Company’s complete exit from the Information Security and Print Finishing segment. The Company’s decision to exit the Information Security and Print Finishing segment was influenced by low performance in this segment and lack of strategic fit. Management believes it can better achieve earnings growth through a more concentrated focus within the sporting goods equipment industry, including the traditional sports and emerging outdoor categories.

Within the sporting goods industry, the Company has successfully built a robust market presence in several niche markets. This strategy is heavily dependent on expanding our customer base, barriers to entry, strong brands, excellent customer service and a commitment to innovation. A key strategic advantage is the Company’s established relationships with major customers that allow the Company to bring new products to market in a cost effective manner while maintaining a diversified portfolio of products to meet the demands of consumers. In addition to strategic customer relations, the Company has substantial manufacturing and import experience that enable it to be a low cost supplier. Concentrated focus on the sporting goods industry will allow the Company to leverage its strength in these markets.

A majority of the Company's products are in markets that are currently experiencing low growth rates. Where the Company enjoys a commanding market position, such as table tennis tables, revenue growth is expected to be roughly equal to general macro-economic consumer trends.

To enhance growth opportunities, the Company has focused on promoting new product innovation and development and brand marketing. In addition, the Company has embarked on a strategy of acquiring companies or product lines that complement or expand the Company's existing product lines or provide expansion into new or emerging categories in sporting goods. A key objective is the acquisition of product lines with barriers to entry that the Company can take to market through its established distribution channels or through new market channels. Significant synergies are achieved through assimilation of acquired product lines into the existing Company structure. The Company also sometimes divests or discontinues certain operations, assets, and products that do not perform to the Company's expectations or no longer fit with the Company's strategic objectives.

13

Results of Operations

The following schedule sets forth certain consolidated statement of operations data (excluding Discontinued Operations) as a percentage of net revenue:

	Three Months Ended
	March 21, 2015			March 22, 2014
Net revenue		100.0	%		100.0	%
Cost of products sold		67.6	%		67.5	%
Gross margin		32.4	%		32.5	%
Selling, administrative and general expenses		17.7	%		18.4	%
Amortization		1.9	%		2.1	%
Operating income		12.8	%		12.0	%

Revenue and Gross Margin

Sales growth across most sales channels of Sporting Goods resulted in an overall increase of 20.6% for the first three months of 2015, compared with the same period in the prior year.

The overall gross margin percentage decreased slightly to 32.4% for the first three months of 2015, compared to 32.5% for the same period in the prior year. The decreased gross margin resulted from increased product development investments.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (SG&A) were $5.9 million for the first three months in 2015 compared to $5.1 million for the same period in the prior year, an increase of $799 thousand or 15.6%. SG&A as a percent of sales is 17.7% for the first three months in 2015 compared with 18.4% for the same period in the prior year. The increase in SG&A is primarily due to increased marketing efforts in new categories acquired during 2014 as well as new products to be introduced in the future.

Provision for Income Taxes

The effective tax rate on continuing operations for the first three months of 2015 was 28.9% compared to 33.8% for the same period last year. The rate for this quarter is lower than the quarter from the prior year due to an increase in the benefit of the domestic production activities deduction and available foreign tax credits.

Financial Condition and Liquidity

Total debt at the end of the first three months of 2015 was $18.3 million, a reduction of $2.9 million from December 27, 2014. Cash generated from operating profits was used to reduce debt and pay dividends. Notes payable decreased 8% as compared with same period last year and 13% as compared with year end. The following schedule summarizes the Company’s total debt:

In thousands	March 21, 2015		December 27, 2014		March 22, 2014
Notes payable short-term	$	13,742	$	16,200	$	13,871
Current portion long-term debt		1,592		1,586		1,569
Long term debt		2,960		3,360		4,551
Total	$	18,294	$	21,146	$	19,991

As a percentage of stockholders’ equity, total debt was 20%, 24% and 22% at March 21, 2015, December 27, 2014, and March 22, 2014 respectively.

The Company funds working capital requirements through operating cash flows and revolving credit agreements with its bank. Based on working capital requirements, the Company expects to have access to adequate levels of revolving credit to meet growth needs.

14

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is exposed to financial market risks, including changes in currency exchange rates and interest rates. The Company attempts to minimize these risks through regular operating and financing activities and, when considered appropriate, through the use of derivative financial instruments. During the quarter there were no derivatives in use. The Company does not purchase, hold or sell derivative financial instruments for trading or speculative purposes. With the divestiture of its Information Security and Print Finishing business completed, the Company reduced its exposure to changes in currency exchange rates.

Interest Rates
The Company’s exposure to market-rate risk for changes in interest rates relates primarily to its revolving variable rate bank debt which is based on LIBOR interest rates. A hypothetical 1% or 100 basis point change in interest rates would not have a significant effect on our consolidated financial position or results of operation.

Foreign Currency
The Company conducts business in various countries around the world and is therefore subject to risks associated with fluctuating foreign exchange rates. The Sporting Goods foreign currency transactions are denominated primarily in Mexican Peso and Chinese Yuan. The Company has a 50% interest in a joint venture, Stiga, which is denominated in Swedish Krona. Revenue from discontinued operations was generated from the operations of the Company’s subsidiaries in their respective countries and surrounding geographic areas and was primarily denominated in each subsidiary’s local functional currency. These former subsidiaries incurred most of their expenses (other than inter-company expenses) in their local functional currency and include the Euro, Great Britain Pound Sterling, Mexican Peso, Chinese Yuan, Swedish Krona and South African Rand.

The geographic areas outside the United States in which the Company operated are generally not considered by management to be highly inflationary. Nonetheless, the Company’s foreign operations are sensitive to fluctuations in currency exchange rates arising from, among other things, certain inter-company transactions that are denominated in currencies other than the respective functional currency. Operating results as well as assets and liabilities are also subject to the effect of foreign currency translation when the operating results, assets and liabilities of our foreign subsidiaries are translated into U.S. dollars in our consolidated financial statements.

The Company and its subsidiaries conduct substantially all their business in their respective functional currencies to avoid the effects of cross-border transactions. To protect against reductions in value and the volatility of future cash flows caused by changes in currency exchange rates, the Company carefully considers the use of transaction and balance sheet hedging programs such as matching assets and liabilities in the same currency. Such programs reduce, but do not entirely eliminate the impact of currency exchange rate changes. The Company has evaluated the use of currency exchange hedging financial instruments but has determined that it would not use such instruments under the current circumstances. Changes in currency exchange rates may be volatile and could affect the Company’s performance.

Item 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Escalade maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of “disclosure controls and procedures” in Rules 13a-15(e) and 15d-15(e). In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, could provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Also, the Company has investments in certain unconsolidated entities. As the Company does not control or manage these entities, its disclosure controls and procedures with respect to such entities are necessarily substantially more limited than those it maintains with respect to its consolidated subsidiaries.

15

The Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

Management of the Company has evaluated, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, changes in the Company’s internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the first quarter of 2015.

There have been no changes to the Company’s internal control over financial reporting that occurred since the beginning of the Company’s first quarter of 2015 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS.

None.

Item 1A. RISK FACTORS.

Not required.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

c) Issuer Purchases of Equity Securities

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 Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Shares purchases prior to 7/12/2014 under the current repurchase program.		982,916	$	8.84		982,916	$	2,273,939
First quarter purchases:
12/28/2014–1/24/2015		None		None		No Change		No Change
1/25/2015-2/21/2015		None		None		No Change		No Change
2/22/2015-3/21/2015		None		None		No Change		No Change
Total share purchases under the current program		982,916	$	8.84		982,916	$	2,273,939

The Company has one stock repurchase program which was established in February 2003 by the Board of Directors and which initially authorized management to expend up to $3,000,000 to repurchase shares on the open market as well as in private negotiated transactions. In February 2005, February 2006, August 2007 and February 2008 the Board of Directors increased the remaining balance on this plan to its original level of $3,000,000. The repurchase plan has no termination date and there have been no share repurchases that were not part of a publicly announced program.

16

Item 3. DEFAULTS UPON SENIOR SECURITIES.

None.

Item 4. MINE SAFETY DISCLOSURES.

Not applicable.

Item 5. OTHER INFORMATION.

None.

Item 6. EXHIBITS

Number	Description
3.1	Articles of Incorporation of Escalade, Incorporated.  Incorporated by reference from the Company’s 2007 First Quarter Report on Form 10-Q.
3.2	Amended By-laws of Escalade, Incorporated, as amended April 22, 2014.  Incorporated by reference from the Company’s First Quarter Report on Form 10-Q.
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.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document

SIGNATURE

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

	ESCALADE, INCORPORATED
Date:	April 21, 2015	/s/ Stephen R. Wawrin
		Vice President and Chief Financial Officer
		(On behalf of the registrant and in his
		capacities as Principal Financial Officer
		and Principal Accounting Officer)

17

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Robert J. Keller, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Escalade, Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-15(f)) for the registrant and we have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 21, 2015	/s/ Robert J. Keller
	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Stephen R. Wawrin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Escalade, Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-15(f)) for the registrant and we have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 21, 2015	/s/ Stephen R. Wawrin
	Vice President and Chief Financial Officer
	(On behalf of the registrant and in his
	capacities as Principal Financial Officer
	and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Escalade, Incorporated (the “Company”) on Form 10-Q for the period ending March 21, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert J. Keller, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Robert J. Keller

Chief Executive Officer

April 21, 2015

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Escalade, Incorporated (the “Company”) on Form 10-Q for the period ending March 21, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen R. Wawrin, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Stephen R. Wawrin

Vice President and Chief Financial Officer

(On behalf of the registrant and in his

capacities as Principal Financial Officer

and Principal Accounting Officer)

April 21, 2015

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Dividend Payment

3 Months Ended

Mar. 21, 2015

Accounting Policies [Abstract]

Dividend Payment Terms [Text Block]

Note J – Dividend Payment

On March 20, 2015, the Company paid a quarterly dividend of $0.10 per common share to all shareholders of record on March 13, 2015. The total amount of the dividend was approximately $1.4 million and was charged against retained earnings.

XML

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 21, 2015	Mar. 22, 2014
Net sales	$ 33,419	$ 27,721
Costs, Expenses and Other Income
Cost of products sold	22,585	18,713
Selling, administrative and general expenses	5,914	5,115
Amortization	633	571
Operating Income	4,287	3,322
Interest expense	101	87
Other expense (income)	(733)	(189)
Income Before Income Taxes from Continuing Operations	4,919	3,424
Provision for Income Taxes from Continuing Operations	1,422	1,159
Net Income from Continuing Operations	3,497	2,265
Discontinued Operations
Income from operations	0	143
Provision for income taxes	0	157
Net Loss from Discontinued Operations	0	(14)
Net Income	$ 3,497	$ 2,251
Basic Earnings Per Share Data:
Income from continuing operations (in dollars per share)	$ 0.25	$ 0.16
Loss from discontinued operations (in dollars per share)	$ 0.00	$ 0.00
Net Income (in dollars per share)	$ 0.25	$ 0.16
Diluted Earnings Per Share Data:
Income from continuing operations (in dollars per share)	$ 0.25	$ 0.16
Loss from discontinued operations (in dollars per share)	$ 0.00	$ 0.00
Net Income (in dollars per share)	$ 0.25	$ 0.16
Dividends declared	$ 0.10	$ 0.09

XML

Inventories

3 Months Ended

Mar. 21, 2015

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Note C - Inventories

In thousands	March 21,  2015		December 27,  2014		March 22,  2014
Raw materials	$	3,870	$	3,950	$	4,523
Work in progress		4,306		3,967		4,280
Finished goods		21,805		15,858		14,590
	$	29,981	$	23,775	$	23,393

Additionally, the Company had inventory totaling, zero, zero and $9,540 that has been reclassified to assets held for sale at March 21, 2015, December 27, 2014 and March 22, 2014, respectively.

XML

Equity Interest Investments (Tables)

3 Months Ended

Mar. 21, 2015

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Joint Ventures Balance Sheet Information [Table Text Block]

Summarized financial information for Stiga Sports AB balance sheets as of March 21, 2015, December 27, 2014, and March 22, 2014 and statements of operations for the three months ended March 21, 2015 and March 22, 2014 is as follows:

In thousands	March 21,  2015		December 27,  2014		March 22,  2014
Current assets	$	25,295	$	30,539	$	26,775
Non-current assets		7,869		8,082		9,444
Total assets		33,164		38,621		36,219
Current liabilities		4,334		7,669		5,498
Non-current liabilities		4,167		4,229		4,991
Total liabilities		8,501		11,898		10,489
Net assets	$	24,663	$	26,723	$	25,730

Schedule of Joint Ventures Income Statement Information [Table Text Block]

	Three Months Ended
	March 21,  2015		March 22,  2014
Net sales	$	5,599	$	5,345
Gross profit		2,871		2,856
Net income		518		93

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Earnings Per Share

3 Months Ended

Mar. 21, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note K - Earnings Per Share

The shares used in computation of the Company’s basic and diluted earnings per common share are as follows:

	Three Months Ended
In thousands	March 21,  2015		March 22,  2014
Weighted average common shares outstanding		14,015		13,686
Dilutive effect of stock options and restricted stock units		235		255
Weighted average common shares outstanding, assuming dilution		14,250		13,941

Stock options that are anti-dilutive as to earnings per share and unvested restricted stock units which have a market condition for vesting that has not been achieved are ignored in the computation of dilutive earnings per share. The number of stock options and restricted stock units that were excluded in 2015 and 2014 were 38,250 and 75,000, respectively.

XML

Discontinued Operations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 21, 2015	Mar. 22, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	$ 0	$ 6,353
Cost of products sold	0	4,006
Selling, administrative and general expenses	0	2,136
Interest expense	0	69
Other expense (income)	0	(1)
Income Before Income Taxes	0	143
Discontinued Operations
Income from operations	0	0
Provision for income taxes	0	157
Net Loss from Discontinued Operations	$ 0	$ (14)

XML

Discontinued Operations (Tables)

3 Months Ended

Mar. 21, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The results of operations presented as discontinued operations are summarized below.

	Three Months Ended
All Amounts in Thousands	March 21,  2015		March 22,  2014
Net sales	$	—	$	6,353
Cost of products sold		—		4,006
Selling, administrative and general expenses		—		2,136
Interest expense		—		69
Other expense (income)		—		(1)
Income Before Income Taxes		—		143
Discontinued Operations
Income from operations		—		—
Provision for income taxes		—		157
Net Loss from Discontinued Operations	$	—	$	(14)

The assets and liabilities held for sale are summarized below.

All Amounts in Thousands	March 21,  2015		December 27,  2014		March 22,  2014
ASSETS
Cash and cash equivalents	$	—	$	—	$	1,424
Receivables, net		—		—		4,620
Inventories		—		—		9,540
Prepaid expenses		—		—		554
Property, plant and equipment, net		—		—		4,174
Intangible assets		—		—		1,758
Investments		—		—		331
Other assets		—		—		32
Assets held for sale	$	—	$	—	$	22,433
LIABILITIES
Trade accounts payable	$	—	$	—	$	898
Accrued liabilities		—		—		5,534
Liabilities held for sale	$	—	$	—	$	6,432

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Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 21, 2015

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall in accordance with FASB ASC 825 at March 21, 2015, December 27, 2014 and March 22, 2014.

			Fair Value Measurements Using
March 21, 2015  In thousands	Carrying Amount		Quoted  Prices in  Active  Markets for  Identical  Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	1,522	$	1,522	$	—	$	—
Time deposits	$	1,450	$	1,450	$	—	$	—
Financial liabilities
Notes payable	$	13,742	$	—	$	13,742	$	—
Current portion of long-term debt	$	1,592	$	—	$	1,592	$	—
Long-term debt	$	2,960	$	—	$	2,960	$	—

			Fair Value Measurements Using
December 27, 2014  In thousands	Carrying Amount		Quoted Prices in  Active  Markets for  Identical  Assets  (Level 1)		Significant  Other  Observable  Inputs (Level 2)		Significant  Unobservable  Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	3,232	$	3,232	$	—	$	—
Time deposits	$	1,450	$	1,450	$	—	$	—
Financial liabilities
Notes payable	$	16,200	$	—	$	16,200	$	—
Current portion of long-term debt	$	1,586	$	—	$	1,586	$	—
Long-term debt	$	3,360	$	—	$	3,360	$	—

			Fair Value Measurements Using
March 22, 2014  In thousands	Carrying Amount		Quoted  Prices in  Active  Markets for  Identical  Assets  (Level 1)		Significant  Other  Observable Inputs (Level 2)		Significant  Unobservable  Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	3,027	$	3,027	$	—	$	—
Time deposits	$	1,450	$	1,450	$	—	$	—
Financial liabilities
Notes payable	$	13,871	$	—	$	13,871	$	—
Current portion of long-term debt	$	1,569	$	—	$	1,569	$	—
Long-term debt	$	4,551	$	—	$	4,551	$	—

XML

Equity Interest Investments (Details Textual) (USD $)	3 Months Ended
	Mar. 21, 2015	Mar. 22, 2014
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) Attributable To Parent	$ 3,497,000	$ 2,251,000
Stiga Sports AB [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Amortization Of Goodwill	10,300,000	13,800,000
Goodwill, Translation Adjustments	14,400,000	19,300,000
Cumulative goodwill adjustments, tax effect	4,100,000	5,500,000
Adjustments For Net Income Impact	0	200,000
Stiga Sports AB [Member] | Parent [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Net Income (Loss) Attributable To Parent	$ 666,000	$ 189,000

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Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 21, 2015	Mar. 22, 2014	Dec. 27, 2014
Segment Reporting Information [Line Items]
Revenues from external customers	$ 33,419	$ 34,074
Operating income (loss)	4,287	3,534
Net income	3,497	2,251
Total assets	124,866	133,619	127,881
Sporting Goods [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	33,419	27,721
Operating income (loss)	5,244	4,269
Net income	3,216	2,619
Total assets	98,470	84,242
Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	0	6,353
Operating income (loss)	0	211
Net income	0	(14)
Total assets	0	22,629
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	0	0
Operating income (loss)	(957)	(946)
Net income	281	(354)
Total assets	$ 26,396	$ 26,748

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Inventories (Details Textual) (USD $) In Thousands, unless otherwise specified	Mar. 21, 2015	Dec. 27, 2014	Mar. 22, 2014
Inventory [Line Items]
Disposal Group, Including Discontinued Operation, Inventory	$ 0	$ 0	$ 9,540

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Earnings Per Share (Details Textual)	3 Months Ended
	Mar. 21, 2015	Mar. 22, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	38,250	75,000

XML

Income Taxes (Tables)

3 Months Ended

Mar. 21, 2015

Income Tax Disclosure [Abstract]

Schedule Of Uncertain Tax Benefits [Table Text Block]

The provision for income taxes was computed based on financial statement income. In accordance with FASB Accounting Standards Codification (ASC) 740, the Company has recorded the following changes in uncertain tax positions:

		Three Months Ended
In thousands		March 21, 2015		March 22, 2014
Beginning balance	$	—	$	—
Additions for current year tax positions		—		—
Additions for prior year tax positions		—		—
Settlements		—		—
Reductions or settlements		—		—
Reductions for prior year tax positions		—		—
Ending balance	$	—	$	—

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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 21, 2015	Mar. 22, 2014
Operating Activities:
Net income	$ 3,497	$ 2,251
Depreciation and amortization	1,104	1,012
Gain on disposal of property and equipment	0	(1)
Stock-based compensation	107	133
Additional discontinued operations activities	0	479
Adjustments necessary to reconcile net income to net cash provided by operating activities	(1,819)	5,674
Net cash provided by operating activities	2,889	9,548
Investing Activities:
Purchase of property and equipment	(468)	(276)
Proceeds from sale of property and equipment	0	7
Proceeds from disposal of short-term time deposits	0	250
Discontinued operations activities	0	(3)
Net cash used by investing activities	(468)	(22)
Financing Activities:
Net decrease in notes payable	(2,458)	(7,828)
Principal payments on long-term debt	(394)	(389)
Proceeds from exercise of stock options	96	533
Cash dividends paid	(1,403)	(1,244)
Director stock compensation	28	23
Net cash used by financing activities	(4,131)	(8,905)
Effect of exchange rate changes on cash	0	60
Net increase (decrease) in cash and cash equivalents	(1,710)	681
Cash and cash equivalents, beginning of period (includes zero and $1,255 respectively of cash reported as assets held for sale)	3,232	2,346
Cash and cash equivalents, end of period (includes zero and $1,424 respectively of cash reported as assets held for sale)	1,522	3,027
Supplemental Cash Flows Information
Dividends payable	$ 1	$ 39

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 21, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Note A – Summary of Significant Accounting Policies

Presentation of Consolidated Condensed Financial Statements – The significant accounting policies followed by the Company and its wholly owned subsidiaries for interim financial reporting are consistent with the accounting policies followed for its annual financial reporting. All adjustments that are of a normal recurring nature and are in the opinion of management necessary for a fair statement of the results for the periods reported have been included in the accompanying consolidated condensed financial statements. The consolidated condensed balance sheet of the Company as of December 27, 2014 has been derived from the audited consolidated balance sheet of the Company as of that date. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K annual report for 2014 filed with the Securities and Exchange Commission.

Reclassifications – Certain reclassifications have been made to prior year financial statements to conform to the current year financial statement presentation. These reclassifications had no effect on net earnings.

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Equity Interest Investments

3 Months Ended

Mar. 21, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

Note D – Equity Interest Investments

The Company has a 50% interest in a joint venture, Stiga Sports AB (Stiga). The joint venture is accounted for under the equity method of accounting. Stiga, located in Sweden, is a global sporting goods company producing table tennis equipment and game products. Financial information for Stiga reflected in the table below has been translated from local currency to U.S. dollars using exchange rates in effect at the respective period-end for balance sheet amounts, and using average exchange rates for statement of operations amounts. Certain differences exist between U.S. GAAP and local GAAP in Sweden, and the impact of these differences is not reflected in the summarized information reflected in the table below. The most significant difference relates to the accounting for goodwill for Stiga which is amortized over eight years in Sweden but is not amortized for U.S. GAAP reporting purposes. The goodwill for Stiga was fully amortized as of December 27, 2014. The effect on Stiga’s net assets resulting from the cumulative amortization of goodwill for the periods ended March 21, 2015 and March 22, 2014 are addbacks to Stiga’s consolidated financial information of $10.3 million and $13.8 million, respectively. These net differences are comprised of cumulative goodwill adjustments of $14.4 million offset by the related cumulative tax effect of $4.1 million as of March 21, 2015 and cumulative goodwill adjustments of $19.3 million offset by the related cumulative tax effect of $5.5 million as of March 22, 2014. The Company’s 50% portion of the statement of operations impact of these goodwill and tax adjustments and other individually insignificant U.S. GAAP adjustments for the periods ended March 21, 2015, and March 22, 2014 are to increase Stiga’s net income by approximately zero and $0.2 million, respectively. The Company’s 50% portion of net income for Stiga for the periods ended March 21, 2015 and March 22, 2014 was $666 thousand and $189 thousand, respectively, and is included in other income (expense) on the Company’s statements of operations.

Summarized financial information for Stiga Sports AB balance sheets as of March 21, 2015, December 27, 2014, and March 22, 2014 and statements of operations for the three months ended March 21, 2015 and March 22, 2014 is as follows:

In thousands	March 21,  2015		December 27,  2014		March 22,  2014
Current assets	$	25,295	$	30,539	$	26,775
Non-current assets		7,869		8,082		9,444
Total assets		33,164		38,621		36,219
Current liabilities		4,334		7,669		5,498
Non-current liabilities		4,167		4,229		4,991
Total liabilities		8,501		11,898		10,489
Net assets	$	24,663	$	26,723	$	25,730

	Three Months Ended
	March 21,  2015		March 22,  2014
Net sales	$	5,599	$	5,345
Gross profit		2,871		2,856
Net income		518		93

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Seasonal Aspects

3 Months Ended

Mar. 21, 2015

Accounting Policies [Abstract]

Seasonal Aspects [Text Block]

Note B - Seasonal Aspects

The results of operations for the three month period ended March 21, 2015 and March 22, 2014 are not necessarily indicative of the results to be expected for the full year.

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Dividend Payment (Details Textual) (USD $) In Millions, except Per Share data, unless otherwise specified	0 Months Ended	3 Months Ended
	Mar. 20, 2015	Mar. 21, 2015	Mar. 22, 2014
Dividend Payment Terms [Line Items]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.10	$ 0.10	$ 0.09
Dividends, Common Stock, Cash (in dollars)	$ 1.4

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Segment Information (Tables)

3 Months Ended

Mar. 21, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The Information Security and Print Finishing segment has been classified as discontinued operations for all periods presented.

	As of and for the Three Months  Ended March 21, 2015
In thousands	Sporting Goods		Discontinued  Operations		Corp.		Total
Revenues from external customers	$	33,419	$	—	$	—	$	33,419
Operating income (loss)		5,244		—		(957)		4,287
Net income		3,216		—		281		3,497
Total assets	$	98,470	$	—	$	26,396	$	124,866

	As of and for the Three Months  Ended March 22, 2014
In thousands	Sporting  Goods		Discontinued  Operations		Corp.		Total
Revenues from external customers	$	27,721	$	6,353	$	—	$	34,074
Operating income (loss)		4,269		211		(946)		3,534
Net income (loss)		2,619		(14)		(354)		2,251
Total assets	$	84,242	$	22,629	$	26,748	$	133,619

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Equity Interest Investments (Details) (USD $) In Thousands, unless otherwise specified	Mar. 21, 2015	Dec. 27, 2014	Mar. 22, 2014
Schedule of Equity Method Investments [Line Items]
Current assets	$ 67,820	$ 68,851	$ 73,204
Total assets	124,866	127,881	133,619
Current liabilities	28,694	31,746	33,599
Total liabilities	34,651	38,102	43,543
Stiga Sports AB [Member]
Schedule of Equity Method Investments [Line Items]
Current assets	25,295	30,539	26,775
Non-current assets	7,869	8,082	9,444
Total assets	33,164	38,621	36,219
Current liabilities	4,334	7,669	5,498
Non-current liabilities	4,167	4,229	4,991
Total liabilities	8,501	11,898	10,489
Net assets	$ 24,663	$ 26,723	$ 25,730

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Stock Compensation (Details Textual) (USD $)	0 Months Ended	3 Months Ended
	Mar. 20, 2015	Mar. 21, 2015	Mar. 22, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 135,000	$ 156,000
Employee and Non Employee Service Share-based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized		$ 1,100,000	$ 1,200,000
Cumulative Average Volume Weighted Average Price Per Share		15.00%
Common Stock, Dividends, Per Share, Declared	$ 0.10	$ 0.10	$ 0.09
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross		844
Employee Stock Option [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross		8,000
Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross		38,250

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CONSOLIDATED CONDENSED BALANCE SHEET (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 21, 2015	Dec. 27, 2014	Mar. 22, 2014
Receivables allowance (in dollars)	$ 864	$ 900	$ 1,127
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued	0	0	0
Common stock, shares authorized	30,000,000	30,000,000	30,000,000
Common stock, shares issued	14,025,184	13,998,090	13,786,966
Common stock, shares outstanding	14,025,184	13,998,090	13,786,966

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Stock Compensation

3 Months Ended

Mar. 21, 2015

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note G – Stock Compensation

The fair value of stock-based compensation is recognized in accordance with the provisions of FASB ASC 718, Stock Compensation.

During the three months ended March 21, 2015 and pursuant to the 2007 Incentive Plan, in lieu of director fees, the Company awarded to certain directors 844 shares of common stock. In addition, the Company awarded 8,000 restricted stock units to directors and 38,250 restricted stock units to employees. The restricted stock units awarded to directors time vest over two years (one-half one year from grant date and one-half two years from grant date) provided that the director is still a director of the Company at the vest date. Director restricted stock units are subject to forfeiture, except for termination of services as a result of retirement, death or disability, if on the vesting date the director no longer holds a position with the Company. The 2015 restricted stock units awarded to employees vest over four years (one-third two years from grant date, one-third three years from grant date and one-third four years from grant date) provided that the employee is still employed by the Company and that the performance criteria related to the market price of the Company’s stock is satisfied. The criteria is for any 30 consecutive trading days on the NASDAQ Stock Market (or such other principal securities exchange on which the Company’s shares of common stock are then traded) during the period beginning on the grant date and ending on the fourth anniversary thereof, the cumulative average Volume Weighted Average Price per share is at least 15% higher than the closing price per share on the grant date plus any incremental dividends paid above the current quarterly dividend rate of $0.10 per share by the Company during such four year period. The Company utilizes the Monte Carlo technique to determine the fair value of restricted stock units granted for awards with market conditions.

For the three months ended March 21, 2015 and March 22, 2014, the Company recognized stock based compensation expense of $135 thousand and $156 thousand, respectively. At March 21, 2015 and March 22, 2014, respectively, there was $1.1 million and $1.2 million in unrecognized stock-based compensation expense related to non-vested stock awards.

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CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 21, 2015	Mar. 22, 2014
Net Income	$ 3,497	$ 2,251
Foreign currency translation adjustment	(1,888)	425
Comprehensive Income	$ 1,609	$ 2,676

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CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 21, 2015	Dec. 27, 2014	Mar. 22, 2014
Current Assets:
Cash and cash equivalents	$ 1,522	$ 3,232	$ 1,603
Time deposits	1,450	1,450	1,450
Receivables, less allowance of $864; $900; and $1,127; respectively	28,419	32,150	26,973
Inventories	29,981	23,775	23,393
Prepaid expenses	1,712	1,622	907
Deferred income tax benefit	1,126	925	2,104
Prepaid income tax	3,610	5,697	604
Assets held for sale	0	0	16,170
TOTAL CURRENT ASSETS	67,820	68,851	73,204
Property, plant and equipment, net	11,592	11,596	10,487
Intangible assets, net	12,831	13,465	10,428
Goodwill	14,875	14,875	13,113
Investments	17,727	18,949	19,979
Other assets	21	145	145
Assets held for sale	0	0	6,263
TOTAL ASSETS	124,866	127,881	133,619
Current Liabilities:
Notes payable	13,742	16,200	13,871
Current portion of long-term debt	1,592	1,586	1,569
Trade accounts payable	4,816	1,853	3,610
Accrued liabilities	8,544	12,107	8,117
Liabilities held for sale	0	0	6,432
TOTAL CURRENT LIABILITIES	28,694	31,746	33,599
Other Liabilities:
Long-term debt	2,960	3,360	4,551
Deferred income tax liability	2,997	2,996	5,393
TOTAL LIABILITIES	34,651	38,102	43,543
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 - 14,025,184; 13,998,090; and 13,786,966; shares respectively	14,025	13,998	13,787
Retained earnings	80,042	77,745	70,944
Accumulated other comprehensive income (loss)	(3,852)	(1,964)	5,345
TOTAL STOCKHOLDERS' EQUITY	90,215	89,779	90,076
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 124,866	$ 127,881	$ 133,619

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Earnings Per Share (Tables)

3 Months Ended

Mar. 21, 2015

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

The shares used in computation of the Company’s basic and diluted earnings per common share are as follows:

	Three Months Ended
In thousands	March 21,  2015		March 22,  2014
Weighted average common shares outstanding		14,015		13,686
Dilutive effect of stock options and restricted stock units		235		255
Weighted average common shares outstanding, assuming dilution		14,250		13,941

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Inventories (Tables)

3 Months Ended

Mar. 21, 2015

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

In thousands	March 21,  2015		December 27,  2014		March 22,  2014
Raw materials	$	3,870	$	3,950	$	4,523
Work in progress		4,306		3,967		4,280
Finished goods		21,805		15,858		14,590
	$	29,981	$	23,775	$	23,393

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Subsequent Events (Details Textual) (Mortgages [Member], Subsequent Event [Member], USD $) In Millions, unless otherwise specified	0 Months Ended
	Apr. 01, 2015
Mortgages [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Repayments of Debt	$ 2.7

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Discontinued Operations (Details 1) (USD $) In Thousands, unless otherwise specified	Mar. 21, 2015	Dec. 27, 2014	Mar. 22, 2014	Dec. 28, 2013
ASSETS
Cash and cash equivalents	$ 0	$ 0	$ 1,424	$ 1,255
Receivables, net	0	0	4,620
Inventories	0	0	9,540
Prepaid expenses	0	0	554
Property, plant and equipment, net	0	0	4,174
Intangible assets	0	0	1,758
Investments	0	0	331
Other assets	0	0	32
Assets held for sale	0	0	22,433
LIABILITIES
Trade accounts payable	0	0	898
Accrued liabilities	0	0	5,534
Liabilities held for sale	$ 0	$ 0	$ 6,432

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Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 21, 2015	Mar. 22, 2014
Income Tax Contingency [Line Items]
Beginning balance	$ 0	$ 0
Additions for current year tax positions	0	0
Additions for prior year tax positions	0	0
Settlements	0	0
Reductions or settlements	0	0
Reductions for prior year tax positions	0	0
Ending balance	$ 0	$ 0

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Fair Values of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Mar. 21, 2015	Dec. 27, 2014	Mar. 22, 2014
Financial assets, Carrying Amount
Cash and cash equivalents, Carrying Amount	$ 1,522	$ 3,232	$ 1,603
Time deposits, Carrying Amount	1,450	1,450	1,450
Financial liabilities, Carrying Amount
Notes payable, Carrying Amount	13,742	16,200	13,871
Current portion of Long-term debt, Carrying Amount	1,592	1,586	1,569
Long-term debt, Carrying Amount	2,960	3,360	4,551
Fair Value, Inputs, Level 1 [Member]
Financial assets, Fair Value
Cash and cash equivalents, Fair Value	1,522	3,232	3,027
Time deposits, Fair Value	1,450	1,450	1,450
Financial liabilities, Fair Value
Notes payable, Fair Value	0	0	0
Current portion of Long-term debt, Fair Value	0	0	0
Long-term debt, Fair Value	0	0	0
Fair Value, Inputs, Level 2 [Member]
Financial assets, Fair Value
Cash and cash equivalents, Fair Value	0	0	0
Time deposits, Fair Value	0	0	0
Financial liabilities, Fair Value
Notes payable, Fair Value	13,742	16,200	13,871
Current portion of Long-term debt, Fair Value	1,592	1,586	1,569
Long-term debt, Fair Value	2,960	3,360	4,551
Fair Value, Inputs, Level 3 [Member]
Financial assets, Fair Value
Cash and cash equivalents, Fair Value	0	0	0
Time deposits, Fair Value	0	0	0
Financial liabilities, Fair Value
Notes payable, Fair Value	0	0	0
Current portion of Long-term debt, Fair Value	0	0	0
Long-term debt, Fair Value	$ 0	$ 0	$ 0

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Fair Values of Financial Instruments

3 Months Ended

Mar. 21, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note F – Fair Values of Financial Instruments

The following methods were used to estimate the fair value of all financial instruments recognized in the accompanying balance sheets at amounts other than fair values.

Cash and Cash Equivalents and Time Deposits

Fair values of cash and cash equivalents and time deposits approximate cost due to the short period of time to maturity.

Notes Payable and Long-term Debt

Fair values of notes payable and long-term debt is estimated based on borrowing rates currently available to the Company for bank loans with similar terms and maturities and determined through the use of a discounted cash flow model.

The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall in accordance with FASB ASC 825 at March 21, 2015, December 27, 2014 and March 22, 2014.

			Fair Value Measurements Using
March 21, 2015  In thousands	Carrying Amount		Quoted  Prices in  Active  Markets for  Identical  Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	1,522	$	1,522	$	—	$	—
Time deposits	$	1,450	$	1,450	$	—	$	—
Financial liabilities
Notes payable	$	13,742	$	—	$	13,742	$	—
Current portion of long-term debt	$	1,592	$	—	$	1,592	$	—
Long-term debt	$	2,960	$	—	$	2,960	$	—

			Fair Value Measurements Using
December 27, 2014  In thousands	Carrying Amount		Quoted Prices in  Active  Markets for  Identical  Assets  (Level 1)		Significant  Other  Observable  Inputs (Level 2)		Significant  Unobservable  Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	3,232	$	3,232	$	—	$	—
Time deposits	$	1,450	$	1,450	$	—	$	—
Financial liabilities
Notes payable	$	16,200	$	—	$	16,200	$	—
Current portion of long-term debt	$	1,586	$	—	$	1,586	$	—
Long-term debt	$	3,360	$	—	$	3,360	$	—

			Fair Value Measurements Using
March 22, 2014  In thousands	Carrying Amount		Quoted  Prices in  Active  Markets for  Identical  Assets  (Level 1)		Significant  Other  Observable Inputs (Level 2)		Significant  Unobservable  Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	3,027	$	3,027	$	—	$	—
Time deposits	$	1,450	$	1,450	$	—	$	—
Financial liabilities
Notes payable	$	13,871	$	—	$	13,871	$	—
Current portion of long-term debt	$	1,569	$	—	$	1,569	$	—
Long-term debt	$	4,551	$	—	$	4,551	$	—

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Inventories (Details) (USD $) In Thousands, unless otherwise specified	Mar. 21, 2015	Dec. 27, 2014	Mar. 22, 2014
Inventory [Line Items]
Raw materials	$ 3,870	$ 3,950	$ 4,523
Work in progress	4,306	3,967	4,280
Finished goods	21,805	15,858	14,590
Total Inventory	$ 29,981	$ 23,775	$ 23,393

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Earnings Per Share (Details) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 21, 2015	Mar. 22, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average common shares outstanding	14,015	13,686
Dilutive effect of stock options and restricted stock units	235	255
Weighted average common shares outstanding, assuming dilution	14,250	13,941

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Segment Information

3 Months Ended

Mar. 21, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Note I - Segment Information

The Information Security and Print Finishing segment has been classified as discontinued operations for all periods presented.

	As of and for the Three Months  Ended March 21, 2015
In thousands	Sporting Goods		Discontinued  Operations		Corp.		Total
Revenues from external customers	$	33,419	$	—	$	—	$	33,419
Operating income (loss)		5,244		—		(957)		4,287
Net income		3,216		—		281		3,497
Total assets	$	98,470	$	—	$	26,396	$	124,866

	As of and for the Three Months  Ended March 22, 2014
In thousands	Sporting  Goods		Discontinued  Operations		Corp.		Total
Revenues from external customers	$	27,721	$	6,353	$	—	$	34,074
Operating income (loss)		4,269		211		(946)		3,534
Net income (loss)		2,619		(14)		(354)		2,251
Total assets	$	84,242	$	22,629	$	26,748	$	133,619

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Income Taxes

3 Months Ended

Mar. 21, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note E – Income Taxes

The provision for income taxes was computed based on financial statement income. In accordance with FASB Accounting Standards Codification (ASC) 740, the Company has recorded the following changes in uncertain tax positions:

		Three Months Ended
In thousands		March 21, 2015		March 22, 2014
Beginning balance	$	—	$	—
Additions for current year tax positions		—		—
Additions for prior year tax positions		—		—
Settlements		—		—
Reductions or settlements		—		—
Reductions for prior year tax positions		—		—
Ending balance	$	—	$	—

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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) In Thousands, unless otherwise specified	Mar. 21, 2015	Dec. 27, 2014	Mar. 22, 2014	Dec. 28, 2013
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 0	$ 0	$ 1,424	$ 1,255

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Equity Interest Investments (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 21, 2015	Mar. 22, 2014
Schedule of Equity Method Investments [Line Items]
Net sales	$ 33,419	$ 27,721
Net income	3,497	2,251
Stiga Sports AB [Member]
Schedule of Equity Method Investments [Line Items]
Net sales	5,599	5,345
Gross profit	2,871	2,856
Net income	$ 518	$ 93

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New Accounting Standards

3 Months Ended

Mar. 21, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

Note L – New Accounting Standards

There have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 21, 2015, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 27, 2014, that are of significance, or potential significance to the Company.

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Discontinued Operations

3 Months Ended

Mar. 21, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note H – Discontinued Operations

On October 1, 2014, the Company completed the sale of the Information Security business. The sale of the Information Security business, coupled with the sale of our Print Finishing business on June 30, 2014, represents the Company’s exit from the Information Security and Print Finishing segment. As a result, the Information Security and Print Finishing segment has been classified as discontinued operations for all periods presented and certain assets and liabilities in prior periods are classified as held for sale.

The fair value for these assets was determined by estimating the most likely sale price with a third-party buyer based on market data. Because of the significance of the unobservable inputs and management’s judgment used in the assets held for sale analysis, these measurements were classified in level three of the valuation hierarchy.

The results of operations presented as discontinued operations are summarized below.

	Three Months Ended
All Amounts in Thousands	March 21,  2015		March 22,  2014
Net sales	$	—	$	6,353
Cost of products sold		—		4,006
Selling, administrative and general expenses		—		2,136
Interest expense		—		69
Other expense (income)		—		(1)
Income Before Income Taxes		—		143
Discontinued Operations
Income from operations		—		—
Provision for income taxes		—		157
Net Loss from Discontinued Operations	$	—	$	(14)

The assets and liabilities held for sale are summarized below.

All Amounts in Thousands	March 21,  2015		December 27,  2014		March 22,  2014
ASSETS
Cash and cash equivalents	$	—	$	—	$	1,424
Receivables, net		—		—		4,620
Inventories		—		—		9,540
Prepaid expenses		—		—		554
Property, plant and equipment, net		—		—		4,174
Intangible assets		—		—		1,758
Investments		—		—		331
Other assets		—		—		32
Assets held for sale	$	—	$	—	$	22,433
LIABILITIES
Trade accounts payable	$	—	$	—	$	898
Accrued liabilities		—		—		5,534
Liabilities held for sale	$	—	$	—	$	6,432

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 21, 2015

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Presentation of Consolidated Condensed Financial Statements – The significant accounting policies followed by the Company and its wholly owned subsidiaries for interim financial reporting are consistent with the accounting policies followed for its annual financial reporting. All adjustments that are of a normal recurring nature and are in the opinion of management necessary for a fair statement of the results for the periods reported have been included in the accompanying consolidated condensed financial statements. The consolidated condensed balance sheet of the Company as of December 27, 2014 has been derived from the audited consolidated balance sheet of the Company as of that date. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K annual report for 2014 filed with the Securities and Exchange Commission.

Reclassification, Policy [Policy Text Block]

Reclassifications – Certain reclassifications have been made to prior year financial statements to conform to the current year financial statement presentation. These reclassifications had no effect on net earnings.

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Commitments and Contingencies

3 Months Ended

Mar. 21, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note M – Commitments and Contingencies

The Company is involved in litigation arising in the normal course of business. The Company does not believe that the disposition or ultimate resolution of existing claims or lawsuits will have a material adverse effect on the business or financial condition of the Company.

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Document And Entity Information	3 Months Ended
	Mar. 21, 2015	Apr. 10, 2015
Document Information [Line Items]
Entity Registrant Name	ESCALADE INC
Entity Central Index Key	0000033488
Current Fiscal Year End Date	--12-26
Entity Filer Category	Accelerated Filer
Trading Symbol	ESCA
Entity Common Stock, Shares Outstanding		14,031,686
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 21, 2015
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

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Subsequent Events

3 Months Ended

Mar. 21, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note N – Subsequent Events

On April 1, 2015, the Company paid in full the $2.7 million mortgage payable that was secured by the real estate in Wabash, Indiana.