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 23, 2019 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	13-2739290
(State of incorporation)	(I.R.S. EIN)

817 Maxwell Ave, Evansville, Indiana	47711
(Address of principal executive office)	(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 every Interactive Data File required to be submitted 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 such files).

Yes x No ¨

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

Large accelerated filer ¨	Accelerated filer x
Non-accelerated filer ¨	Smaller reporting company x
	Emerging growth company ¨

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

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 17, 2019
Common, no par value	14,471,496

INDEX

		Page No.
Part I.	Financial Information:
Item 1 -	Financial Statements:
	Consolidated Condensed Balance Sheets as of March 23, 2019, December 29, 2018, and  March 24, 2018	3
	Consolidated Condensed Statements of Operations for the Three Months Ended March 23, 2019 and March 24, 2018	4
	Consolidated Condensed Statements of Comprehensive Income for the Three Months Ended March 23, 2019 and March 24, 2018	5
	Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 23, 2019 and March 24, 2018	5
	Consolidated Condensed Statements of Cash Flows for the Three Months Ended March 23, 2019 and March 24, 2018	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 23,   2019		December 29, 2018		March 24, 2018
		(Unaudited)		(Audited)		(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	4,299	$	2,824	$	2,863
Receivables, less allowance of $548; $532; and $484; respectively		31,951		40,682		28,850
Inventories		47,744		39,122		40,114
Prepaid expenses		2,986		4,151		2,866
Prepaid income tax		1,033		1,082		501
Other current assets		—		2		33
TOTAL CURRENT ASSETS		88,013		87,863		75,227
Property, plant and equipment, net		15,523		15,498		13,903
Operating lease right-of-use assets		878		—		—
Intangible assets, net		19,447		19,785		19,368
Goodwill		26,381		26,381		21,548
Investments		—		—		20,175
Other assets		90		—		—
TOTAL ASSETS	$	150,332	$	149,527	$	150,221
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt	$	—	$	—	$	18,941
Trade accounts payable		7,756		5,631		5,188
Accrued liabilities		6,512		11,072		8,128
Current operating lease liabilities		595		—		—
TOTAL CURRENT LIABILITIES		14,863		16,703		32,257
Other Liabilities:
Long-term debt		3,662		—		3,750
Deferred income tax liability		3,409		3,409		2,452
Operating lease liabilities		288		—		—
Other liabilities		1,094		1,094		553
TOTAL LIABILITIES		23,316		21,206		39,012
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 – 14,471,496; 14,438,824; and 14,415,690; shares respectively		14,471		14,439		14,416
Retained earnings		112,545		113,882		99,495
Accumulated other comprehensive loss		—		—		(2,702	)
TOTAL STOCKHOLDERS' EQUITY		127,016		128,321		111,209
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	150,332	$	149,527	$	150,221

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 23, 2019			March 24, 2018
Net sales	$	32,102		$	32,149
Costs and Expenses
Cost of products sold		23,625			23,161
Selling, administrative and general expenses		7,745			6,950
Amortization		338			323
Operating Income		394			1,715
Other Income (Expense)
Interest expense		(68	)		(189	)
Equity in loss of affiliates		—			(12	)
Other income (loss)		6			(23	)
Income Before Income Taxes		332			1,491
Provision for Income Taxes		65			275
Net Income	$	267		$	1,216
Earnings Per Share Data:
Basic earnings per share	$	0.02		$	0.09
Diluted earnings per share	$	0.02		$	0.08
Dividends declared	$	0.125		$	0.125

See notes to Consolidated Condensed Financial Statements.

4

ESCALADE, INCORPORATED AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended
All Amounts in Thousands Except Share Information	March 23, 2019		March 24, 2018
Net Income	$	267	$	1,216
Foreign currency translation adjustment		—		(91	)
Comprehensive Income	$	267	$	1,125

All amounts are net of tax

See notes to Consolidated Condensed Financial Statements.

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)

										Accumulated
										Other
	Common Stock						Retained			Comprehensive
All Amounts in Thousands	Shares			Amount			Earnings			Income (Loss)			Total
Balances at December 30, 2017		14,372		$	14,372		$	99,908		$	(2,610	)	$	111,670
Other comprehensive loss											(92	)		(92	)
Net income								1,216						1,216
Expense of stock options and restricted stock units								161						161
Exercise of stock options		9			9			46						55
Settlement of restricted stock units		35			35			(35	)					—
Dividends declared								(1,801	)					(1,801	)
Balances at March 24, 2018		14,416		$	14,416		$	99,495		$	(2,702	)	$	111,209
Balances at December 29, 2018		14,439		$	14,439		$	113,882		$	—		$	128,321
Other comprehensive income											—			—
Net income								267						267
Expense of stock options and restricted stock units								144						144
Exercise of stock options		10			10			108						118
Settlement of restricted stock units		25			25			(25	)					—
Dividends declared								(1,809	)					(1,809	)
Purchase of stock		(3	)		(3	)		(22	)					(25	)
Balances at March 23, 2019		14,471		$	14,471		$	112,545		$	—		$	127,016

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 23,  2019			March 24,  2018
Operating Activities:
Net income	$	267		$	1,216
Depreciation and amortization		936			913
Gain on disposal of property and equipment		—			—
Stock-based compensation		144			161
Adjustments necessary to reconcile net income to net cash provided by operating activities		(1,099	)		1,384
Net cash provided by operating activities		248			3,674
Investing Activities:
Purchase of property and equipment		(623	)		(206	)
Net cash used by investing activities		(623	)		(206	)
Financing Activities:
Proceeds from issuance of long-term debt		14,200			12,888
Payments on long-term debt		(10,538	)		(13,318	)
Proceeds from exercise of stock options		118			54
Deferred financing fees		(96	)		—
Purchase of stock		(25	)		—
Cash dividends paid		(1,809	)		(1,801	)
Net cash provided (used) by financing activities		1,850			(2,177	)
Net increase in cash and cash equivalents		1,475			1,291
Cash and cash equivalents, beginning of period		2,824			1,572
Cash and cash equivalents, end of period	$	4,299		$	2,863

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 29, 2018 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 2018 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 months ended March 23, 2019 and March 24, 2018 are not necessarily indicative of the results to be expected for the full year.

Note C - Inventories

In thousands	March 23,   2019		December 29, 2018		March 24,   2018
Raw materials	$	4,052	$	3,622	$	3,466
Work in progress		2,891		2,892		3,346
Finished goods		40,801		32,608		33,302
	$	47,744	$	39,122	$	40,114

Note D – Equity Interest Investments

The Company had a 50% interest in a joint venture, Stiga Sports AB (Stiga). The joint venture was accounted for under the equity method of accounting. Stiga, located in Sweden, is a global sporting goods company producing table tennis equipment, snow sleds, and game products. The Company entered into a share purchase agreement for the private sale of the Company’s 50% interest in the Stiga joint venture. On May 17, 2018, the Company completed the sale of its 50% interest for $33.7 million, resulting in a gain on sale of $13.0 million. In conjunction with the sale, the Company entered into a new license agreement with Stiga for the licensing rights to manufacture, market, promote, sell and distribute Stiga-branded table tennis hobby products in the United States, Mexico and Canada. The Company has had the licensing rights for such products since 1995 pursuant to an existing license agreement that expired December 31, 2018. The new license agreement went into effect on January 1, 2019.

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 income statement amounts. The Company’s 50% portion of net loss for Stiga for the period ended March 24, 2018 was ($12) thousand and is included in equity in loss of affiliates on the Company’s statements of operations.

7

Summarized financial information for Stiga Sports AB balance sheet as of March 24, 2018 and statements of operations for the three months ended March 24, 2018 is as follows:

In thousands	March 24, 2018
Current assets	$	29,841
Non-current assets		10,560
Total assets		40,401
Current liabilities		6,020
Non-current liabilities		5,429
Total liabilities		11,449
Net assets	$	28,952

	Three Months Ended
	March 24, 2018
Net sales	$	6,174
Gross profit		2,677
Net loss		(23	)

Note E – Income Taxes

The provision for income taxes was computed based on financial statement income.

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

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

Long-term Debt

Fair values of 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 23, 2019, December 29, 2018 and March 24, 2018.

			Fair Value Measurements Using
March 23, 2019 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	$	4,299	$	4,299	$	—	$	—
Financial liabilities
Long-term debt	$	3,662	$	—	$	3,662	$	—

8

			Fair Value Measurements Using
December 29, 2018 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	$	2,824	$	2,824	$	—	$	—

			Fair Value Measurements Using
March 24, 2018 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	$	2,863	$	2,863	$	—	$	—
Financial liabilities
Current portion of long-term debt	$	18,941	$	—	$	18,941	$	—
Long-term debt	$	3,750	$	—	$	3,750	$	—

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 23, 2019, the Company awarded 11,400 restricted stock units to directors and 35,900 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 2019 restricted stock units awarded to employees are subject to a three year cliff vesting schedule, which means that these restricted stock units will fully vest, if at all, three years from the grant date provided that the employee is still employed by the Company on the vesting date. In addition, vesting of certain of the restricted stock units is subject to the Company meeting certain conditions based on Return on Equity and Adjusted EBITDA.

For the three months ended March 23, 2019 and March 24, 2018, the Company recognized stock based compensation expense of $144 thousand and $161 thousand, respectively. At March 23, 2019 and March 24, 2018, respectively, there was $1.2 million and $1.0 million in unrecognized stock-based compensation expense related to non-vested stock awards.

Note H - Segment Information

	As of and for the Three Months Ended March 23, 2019
In thousands	Sporting Goods		Corp.			Total
Revenues from external customers	$	32,102	$	—		$	32,102
Operating income (loss)		761		(367	)		394
Net income (loss)		507		(240	)		267
Total assets	$	144,006	$	6,326		$	150,332

9

	As of and for the Three Months Ended March 24, 2018
In thousands	Sporting Goods		Corp.			Total
Revenues from external customers	$	32,149	$	—		$	32,149
Operating income (loss)		2,093		(378	)		1,715
Net income (loss)		1,384		(168	)		1,216
Total assets	$	124,354	$	25,867		$	150,221

Note I – Dividend Payment

On March 18, 2019, the Company paid a quarterly dividend of $0.125 per common share to all shareholders of record on March 11, 2019. The total amount of the dividend was approximately $1.8 million and was charged against retained earnings.

Note J - 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 23, 2019		March 24, 2018
Weighted average common shares outstanding		14,447		14,383
Dilutive effect of stock options and restricted stock units		28		24
Weighted average common shares outstanding, assuming dilution		14,475		14,407

Stock options that are anti-dilutive as to earnings per share and unvested restricted stock units which have a market or performance 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 2019 and 2018 were 89,431 and 96,481, respectively.

Note K – New Accounting Standards and Changes in Accounting Principles

With the exception of that discussed below, there have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 23, 2019, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018, that are of significance, or potential significance to the Company.

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU) 2016-02, Leases (Topic 842), which supersedes ASC 840, Leases. The amendments in this update will increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-to-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from current GAAP. ASU 2016-02 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases will be substantially similar to the classification criteria for distinguishing between capital leases and operating leases under prior GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.

The guidance permits a practical expedient with regards to initial adoption, allowing adopters the option to apply the new leases standard prospectively at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under this expedient, comparative periods presented in the financial statements in which the new lease standard is adopted, will continue to be presented in accordance with prior GAAP.

10

The Company adopted this standard on December 30, 2018 using the prospective application method practical expedient. The adoption of this standard had an immaterial impact on our consolidated balance sheet, recognizing a ROU asset and lease liability of $985 thousand. Refer to Note M for disclosure requirements related to the adoption of this standard.

Note L – Revenue from Contracts with Customers

Revenue Recognition – Effective December 31, 2017, we adopted ASC 606. The adoption of this standard did not impact the timing of revenue recognition for customer sales. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our goods at a point in time based on shipping terms and transfer of title. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Shipping and handling fees charged to customers are reported within revenue.

Gross-to-net sales adjustments – We recognize revenue net of various sales adjustments to arrive at net sales as reported on the statement of operations. These adjustments are referred to as gross-to-net sales adjustments and primarily fall into one of three categories; returns, warranties and customer allowances.

Returns – The Company records an accrued liability and reduction in sales for estimated product returns based upon historical experience. An accrued liability and reduction in sales is also recorded for approved return authorizations that have been communicated by the customer.

Warranties – Limited warranties are provided on certain products for varying periods. We record an accrued liability and reduction in sales for estimated future warranty claims based upon historical experience and management’s estimate of the level of future claims. Changes in the estimated amounts recognized in prior years are recorded as an adjustment to the accrued liability and sales in the current year.

Customer Allowances – Customer allowances are common practice in the industries in which the Company operates. These agreements are typically in the form of advertising subsidies, volume rebates and catalog allowances and are accounted for as a reduction to gross sales. The Company reviews such allowances on an ongoing basis and accruals are adjusted, if necessary, as additional information becomes available.

Disaggregation of Revenue – We generate revenue from the sale of widely recognized sporting goods brands in basketball goals, archery, indoor and outdoor game recreation and fitness products. These products are sold through multiple sales channels that include; mass merchants, specialty dealers, key on-line retailers (“E-commerce”) and international. The following table depicts the disaggregation of revenue according to sales channel:

	Three Months Ended
All Amounts in Thousands	March 23, 2019		March 24, 2018
Gross Sales by Channel:
Mass Merchants	$	11,430	$	13,089
Specialty Dealers		13,601		12,651
E-commerce		9,934		7,358
International		1,174		2,315
Other		702		188
Total Gross Sales		36,841		35,601
Less: Gross-to-Net Sales Adjustments
Returns		1,175		926
Warranties		373		307
Customer Allowances		3,191		2,219
Total Gross-to-Net Sales Adjustments		4,739		3,452
Total Net Sales	$	32,102	$	32,149

11

Note M – Leases

We have operating leases for office, manufacturing and distribution facilities as well as for certain equipment. Our leases have remaining lease terms of 1 year to 3 years. As of March 23, 2019, the Company has not entered into any lease arrangements classified as a finance lease.

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities and operating lease liabilities on our consolidated balance sheet. The Company has elected an accounting policy to not recognize short-term leases (one year or less) on the balance sheet. The Company also elected the package of practical expedients which applies to leases that commenced before the adoption date. By electing the package of practical expedients, the Company did not need to reassess the following; whether any existing contracts are or contain leases, the lease classification for any existing leases and initial direct costs for any existing leases.

ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When the implicit rate of the lease is not provided or cannot be determined, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Components of lease expense and other information as follows:

All Amounts in Thousands	March 23, 2019
Lease Expense
Operating Lease Cost	$	191
Short-term Lease Cost		90
Variable Lease Cost		55
Total Operating Lease Cost	$	336
Operating Lease – Operating Cash Flows	$	175
New ROU Assets – Operating Leases	$	73
Weighted Average Remaining Lease Term – Operating Leases		1.65 years
Weighted Average Discount Rate – Operating Leases		5.00	%

Future minimum lease payments under non-cancellable leases as of March 23, 2019 were as follows:

All Amounts in Thousands
Year 1	$	619
Year 2		227
Year 3		59
Year 4		10
Year 5		-
Thereafter		-
Total future minimum lease payments		915
Less imputed interest		(32	)
Total	$	883
Reported as of March 23, 2019
Current operating lease liabilities		595
Long-term operating lease liabilities		288
Total	$	883

Note N – 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.

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 of divestitures or discontinuances of certain operations, assets, brands, and products, the continuation and development of key customer, supplier, licensing and other business relationships, the ability to successfully negotiate the shifting retail environment and changes in consumer buying habits, the financial health of our customers, disruptions or delays in our 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, the availability, integration and effective operation of information systems and other technology, and the potential interruption of such systems or technology, risks related to data security of privacy breaches, 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 focused on growing its Sporting Goods business through organic growth of existing categories, strategic acquisitions, and new product development. The Sporting Goods business 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.

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.

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, brands, and products that do not perform to the Company's expectations or no longer fit with the Company's strategic objectives.

The Company’s balance sheet is strong and we continue to maintain a low level of long-term debt. Management believes that key indicators in measuring the success of these strategies are revenue growth, earnings growth, new product introductions, and the expansion of channels of distribution.

13

Results of Operations

The following schedule sets forth certain consolidated statement of operations data as a percentage of net revenue:

	Three Months Ended
	March 23, 2019			March 24, 2018
Net revenue		100.0	%		100.0	%
Cost of products sold		73.6	%		72.0	%
Gross margin		26.4	%		28.0	%
Selling, administrative and general expenses		24.1	%		21.6	%
Amortization		1.1	%		1.0	%
Operating income		1.2	%		5.4	%

Revenue and Gross Margin

Net sales remained relatively flat at $32.1 million for the first three months of 2019 compared with the same period in the prior year.

The overall gross margin percentage decreased to 26.4% for the first quarter of 2019, compared to 28.0% for 2018. During their slowest quarter of the year, operating costs related to Victory Tailgate, LLC, which was acquired during the fourth quarter of 2018, negatively affected gross margin within the quarter. Gross profit was $8.5 for the first quarter of 2019 compared to $9.0 million for the same period in the prior year, a decrease of $0.5 million or 5.7%.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (SG&A) were $7.7 million for the first quarter of 2019 compared to $7.0 million for the same period in the prior year, an increase of $0.7 million or 11.4%. SG&A as a percent of sales is 24.1% for the first quarter of 2019 compared with 21.6% for the same period in the prior year. SG&A spend increased due to non-recurring costs of new basketball displayers.

Provision for Income Taxes

The effective tax rate for the first three months of 2019 was 19.6% compared to 18.4% for the same period last year.

Financial Condition and Liquidity

Total debt at the end of the first three months of 2019 was $3.7 million, an increase of $3.7 million from December 29, 2018. The following schedule summarizes the Company’s total debt:

In thousands	March 23,  2019		December 29, 2018		March 24,  2018
Current portion long-term debt	$	—	$	—	$	18,941
Long term debt		3,662		—		3,750
Total	$	3,662	$	—	$	22,691

As a percentage of stockholders’ equity, total debt was 2.9%, zero and 20.4% at March 23, 2019, December 29, 2018, and March 24, 2018 respectively.

On January 21, 2019, the Company entered into an Amended and Restated Credit Agreement (“2019 Restated Credit Agreement”) with its issuing bank, JP Morgan Chase Bank, N.A. (“Chase”), and the other lenders identified in the 2019 Restated Credit Agreement (collectively, the “Lender”). Under the terms of the 2019 Restated Credit Agreement, the Lender has made available to the Company a senior revolving credit facility with increased maximum availability of $50.0 million. The maturity date was extended to January 31, 2022. In addition to the increased borrowing amount and extended maturity date, other significant changes reflected in the 2019 Restated Credit Agreement include: more favorable interest rate provisions; increases in borrowing base availability; releases of existing mortgages on the Company’s real property; and increasing to $25.0 million the total consideration that the Company may use for acquisitions without obtaining the Lender’s consent, as long as no event of default exists.

14

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.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Required.

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.

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 2019.

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 2019 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.

15

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
Share purchases prior to 12/29/2018 under the current repurchase program.		983,816	$	8.85		983,816	$	2,264,304
First quarter purchases:
12/30/2018–1/26/2019		None		None		No Change		No Change
1/27/2019-2/23/2019		2,216	$	11.00		986,032	$	2,239,928
2/24/2019-3/23/2019		None		None		No Change		No Change
Total share purchases under the current program		986,032	$	8.85		986,032	$	2,239,928

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.

Item 3. DEFAULTS UPON SENIOR SECURITIES.

None.

Item 4. MINE SAFETY DISCLOSURES.

Not applicable.

Item 5. OTHER INFORMATION.

None.

16

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 2014 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 18, 2019	/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, David L. Fetherman, 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 18, 2019	/s/ David L. Fetherman
	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 18, 2019	/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 ended March 23, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David L. Fetherman, 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/ David L. Fetherman

Chief Executive Officer

April 18, 2019

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 ended March 23, 2019 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 18, 2019

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 23, 2019	Apr. 17, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 23, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	ESCALADE INC
Entity Central Index Key	0000033488
Current Fiscal Year End Date	--12-29
Entity Filer Category	Accelerated Filer
Trading Symbol	ESCA
Entity Common Stock, Shares Outstanding		14,471,496
Entity Emerging Growth Company	false
Entity Small Business	true

XML

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 23, 2019	Dec. 29, 2018	Mar. 24, 2018
Current Assets:
Cash and cash equivalents	$ 4,299	$ 2,824	$ 2,863
Receivables, less allowance of $548; $532; and $484; respectively	31,951	40,682	28,850
Inventories	47,744	39,122	40,114
Prepaid expenses	2,986	4,151	2,866
Prepaid income tax	1,033	1,082	501
Other current assets	0	2	33
TOTAL CURRENT ASSETS	88,013	87,863	75,227
Property, plant and equipment, net	15,523	15,498	13,903
Operating lease right-of-use assets	878	0	0
Intangible assets, net	19,447	19,785	19,368
Goodwill	26,381	26,381	21,548
Investments	0	0	20,175
Other assets	90	0	0
TOTAL ASSETS	150,332	149,527	150,221
Current Liabilities:
Current portion of long-term debt	0	0	18,941
Trade accounts payable	7,756	5,631	5,188
Accrued liabilities	6,512	11,072	8,128
Current operating lease liabilities	595	0	0
TOTAL CURRENT LIABILITIES	14,863	16,703	32,257
Other Liabilities:
Long-term debt	3,662	0	3,750
Deferred income tax liability	3,409	3,409	2,452
Operating lease liabilities	288	0	0
Other liabilities	1,094	1,094	553
TOTAL LIABILITIES	23,316	21,206	39,012
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 – 14,471,496; 14,438,824; and 14,415,690; shares respectively	14,471	14,439	14,416
Retained earnings	112,545	113,882	99,495
Accumulated other comprehensive loss	0	0	(2,702)
TOTAL STOCKHOLDERS' EQUITY	127,016	128,321	111,209
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 150,332	$ 149,527	$ 150,221

XML

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 23, 2019	Dec. 29, 2018	Mar. 24, 2018
Receivables allowance (in dollars)	$ 548	$ 532	$ 484
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	14,471,496	14,438,824	14,415,690
Common stock, shares outstanding	14,471,496	14,438,824	14,415,690

XML

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 23, 2019	Mar. 24, 2018
Net sales	$ 32,102	$ 32,149
Costs and Expenses
Cost of products sold	23,625	23,161
Selling, administrative and general expenses	7,745	6,950
Amortization	338	323
Operating Income	394	1,715
Other Income (Expense)
Interest expense	(68)	(189)
Equity in loss of affiliates	0	(12)
Other income (loss)	6	(23)
Income Before Income Taxes	332	1,491
Provision for Income Taxes	65	275
Net Income	$ 267	$ 1,216
Earnings Per Share Data:
Basic earnings per share	$ 0.02	$ 0.09
Diluted earnings per share	0.02	0.08
Dividends declared	$ 0.125	$ 0.125

XML

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 23, 2019	Mar. 24, 2018
Net Income	$ 267	$ 1,216
Foreign currency translation adjustment	0	(91)
Comprehensive Income	$ 267	$ 1,125

XML

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 30, 2017	$ 111,670	$ 14,372	$ 99,908	$ (2,610)
Balance (in shares) at Dec. 30, 2017		14,372
Other comprehensive income (loss)	(92)			(92)
Net income	1,216		1,216
Expense of stock options and restricted stock units	161		161
Exercise of stock options	55	$ 9	46
Exercise of stock options (in shares)		9
Settlement of restricted stock units	0	$ 35	(35)
Settlement of restricted stock units (in shares)		35
Dividends declared	(1,801)		(1,801)
Balance at Mar. 24, 2018	111,209	$ 14,416	99,495	(2,702)
Balance (in shares) at Mar. 24, 2018		14,416
Balance at Dec. 29, 2018	128,321	$ 14,439	113,882	0
Balance (in shares) at Dec. 29, 2018		14,439
Other comprehensive income (loss)	0			0
Net income	267		267
Expense of stock options and restricted stock units	144		144
Exercise of stock options	118	$ 10	108
Exercise of stock options (in shares)		10
Settlement of restricted stock units	0	$ 25	(25)
Settlement of restricted stock units (in shares)		25
Dividends declared	(1,809)		(1,809)
Purchase of stock	(25)	$ (3)	(22)
Purchase of stock (in shares)		(3)
Balance at Mar. 23, 2019	$ 127,016	$ 14,471	$ 112,545	$ 0
Balance (in shares) at Mar. 23, 2019		14,471

XML

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 23, 2019	Mar. 24, 2018
Operating Activities:
Net income	$ 267	$ 1,216
Depreciation and amortization	936	913
Gain on disposal of property and equipment	0	0
Stock-based compensation	144	161
Adjustments necessary to reconcile net income to net cash provided by operating activities	(1,099)	1,384
Net cash provided by operating activities	248	3,674
Investing Activities:
Purchase of property and equipment	(623)	(206)
Net cash used by investing activities	(623)	(206)
Financing Activities:
Proceeds from issuance of long-term debt	14,200	12,888
Payments on long-term debt	(10,538)	(13,318)
Proceeds from exercise of stock options	118	54
Deferred financing fees	(96)	0
Purchase of stock	(25)	0
Cash dividends paid	(1,809)	(1,801)
Net cash provided (used) by financing activities	1,850	(2,177)
Net increase in cash and cash equivalents	1,475	1,291
Cash and cash equivalents, beginning of period	2,824	1,572
Cash and cash equivalents, end of period	$ 4,299	$ 2,863

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 23, 2019

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 29, 2018 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 2018 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.

XML

Seasonal Aspects

3 Months Ended

Mar. 23, 2019

Accounting Policies [Abstract]

Seasonal Aspects [Text Block]

Note B - Seasonal Aspects

The results of operations for the three months ended March 23, 2019 and March 24, 2018 are not necessarily indicative of the results to be expected for the full year.

XML

Inventories

3 Months Ended

Mar. 23, 2019

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Note C - Inventories

In thousands	March 23,   2019		December 29, 2018		March 24,   2018
Raw materials	$	4,052	$	3,622	$	3,466
Work in progress		2,891		2,892		3,346
Finished goods		40,801		32,608		33,302
	$	47,744	$	39,122	$	40,114

XML

Equity Interest Investments

3 Months Ended

Mar. 23, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

Note D – Equity Interest Investments

The Company had a 50% interest in a joint venture, Stiga Sports AB (Stiga). The joint venture was accounted for under the equity method of accounting. Stiga, located in Sweden, is a global sporting goods company producing table tennis equipment, snow sleds, and game products. The Company entered into a share purchase agreement for the private sale of the Company’s 50% interest in the Stiga joint venture. On May 17, 2018, the Company completed the sale of its 50% interest for $33.7 million, resulting in a gain on sale of $13.0 million. In conjunction with the sale, the Company entered into a new license agreement with Stiga for the licensing rights to manufacture, market, promote, sell and distribute Stiga-branded table tennis hobby products in the United States, Mexico and Canada. The Company has had the licensing rights for such products since 1995 pursuant to an existing license agreement that expired December 31, 2018. The new license agreement went into effect on January 1, 2019.

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 income statement amounts. The Company’s 50% portion of net loss for Stiga for the period ended March 24, 2018 was ($12) thousand and is included in equity in loss of affiliates on the Company’s statements of operations.

Summarized financial information for Stiga Sports AB balance sheet as of March 24, 2018 and statements of operations for the three months ended March 24, 2018 is as follows:

In thousands	March 24, 2018
Current assets	$	29,841
Non-current assets		10,560
Total assets		40,401
Current liabilities		6,020
Non-current liabilities		5,429
Total liabilities		11,449
Net assets	$	28,952

	Three Months Ended
	March 24, 2018
Net sales	$	6,174
Gross profit		2,677
Net loss		(23	)

XML

Income Taxes

3 Months Ended

Mar. 23, 2019

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.

XML

Fair Values of Financial Instruments

3 Months Ended

Mar. 23, 2019

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

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

Long-term Debt

Fair values of 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 23, 2019, December 29, 2018 and March 24, 2018.

			Fair Value Measurements Using
March 23, 2019 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	$	4,299	$	4,299	$	—	$	—
Financial liabilities
Long-term debt	$	3,662	$	—	$	3,662	$	—

			Fair Value Measurements Using
December 29, 2018 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	$	2,824	$	2,824	$	—	$	—

			Fair Value Measurements Using
March 24, 2018 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	$	2,863	$	2,863	$	—	$	—
Financial liabilities
Current portion of long-term debt	$	18,941	$	—	$	18,941	$	—
Long-term debt	$	3,750	$	—	$	3,750	$	—

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Stock Compensation

3 Months Ended

Mar. 23, 2019

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 23, 2019, the Company awarded 11,400 restricted stock units to directors and 35,900 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 2019 restricted stock units awarded to employees are subject to a three year cliff vesting schedule, which means that these restricted stock units will fully vest, if at all, three years from the grant date provided that the employee is still employed by the Company on the vesting date. In addition, vesting of certain of the restricted stock units is subject to the Company meeting certain conditions based on Return on Equity and Adjusted EBITDA.

For the three months ended March 23, 2019 and March 24, 2018, the Company recognized stock based compensation expense of $144 thousand and $161 thousand, respectively. At March 23, 2019 and March 24, 2018, respectively, there was $1.2 million and $1.0 million in unrecognized stock-based compensation expense related to non-vested stock awards.

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Segment Information

3 Months Ended

Mar. 23, 2019

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Note H - Segment Information

	As of and for the Three Months Ended March 23, 2019
In thousands	Sporting Goods		Corp.			Total
Revenues from external customers	$	32,102	$	—		$	32,102
Operating income (loss)		761		(367	)		394
Net income (loss)		507		(240	)		267
Total assets	$	144,006	$	6,326		$	150,332

	As of and for the Three Months Ended March 24, 2018
In thousands	Sporting Goods		Corp.			Total
Revenues from external customers	$	32,149	$	—		$	32,149
Operating income (loss)		2,093		(378	)		1,715
Net income (loss)		1,384		(168	)		1,216
Total assets	$	124,354	$	25,867		$	150,221

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Dividend Payment

3 Months Ended

Mar. 23, 2019

Payments of Dividends [Abstract]

Dividend Payment Terms [Text Block]

Note I – Dividend Payment

On March 18, 2019, the Company paid a quarterly dividend of $0.125 per common share to all shareholders of record on March 11, 2019. The total amount of the dividend was approximately $1.8 million and was charged against retained earnings.

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Earnings Per Share

3 Months Ended

Mar. 23, 2019

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note J - 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 23, 2019		March 24, 2018
Weighted average common shares outstanding		14,447		14,383
Dilutive effect of stock options and restricted stock units		28		24
Weighted average common shares outstanding, assuming dilution		14,475		14,407

Stock options that are anti-dilutive as to earnings per share and unvested restricted stock units which have a market or performance 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 2019 and 2018 were 89,431 and 96,481​​​​​​​, respectively.

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New Accounting Standards and Changes in Accounting Principles

3 Months Ended

Mar. 23, 2019

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

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

Note K – New Accounting Standards and Changes in Accounting Principles

With the exception of that discussed below, there have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 23, 2019, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018, that are of significance, or potential significance to the Company.

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU) 2016-02, Leases (Topic 842), which supersedes ASC 840, Leases. The amendments in this update will increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-to-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from current GAAP. ASU 2016-02 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases will be substantially similar to the classification criteria for distinguishing between capital leases and operating leases under prior GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.

The guidance permits a practical expedient with regards to initial adoption, allowing adopters the option to apply the new leases standard prospectively at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under this expedient, comparative periods presented in the financial statements in which the new lease standard is adopted, will continue to be presented in accordance with prior GAAP.

The Company adopted this standard on December 30, 2018 using the prospective application method practical expedient. The adoption of this standard had an immaterial impact on our consolidated balance sheet, recognizing a ROU asset and lease liability of $985 thousand. Refer to Note M for disclosure requirements related to the adoption of this standard.

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Revenue from Contracts with Customers

3 Months Ended

Mar. 23, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Note L – Revenue from Contracts with Customers

Revenue Recognition – Effective December 31, 2017, we adopted ASC 606. The adoption of this standard did not impact the timing of revenue recognition for customer sales. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our goods at a point in time based on shipping terms and transfer of title. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Shipping and handling fees charged to customers are reported within revenue.

Gross-to-net sales adjustments – We recognize revenue net of various sales adjustments to arrive at net sales as reported on the statement of operations. These adjustments are referred to as gross-to-net sales adjustments and primarily fall into one of three categories; returns, warranties and customer allowances.

Returns – The Company records an accrued liability and reduction in sales for estimated product returns based upon historical experience. An accrued liability and reduction in sales is also recorded for approved return authorizations that have been communicated by the customer.

Warranties – Limited warranties are provided on certain products for varying periods. We record an accrued liability and reduction in sales for estimated future warranty claims based upon historical experience and management’s estimate of the level of future claims. Changes in the estimated amounts recognized in prior years are recorded as an adjustment to the accrued liability and sales in the current year.

Customer Allowances – Customer allowances are common practice in the industries in which the Company operates. These agreements are typically in the form of advertising subsidies, volume rebates and catalog allowances and are accounted for as a reduction to gross sales. The Company reviews such allowances on an ongoing basis and accruals are adjusted, if necessary, as additional information becomes available.

Disaggregation of Revenue – We generate revenue from the sale of widely recognized sporting goods brands in basketball goals, archery, indoor and outdoor game recreation and fitness products. These products are sold through multiple sales channels that include; mass merchants, specialty dealers, key on-line retailers (“E-commerce”) and international. The following table depicts the disaggregation of revenue according to sales channel:

	Three Months Ended
All Amounts in Thousands	March 23, 2019		March 24, 2018
Gross Sales by Channel:
Mass Merchants	$	11,430	$	13,089
Specialty Dealers		13,601		12,651
E-commerce		9,934		7,358
International		1,174		2,315
Other		702		188
Total Gross Sales		36,841		35,601
Less: Gross-to-Net Sales Adjustments
Returns		1,175		926
Warranties		373		307
Customer Allowances		3,191		2,219
Total Gross-to-Net Sales Adjustments		4,739		3,452
Total Net Sales	$	32,102	$	32,149

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Leases

3 Months Ended

Mar. 23, 2019

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

Note M – Leases

We have operating leases for office, manufacturing and distribution facilities as well as for certain equipment. Our leases have remaining lease terms of 1 year to 3 years. As of March 23, 2019, the Company has not entered into any lease arrangements classified as a finance lease.

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities and operating lease liabilities on our consolidated balance sheet. The Company has elected an accounting policy to not recognize short-term leases (one year or less) on the balance sheet. The Company also elected the package of practical expedients which applies to leases that commenced before the adoption date. By electing the package of practical expedients, the Company did not need to reassess the following; whether any existing contracts are or contain leases, the lease classification for any existing leases and initial direct costs for any existing leases.

ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When the implicit rate of the lease is not provided or cannot be determined, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Components of lease expense and other information as follows:

All Amounts in Thousands	March 23, 2019
Lease Expense
Operating Lease Cost	$	191
Short-term Lease Cost		90
Variable Lease Cost		55
Total Operating Lease Cost	$	336
Operating Lease – Operating Cash Flows	$	175
New ROU Assets – Operating Leases	$	73
Weighted Average Remaining Lease Term – Operating Leases		1.65 years
Weighted Average Discount Rate – Operating Leases		5.00	%

Future minimum lease payments under non-cancellable leases as of March 23, 2019 were as follows:

All Amounts in Thousands
Year 1	$	619
Year 2		227
Year 3		59
Year 4		10
Year 5		-
Thereafter		-
Total future minimum lease payments		915
Less imputed interest		(32	)
Total	$	883
Reported as of March 23, 2019
Current operating lease liabilities		595
Long-term operating lease liabilities		288
Total	$	883

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Commitments and Contingencies

3 Months Ended

Mar. 23, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note N – 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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Nature of Operations and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 23, 2019

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 29, 2018 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 2018 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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Inventories (Tables)

3 Months Ended

Mar. 23, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

In thousands	March 23,   2019		December 29, 2018		March 24,   2018
Raw materials	$	4,052	$	3,622	$	3,466
Work in progress		2,891		2,892		3,346
Finished goods		40,801		32,608		33,302
	$	47,744	$	39,122	$	40,114

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Equity Interest Investments (Tables)

3 Months Ended

Mar. 23, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments [Table Text Block]

Summarized financial information for Stiga Sports AB balance sheet as of March 24, 2018 and statements of operations for the three months ended March 24, 2018 is as follows:

In thousands	March 24, 2018
Current assets	$	29,841
Non-current assets		10,560
Total assets		40,401
Current liabilities		6,020
Non-current liabilities		5,429
Total liabilities		11,449
Net assets	$	28,952

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

	Three Months Ended
	March 24, 2018
Net sales	$	6,174
Gross profit		2,677
Net loss		(23	)

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Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 23, 2019

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 23, 2019, December 29, 2018 and March 24, 2018.

			Fair Value Measurements Using
March 23, 2019 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	$	4,299	$	4,299	$	—	$	—
Financial liabilities
Long-term debt	$	3,662	$	—	$	3,662	$	—

			Fair Value Measurements Using
December 29, 2018 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	$	2,824	$	2,824	$	—	$	—

			Fair Value Measurements Using
March 24, 2018 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	$	2,863	$	2,863	$	—	$	—
Financial liabilities
Current portion of long-term debt	$	18,941	$	—	$	18,941	$	—
Long-term debt	$	3,750	$	—	$	3,750	$	—

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Segment Information (Tables)

3 Months Ended

Mar. 23, 2019

Segment Reporting [Abstract]

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

	As of and for the Three Months Ended March 23, 2019
In thousands	Sporting Goods		Corp.			Total
Revenues from external customers	$	32,102	$	—		$	32,102
Operating income (loss)		761		(367	)		394
Net income (loss)		507		(240	)		267
Total assets	$	144,006	$	6,326		$	150,332

	As of and for the Three Months Ended March 24, 2018
In thousands	Sporting Goods		Corp.			Total
Revenues from external customers	$	32,149	$	—		$	32,149
Operating income (loss)		2,093		(378	)		1,715
Net income (loss)		1,384		(168	)		1,216
Total assets	$	124,354	$	25,867		$	150,221

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Earnings Per Share (Tables)

3 Months Ended

Mar. 23, 2019

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 23, 2019		March 24, 2018
Weighted average common shares outstanding		14,447		14,383
Dilutive effect of stock options and restricted stock units		28		24
Weighted average common shares outstanding, assuming dilution		14,475		14,407

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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 23, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table depicts the disaggregation of revenue according to sales channel:

	Three Months Ended
All Amounts in Thousands	March 23, 2019		March 24, 2018
Gross Sales by Channel:
Mass Merchants	$	11,430	$	13,089
Specialty Dealers		13,601		12,651
E-commerce		9,934		7,358
International		1,174		2,315
Other		702		188
Total Gross Sales		36,841		35,601
Less: Gross-to-Net Sales Adjustments
Returns		1,175		926
Warranties		373		307
Customer Allowances		3,191		2,219
Total Gross-to-Net Sales Adjustments		4,739		3,452
Total Net Sales	$	32,102	$	32,149

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Leases (Tables)

3 Months Ended

Mar. 23, 2019

Leases [Abstract]

Lease, Cost [Table Text Block]

Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Components of lease expense and other information as follows:

All Amounts in Thousands	March 23, 2019
Lease Expense
Operating Lease Cost	$	191
Short-term Lease Cost		90
Variable Lease Cost		55
Total Operating Lease Cost	$	336
Operating Lease – Operating Cash Flows	$	175
New ROU Assets – Operating Leases	$	73
Weighted Average Remaining Lease Term – Operating Leases		1.65 years
Weighted Average Discount Rate – Operating Leases		5.00	%

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum lease payments under non-cancellable leases as of March 23, 2019 were as follows:

All Amounts in Thousands
Year 1	$	619
Year 2		227
Year 3		59
Year 4		10
Year 5		-
Thereafter		-
Total future minimum lease payments		915
Less imputed interest		(32	)
Total	$	883
Reported as of March 23, 2019
Current operating lease liabilities		595
Long-term operating lease liabilities		288
Total	$	883

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Inventories (Details) - USD ($) $ in Thousands	Mar. 23, 2019	Dec. 29, 2018	Mar. 24, 2018
Inventory [Line Items]
Raw materials	$ 4,052	$ 3,622	$ 3,466
Work in process	2,891	2,892	3,346
Finished goods	40,801	32,608	33,302
Inventories	$ 47,744	$ 39,122	$ 40,114

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Equity Interest Investments (Details) - Stiga Sports AB [Member] $ in Thousands	Mar. 24, 2018 USD ($)
Schedule of Equity Method Investments [Line Items]
Current assets	$ 29,841
Non-current assets	10,560
TOTAL ASSETS	40,401
Current liabilities	6,020
Non-current liabilities	5,429
TOTAL LIABILITIES	11,449
Net assets	$ 28,952

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Equity Interest Investments (Details 1) - Stiga Sports AB [Member] $ in Thousands	3 Months Ended
	Mar. 24, 2018 USD ($)
Schedule of Equity Method Investments [Line Items]
Net sales	$ 6,174
Gross profit	2,677
Net loss	$ (23)

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Equity Interest Investments (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 17, 2018	Mar. 24, 2018	Mar. 23, 2019
Schedule of Equity Method Investments [Line Items]
Proceeds from Sale of Equity Method Investments	$ 33,700
Equity Method Investment, Realized Gain (Loss) on Disposal	$ 13,000
Stiga Sports AB [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		$ (12)
Stiga Sports AB [Member] | Parent [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%	50.00%

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Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 23, 2019	Dec. 29, 2018	Mar. 24, 2018
Financial liabilities, Carrying Amount
Long-term debt, Carrying Amount	$ 3,662	$ 0	$ 3,750
Financial assets, Fair Value
Cash and cash equivalents, Fair Value	4,299	2,824	2,863
Financial liabilities, Fair Value
Current portion of Long-term debt, Fair Value			18,941
Long-term debt, Fair Value	3,662		3,750
Fair Value, Inputs, Level 1 [Member]
Financial assets, Carrying Amount
Cash and cash equivalents, Carrying Amount	4,299	2,824	2,863
Financial liabilities, Carrying Amount
Current portion of Long-term debt, Carrying Amount			0
Long-term debt, Carrying Amount	0		0
Fair Value, Inputs, Level 2 [Member]
Financial assets, Carrying Amount
Cash and cash equivalents, Carrying Amount	0	0	0
Financial liabilities, Carrying Amount
Current portion of Long-term debt, Carrying Amount			18,941
Long-term debt, Carrying Amount	3,662		3,750
Fair Value, Inputs, Level 3 [Member]
Financial assets, Carrying Amount
Cash and cash equivalents, Carrying Amount	0	$ 0	0
Financial liabilities, Carrying Amount
Current portion of Long-term debt, Carrying Amount			0
Long-term debt, Carrying Amount	$ 0		$ 0

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Stock Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 23, 2019	Mar. 24, 2018
Restricted Stock Units (RSUs) [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	11,400
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	35,900
Nonvested Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 144	$ 161
Employee and Non Employee Service Share-based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized	$ 1,200	$ 1,000

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Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 23, 2019	Mar. 24, 2018	Dec. 29, 2018
Segment Reporting Information [Line Items]
Revenues from external customers	$ 32,102	$ 32,149
Operating income (loss)	394	1,715
Net income (loss)	267	1,216
Total assets	150,332	150,221	$ 149,527
Sporting Goods [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	32,102	32,149
Operating income (loss)	761	2,093
Net income (loss)	507	1,384
Total assets	144,006	124,354
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	0	0
Operating income (loss)	(367)	(378)
Net income (loss)	(240)	(168)
Total assets	$ 6,326	$ 25,867

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Dividend Payment (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 18, 2019	Mar. 23, 2019	Mar. 24, 2018
Dividend Payment Terms [Line Items]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.125
Dividends, Common Stock, Cash	$ 1,800	$ 1,809	$ 1,801

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Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 23, 2019	Mar. 24, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average common shares outstanding	14,447	14,383
Dilutive effect of stock options and restricted stock units	28	24
Weighted average common shares outstanding, assuming dilution	14,475	14,407

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Earnings Per Share (Details Textual) - shares	3 Months Ended
	Mar. 23, 2019	Mar. 24, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	89,431	96,481

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New Accounting Standards and Changes in Accounting Principles (Details Textual) - USD ($) $ in Thousands	Mar. 23, 2019	Dec. 31, 2018	Dec. 29, 2018	Mar. 24, 2018
Operating Lease, Right-of-Use Asset	$ 878		$ 0	$ 0
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		$ 985

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Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 23, 2019	Mar. 24, 2018
Sales Revenues Goods Net [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 36,841	$ 35,601
Sales Returns And Allowance Goods [Abstract]
Returns	1,175	926
Warranties	373	307
Customer Allowances	3,191	2,219
Total Gross-to-Net Sales Adjustments	4,739	3,452
Total Net Sales	32,102	32,149
Mass Merchants [Member]
Sales Revenues Goods Net [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	11,430	13,089
Specialty Dealers [Member]
Sales Revenues Goods Net [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	13,601	12,651
E-commerce [Member]
Sales Revenues Goods Net [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	9,934	7,358
International [Member]
Sales Revenues Goods Net [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,174	2,315
Other [Member]
Sales Revenues Goods Net [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 702	$ 188

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Leases (Details) $ in Thousands	3 Months Ended
	Mar. 23, 2019 USD ($)
Lease Expense
Operating Lease Cost	$ 191
Short-term Lease Cost	90
Variable Lease Cost	55
Total Operating Lease Cost	336
Operating Lease – Operating Cash Flows	175
New ROU Assets – Operating Leases	$ 73
Weighted Average Remaining Lease Term – Operating Leases	1 year 7 months 24 days
Weighted Average Discount Rate – Operating Leases	5.00%

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Leases (Details 1) - USD ($) $ in Thousands	Mar. 23, 2019	Dec. 29, 2018	Mar. 24, 2018
Year 1	$ 619
Year 2	227
Year 3	59
Year 4	10
Year 5	0
Thereafter	0
Total future minimum lease payments	915
Less imputed interest	(32)
Total	883
Current operating lease liabilities	595	$ 0	$ 0
Long-term operating lease liabilities	288	$ 0	$ 0
Total	$ 883

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Leases (Details Textual)	Mar. 23, 2019
Operating Lease, Weighted Average Remaining Lease Term	1 year 7 months 24 days
Maximum [Member]
Operating Lease, Weighted Average Remaining Lease Term	3 years
Minimum [Member]
Operating Lease, Weighted Average Remaining Lease Term	1 year