Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 15, 2017 | Jul. 28, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 15, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ESCALADE INC | |
Entity Central Index Key | 33,488 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | ESCA | |
Entity Common Stock, Shares Outstanding | 14,364,586 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 15, 2017 | Dec. 31, 2016 | Jul. 09, 2016 |
Current Assets: | |||
Cash and cash equivalents | $ 2,280 | $ 1,013 | $ 3,263 |
Receivables, less allowance of $532; $910; and $453; respectively | 32,236 | 35,894 | 33,385 |
Inventories | 37,470 | 33,802 | 37,520 |
Prepaid expenses | 3,043 | 2,798 | 2,094 |
Deferred income tax benefit | 0 | 1,283 | 1,700 |
Prepaid income tax | 773 | 833 | 1,139 |
TOTAL CURRENT ASSETS | 75,802 | 75,623 | 79,101 |
Property, plant and equipment, net | 13,910 | 13,714 | 14,256 |
Intangible assets, net | 20,423 | 20,857 | 21,597 |
Goodwill | 21,548 | 21,456 | 21,456 |
Investments | 18,506 | 19,030 | 18,691 |
Other assets | 60 | 81 | 100 |
TOTAL ASSETS | 150,249 | 150,761 | 155,201 |
Current Liabilities: | |||
Current portion of long-term debt | 1,300 | 1,250 | 1,605 |
Trade accounts payable | 8,047 | 4,376 | 5,846 |
Accrued liabilities | 9,227 | 12,792 | 10,312 |
TOTAL CURRENT LIABILITIES | 18,574 | 18,418 | 17,763 |
Long-term debt | 22,386 | 24,189 | 32,431 |
Deferred income tax liability | 5,216 | 6,441 | 7,200 |
TOTAL LIABILITIES | 46,176 | 49,048 | 57,394 |
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 - 14,364,586; 14,304,959; and 14,271,209; shares respectively | 14,365 | 14,305 | 14,271 |
Retained earnings | 92,368 | 91,688 | 86,783 |
Accumulated other comprehensive loss | (2,660) | (4,280) | (3,247) |
TOTAL STOCKHOLDERS' EQUITY | 104,073 | 101,713 | 97,807 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 150,249 | $ 150,761 | $ 155,201 |
CONSOLIDATED CONDENSED BALANCE3
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 15, 2017 | Dec. 31, 2016 | Jul. 09, 2016 |
Receivables allowance (in dollars) | $ 532 | $ 910 | $ 453 |
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 | 14,364,586 | 14,304,959 | 14,271,209 |
Common stock, shares outstanding | 14,364,586 | 14,304,959 | 14,271,209 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 4 Months Ended | 6 Months Ended | ||
Jul. 15, 2017 | Jul. 09, 2016 | Jul. 15, 2017 | Jul. 09, 2016 | |
Net sales | $ 52,393 | $ 48,463 | $ 83,205 | $ 83,031 |
Costs and Expenses | ||||
Cost of products sold | 39,315 | 35,749 | 61,843 | 59,288 |
Selling, administrative and general expenses | 9,257 | 8,910 | 15,187 | 16,673 |
Amortization | 489 | 799 | 847 | 1,587 |
Operating Income | 3,332 | 3,005 | 5,328 | 5,483 |
Other Income (Expense) | ||||
Interest expense | (234) | (256) | (401) | (420) |
Equity in earnings of affiliates | 76 | 127 | 24 | 176 |
Gain on bargain purchase | 0 | 0 | 256 | 0 |
Other income (expense) | (47) | 74 | (43) | 133 |
Income Before Income Taxes | 3,127 | 2,950 | 5,164 | 5,372 |
Provision for Income Taxes | 1,031 | 860 | 1,680 | 1,585 |
Net Income | $ 2,096 | $ 2,090 | $ 3,484 | $ 3,787 |
Earnings Per Share Data: | ||||
Basic earnings per share | $ 0.15 | $ 0.15 | $ 0.24 | $ 0.27 |
Diluted earnings per share | 0.15 | 0.15 | 0.24 | 0.26 |
Dividends declared | $ 0.115 | $ 0.11 | $ 0.23 | $ 0.22 |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 4 Months Ended | 6 Months Ended | ||
Jul. 15, 2017 | Jul. 09, 2016 | Jul. 15, 2017 | Jul. 09, 2016 | |
Net Income | $ 2,096 | $ 2,090 | $ 3,484 | $ 3,787 |
Foreign currency translation adjustment | 1,071 | (750) | 1,620 | (69) |
Comprehensive Income | $ 3,167 | $ 1,340 | $ 5,104 | $ 3,718 |
CONSOLIDATED CONDENSED STATEME6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 15, 2017 | Jul. 09, 2016 | |
Operating Activities: | ||
Net income | $ 3,484 | $ 3,787 |
Depreciation and amortization | 2,192 | 3,498 |
Gain on disposal of property and equipment | (4) | (154) |
Stock-based compensation | 288 | 243 |
Gain on bargain purchase | (256) | 0 |
Dividends received from equity method investments | 2,168 | 1,060 |
Adjustments necessary to reconcile net income to net cash provided by operating activities | 1,009 | (4,053) |
Net cash provided by operating activities | 8,881 | 4,381 |
Investing Activities: | ||
Purchase of property and equipment | (1,382) | (1,817) |
Acquisitions | (1,401) | (9,459) |
Proceeds from sale of property and equipment | 4 | 193 |
Net cash used by investing activities | (2,779) | (11,083) |
Financing Activities: | ||
Proceeds from issuance of long-term debt | 29,400 | 40,036 |
Payments on long-term debt | (31,203) | (29,336) |
Proceeds from exercise of stock options | 118 | 364 |
Deferred financing fees | 0 | (83) |
Cash dividends paid | (3,302) | (3,142) |
Director stock compensation | 152 | 144 |
Net cash provided by (used by) financing activities | (4,835) | 7,983 |
Net increase in cash and cash equivalents | 1,267 | 1,281 |
Cash and cash equivalents, beginning of period | 1,013 | 1,982 |
Cash and cash equivalents, end of period | 2,280 | 3,263 |
Supplemental Cash Flows Information | ||
Dividends payable | 0 | 6 |
Non-Cash Transactions | ||
Note payable for deferred purchase price obligation | $ 50 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 15, 2017 | |
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 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 31, 2016 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 2016 filed with the Securities and Exchange Commission. 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. |
Seasonal Aspects
Seasonal Aspects | 6 Months Ended |
Jul. 15, 2017 | |
Accounting Policies [Abstract] | |
Seasonal Aspects [Text Block] | Note B - Seasonal Aspects The results of operations for the three and six month periods ended July 15, 2017 and July 9, 2016 are not necessarily indicative of the results to be expected for the full year. |
Inventories
Inventories | 6 Months Ended |
Jul. 15, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note C - Inventories July 15, December 31, July 9, In thousands 2017 2016 2016 Raw materials $ 4,356 $ 4,781 $ 4,858 Work in progress 4,134 3,671 4,690 Finished goods 28,980 25,350 27,972 $ 37,470 $ 33,802 $ 37,520 |
Equity Interest Investments
Equity Interest Investments | 6 Months Ended |
Jul. 15, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments Disclosure [Text Block] | Note D Equity Interest Investments The Company has a 50 10.8 10.4 15.1 4.3 14.5 4.1 50 Three Months Ended Six Months Ended In thousands July 15, 2017 July 9, 2016 July 15, 2017 July 9, 2016 Equity in earnings of affiliates $ 76 $ 127 $ 24 $ 176 7 July 15, December 31, July 9, In thousands 2017 2016 2016 Current assets $ 26,058 $ 28,322 $ 24,963 Non-current assets 10,451 9,379 9,860 Total assets 36,509 37,701 34,823 Current liabilities 5,755 4,847 3,013 Non-current liabilities 5,535 5,133 5,673 Total liabilities 11,290 9,980 8,686 Net assets $ 25,219 $ 27,721 $ 26,137 Three Months Ended Six Months Ended In thousands July 15, 2017 July 9, 2016 July 15, 2017 July 9, 2016 Net sales $ 11,172 $ 11,127 $ 16,297 $ 16,526 Gross profit 5,434 5,185 7,712 7,743 Net income 154 255 49 352 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 15, 2017 | |
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. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 6 Months Ended |
Jul. 15, 2017 | |
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. Fair Value Measurements Using Quoted Prices in Significant Active Markets Significant Other Unobservable July 15, 2017 Carrying for Identical Observable Inputs Inputs In thousands Amount Assets (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 2,280 $ 2,280 $ $ Financial liabilities Current portion of long-term debt $ 1,300 $ $ 1,300 $ Long-term debt $ 22,386 $ $ 22,386 $ Fair Value Measurements Using Quoted Prices in Significant Active Markets Significant Other Unobservable December 31, 2016 Carrying for Identical Observable Inputs Inputs In thousands Amount Assets (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 1,013 $ 1,013 $ $ Financial liabilities Current portion of long-term debt $ 1,250 $ $ 1,250 $ Long-term debt $ 24,189 $ $ 24,189 $ Fair Value Measurements Using Quoted Prices in Significant Active Markets Significant Other Unobservable July 9, 2016 Carrying for Identical Observable Inputs Inputs In thousands Amount Assets (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 3,263 $ 3,263 $ $ Financial liabilities Current portion of long-term debt $ 1,605 $ $ 1,605 $ Long-term debt $ 32,431 $ $ 32,431 $ |
Stock Compensation
Stock Compensation | 6 Months Ended |
Jul. 15, 2017 | |
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 six months ended July 15, 2017 and pursuant to the 2017 Incentive Plan, in lieu of cash payments of director fees, the Company awarded to certain directors 12,683 14,250 40,782 30 15 0.115 For the three and six month periods ended July 15, 2017, including expense associated with issuing certain directors stock in lieu of cash for certain director fees, the Company recognized stock based compensation expense of $ 326 440 280 387 0.8 0.8 |
Segment Information
Segment Information | 6 Months Ended |
Jul. 15, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note H - Segment Information For the Three Months Ended July 15, 2017 Sporting In thousands Goods Corp. Total Revenues from external customers $ 52,393 $ $ 52,393 Operating income (loss) 3,810 (478) 3,332 Net income (loss) 2,239 (143) 2,096 As of and for the Six Months Ended July 15, 2017 Sporting In thousands Goods Corp. Total Revenues from external customers $ 83,205 $ $ 83,205 Operating income (loss) 6,169 (841) 5,328 Net income (loss) 3,801 (317) 3,484 Total assets $ 127,999 $ 22,250 $ 150,249 For the Three Months Ended July 9, 2016 Sporting In thousands Goods Corp. Total Revenues from external customers $ 48,463 $ $ 48,463 Operating income (loss) 3,801 (796) 3,005 Net income (loss) 2,128 (38) 2,090 As of and for the Six Months Ended July 9, 2016 Sporting In thousands Goods Corp. Total Revenues from external customers $ 83,031 $ $ 83,031 Operating income (loss) 6,990 (1,507) 5,483 Net income (loss) 3,990 (203) 3,787 Total assets $ 128,809 $ 26,392 $ 155,201 |
Dividend Payment
Dividend Payment | 6 Months Ended |
Jul. 15, 2017 | |
Payments of Dividends [Abstract] | |
Dividend Payment Terms [Text Block] | Note I Dividend Payment On June 15, 2017, the Company paid a quarterly dividend of $ 0.115 1.7 On March 20, 2017, the Company paid a quarterly dividend of $0.115 per common share to all shareholders of record on March 13, 2017. The total amount of the dividend was approximately $1.6 million and was charged against retained earnings. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 15, 2017 | |
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 Six Months Ended July 15, July 9, July 15, July 9, In thousands 2017 2016 2017 2016 Weighted average common shares outstanding 14,354 14,265 14,338 14,237 Dilutive effect of stock options and restricted stock units 30 74 31 81 Weighted average common shares outstanding, assuming dilution 14,384 14,339 14,369 14,318 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 2017 and 2016 were 83,600 68,700 |
New Accounting Standards and Ch
New Accounting Standards and Changes in Accounting Principles | 6 Months Ended |
Jul. 15, 2017 | |
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 and six month periods ended July 15, 2017, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, that are of significance, or potential significance to the Company. In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends existing guidance related to accounting for employee share-based payments affecting the income tax consequences of awards, classification of awards as equity or liabilities, and classification on the statement of cash flows. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The new standard requires excess tax benefits and tax deficiencies to be recorded as income tax expense or benefit in the income statement and also requires a policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The Company has elected to account for forfeitures when they actually occur. The new guidance also requires cash paid by an employer when directly withholding shares for tax withholding purposes to be classified in the Consolidated Statement of Cash Flows as a financing activity, which is the classification currently used by the Company. Lastly, the guidance requires that excess tax benefits should be classified along with other income tax cash flows as an operating activity on the statement of cash flows. The Company elected to apply this provision using the prospective transition method. Adoption of this guidance did not impact the presentation of cash flows in the current period. In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. ASU 2015-17 eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The ASU is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted this standard on January 1, 2017 and has elected to apply the requirements prospectively. Comparative financial statements of prior periods have not been retrospectively adjusted. Adoption of this standard did not impact results of operations or cash flows in the current or previous reporting periods. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 15, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note L 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. |
Acquisition
Acquisition | 6 Months Ended |
Jul. 15, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note M Acquisition During the six months ended July 15, 2017, the Company acquired certain assets and liabilities through two acquisitions. These acquisitions, individually and in aggregate, were not and would not have been material to the Company’s net sales, results of operations or total assets during the three and six month periods ended July 15, 2017. Accordingly, our consolidated results from operations do not differ materially from historical performance as a result of these acquisitions, and therefore, pro-forma results are not presented. Total consideration paid for the acquisitions was $ 1.5 1.4 0.1 ASC 805 requires that when fair value of the net assets acquired exceeds the purchase price, resulting in a bargain purchase, the acquirer must reassess the reasonableness of the values assigned to all of the net assets acquired, liabilities assumed and consideration transferred. The Company has performed such assessment and has concluded that the values assigned appear to be reasonable. In thousands Accounts receivable, net $ 852 Inventories, net 737 Other assets 64 Intangible assets 413 Total fair value of assets acquired 2,066 Total liabilities assumed (563) Net assets acquired 1,503 Total consideration paid (1,101) Gain before deferred income tax liability 402 Income tax liability deferred (146) Gain on bargain purchase $ 256 During the three month period ended July 15, 2017, the Company finalized the purchase price and its final evaluation of the fair value of certain assets acquired. Final resolution of purchase price allocations did not result in any changes to amounts as previously reported. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 15, 2017 | |
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 31, 2016 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 2016 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. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 15, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | July 15, December 31, July 9, In thousands 2017 2016 2016 Raw materials $ 4,356 $ 4,781 $ 4,858 Work in progress 4,134 3,671 4,690 Finished goods 28,980 25,350 27,972 $ 37,470 $ 33,802 $ 37,520 |
Equity Interest Investments (Ta
Equity Interest Investments (Tables) | 6 Months Ended |
Jul. 15, 2017 | |
Schedule of Joint Ventures Financial Information [Table Text Block] | Summarized financial information for Stiga Sports AB balance sheets as of July 15, 2017, December 31, 2016, and July 9, 2016 and statements of operations for the three month and six month periods ended July 15, 2017 and July 9, 2016 is as follows: July 15, December 31, July 9, In thousands 2017 2016 2016 Current assets $ 26,058 $ 28,322 $ 24,963 Non-current assets 10,451 9,379 9,860 Total assets 36,509 37,701 34,823 Current liabilities 5,755 4,847 3,013 Non-current liabilities 5,535 5,133 5,673 Total liabilities 11,290 9,980 8,686 Net assets $ 25,219 $ 27,721 $ 26,137 |
Schedule of Joint Ventures Income Statement Information [Table Text Block] | Three Months Ended Six Months Ended In thousands July 15, 2017 July 9, 2016 July 15, 2017 July 9, 2016 Net sales $ 11,172 $ 11,127 $ 16,297 $ 16,526 Gross profit 5,434 5,185 7,712 7,743 Net income 154 255 49 352 |
Stiga Sports AB [Member] | |
Schedule of Joint Ventures Income Statement Information [Table Text Block] | Three Months Ended Six Months Ended In thousands July 15, 2017 July 9, 2016 July 15, 2017 July 9, 2016 Equity in earnings of affiliates $ 76 $ 127 $ 24 $ 176 |
Fair Values of Financial Inst23
Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jul. 15, 2017 | |
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 July 15, 2017, December 31, 2016 and July 9, 2016. Fair Value Measurements Using Quoted Prices in Significant Active Markets Significant Other Unobservable July 15, 2017 Carrying for Identical Observable Inputs Inputs In thousands Amount Assets (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 2,280 $ 2,280 $ $ Financial liabilities Current portion of long-term debt $ 1,300 $ $ 1,300 $ Long-term debt $ 22,386 $ $ 22,386 $ Fair Value Measurements Using Quoted Prices in Significant Active Markets Significant Other Unobservable December 31, 2016 Carrying for Identical Observable Inputs Inputs In thousands Amount Assets (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 1,013 $ 1,013 $ $ Financial liabilities Current portion of long-term debt $ 1,250 $ $ 1,250 $ Long-term debt $ 24,189 $ $ 24,189 $ Fair Value Measurements Using Quoted Prices in Significant Active Markets Significant Other Unobservable July 9, 2016 Carrying for Identical Observable Inputs Inputs In thousands Amount Assets (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 3,263 $ 3,263 $ $ Financial liabilities Current portion of long-term debt $ 1,605 $ $ 1,605 $ Long-term debt $ 32,431 $ $ 32,431 $ |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jul. 15, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended July 15, 2017 Sporting In thousands Goods Corp. Total Revenues from external customers $ 52,393 $ $ 52,393 Operating income (loss) 3,810 (478) 3,332 Net income (loss) 2,239 (143) 2,096 As of and for the Six Months Ended July 15, 2017 Sporting In thousands Goods Corp. Total Revenues from external customers $ 83,205 $ $ 83,205 Operating income (loss) 6,169 (841) 5,328 Net income (loss) 3,801 (317) 3,484 Total assets $ 127,999 $ 22,250 $ 150,249 For the Three Months Ended July 9, 2016 Sporting In thousands Goods Corp. Total Revenues from external customers $ 48,463 $ $ 48,463 Operating income (loss) 3,801 (796) 3,005 Net income (loss) 2,128 (38) 2,090 As of and for the Six Months Ended July 9, 2016 Sporting In thousands Goods Corp. Total Revenues from external customers $ 83,031 $ $ 83,031 Operating income (loss) 6,990 (1,507) 5,483 Net income (loss) 3,990 (203) 3,787 Total assets $ 128,809 $ 26,392 $ 155,201 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 15, 2017 | |
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 Six Months Ended July 15, July 9, July 15, July 9, In thousands 2017 2016 2017 2016 Weighted average common shares outstanding 14,354 14,265 14,338 14,237 Dilutive effect of stock options and restricted stock units 30 74 31 81 Weighted average common shares outstanding, assuming dilution 14,384 14,339 14,369 14,318 |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jul. 15, 2017 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the allocation of the purchase price for the acquisition that resulted in a bargain purchase: In thousands Accounts receivable, net $ 852 Inventories, net 737 Other assets 64 Intangible assets 413 Total fair value of assets acquired 2,066 Total liabilities assumed (563) Net assets acquired 1,503 Total consideration paid (1,101) Gain before deferred income tax liability 402 Income tax liability deferred (146) Gain on bargain purchase $ 256 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 15, 2017 | Dec. 31, 2016 | Jul. 09, 2016 |
Inventory [Line Items] | |||
Raw materials | $ 4,356 | $ 4,781 | $ 4,858 |
Work in progress | 4,134 | 3,671 | 4,690 |
Finished goods | 28,980 | 25,350 | 27,972 |
Inventories | $ 37,470 | $ 33,802 | $ 37,520 |
Equity Interest Investments (De
Equity Interest Investments (Details) - USD ($) $ in Thousands | 4 Months Ended | 6 Months Ended | ||
Jul. 15, 2017 | Jul. 09, 2016 | Jul. 15, 2017 | Jul. 09, 2016 | |
Equity in earnings of affiliates | $ 76 | $ 127 | $ 24 | $ 176 |
Stiga Sports AB [Member] | ||||
Equity in earnings of affiliates | $ 76 | $ 127 | $ 24 | $ 176 |
Equity Interest Investments (29
Equity Interest Investments (Details 1) - USD ($) $ in Thousands | Jul. 15, 2017 | Dec. 31, 2016 | Jul. 09, 2016 |
Schedule of Equity Method Investments [Line Items] | |||
Current assets | $ 75,802 | $ 75,623 | $ 79,101 |
Total assets | 150,249 | 150,761 | 155,201 |
Current liabilities | 18,574 | 18,418 | 17,763 |
Total liabilities | 46,176 | 49,048 | 57,394 |
Stiga Sports AB [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 26,058 | 28,322 | 24,963 |
Non-current assets | 10,451 | 9,379 | 9,860 |
Total assets | 36,509 | 37,701 | 34,823 |
Current liabilities | 5,755 | 4,847 | 3,013 |
Non-current liabilities | 5,535 | 5,133 | 5,673 |
Total liabilities | 11,290 | 9,980 | 8,686 |
Net assets | $ 25,219 | $ 27,721 | $ 26,137 |
Equity Interest Investments (30
Equity Interest Investments (Details 2) - USD ($) $ in Thousands | 4 Months Ended | 6 Months Ended | ||
Jul. 15, 2017 | Jul. 09, 2016 | Jul. 15, 2017 | Jul. 09, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 52,393 | $ 48,463 | $ 83,205 | $ 83,031 |
Net income | 2,096 | 2,090 | 3,484 | 3,787 |
Stiga Sports AB [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 11,172 | 11,127 | 16,297 | 16,526 |
Gross profit | 5,434 | 5,185 | 7,712 | 7,743 |
Net income | $ 154 | $ 255 | $ 49 | $ 352 |
Equity Interest Investments (31
Equity Interest Investments (Details Textual) - Stiga Sports AB [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jul. 15, 2017 | Jul. 09, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Amortization Of Goodwill | $ 10.8 | $ 10.4 |
Goodwill, Translation Adjustments | 15.1 | 14.5 |
Cumulative goodwill adjustments, tax effect | $ 4.3 | $ 4.1 |
Parent [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Fair Values of Financial Inst32
Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jul. 15, 2017 | Dec. 31, 2016 | Jul. 09, 2016 | Dec. 31, 2015 |
Financial assets, Carrying Amount | ||||
Cash and cash equivalents, Carrying Amount | $ 2,280 | $ 1,013 | $ 3,263 | $ 1,982 |
Financial liabilities, Carrying Amount | ||||
Current portion of Long-term debt, Carrying Amount | 1,300 | 1,250 | 1,605 | |
Long-term debt, Carrying Amount | 22,386 | 24,189 | 32,431 | |
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets, Fair Value | ||||
Cash and cash equivalents, Fair Value | 2,280 | 1,013 | 3,263 | |
Financial liabilities, Fair Value | ||||
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 | |
Financial liabilities, Fair Value | ||||
Current portion of Long-term debt, Fair Value | 1,300 | 1,250 | 1,605 | |
Long-term debt, Fair Value | 22,386 | 24,189 | 32,431 | |
Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets, Fair Value | ||||
Cash and cash equivalents, Fair Value | 0 | 0 | 0 | |
Financial liabilities, Fair Value | ||||
Current portion of Long-term debt, Fair Value | 0 | 0 | 0 | |
Long-term debt, Fair Value | $ 0 | $ 0 | $ 0 |
Stock Compensation (Details Tex
Stock Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | 6 Months Ended | ||
Jul. 15, 2017 | Jul. 09, 2016 | Jul. 15, 2017 | Jul. 09, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cumulative Average Volume Weighted Average Price Per Share | 15.00% | |||
Common Stock, Dividends, Per Share, Declared | $ 0.115 | $ 0.11 | $ 0.23 | $ 0.22 |
Director [Member] | Incentive Plan 2007 [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 | 12,683 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | |||
Common Stock, Dividends, Per Share, Declared | $ 0.115 | |||
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 | 14,250 | |||
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 | 40,782 | |||
Nonvested Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 326 | $ 280 | $ 440 | $ 387 |
Employee and Non Employee Service Share-based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized | $ 800 | $ 800 | $ 800 | $ 800 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 4 Months Ended | 6 Months Ended | |||
Jul. 15, 2017 | Jul. 09, 2016 | Jul. 15, 2017 | Jul. 09, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | $ 52,393 | $ 48,463 | $ 83,205 | $ 83,031 | |
Operating income (loss) | 3,332 | 3,005 | 5,328 | 5,483 | |
Net income (loss) | 2,096 | 2,090 | 3,484 | 3,787 | |
Total assets | 150,249 | 155,201 | 150,249 | 155,201 | $ 150,761 |
Sporting Goods [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 52,393 | 48,463 | 83,205 | 83,031 | |
Operating income (loss) | 3,810 | 3,801 | 6,169 | 6,990 | |
Net income (loss) | 2,239 | 2,128 | 3,801 | 3,990 | |
Total assets | 127,999 | 128,809 | 127,999 | 128,809 | |
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 0 | 0 | 0 | 0 | |
Operating income (loss) | (478) | (796) | (841) | (1,507) | |
Net income (loss) | (143) | (38) | (317) | (203) | |
Total assets | $ 22,250 | $ 26,392 | $ 22,250 | $ 26,392 |
Dividend Payment (Details Textu
Dividend Payment (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended |
Mar. 20, 2017 | Jul. 15, 2017 | |
Dividend Payment Terms [Line Items] | ||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.115 | $ 0.115 |
Dividends, Common Stock, Cash (in dollars) | $ 1.6 | $ 1.7 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 4 Months Ended | 6 Months Ended | ||
Jul. 15, 2017 | Jul. 09, 2016 | Jul. 15, 2017 | Jul. 09, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average common shares outstanding | 14,354 | 14,265 | 14,338 | 14,237 |
Dilutive effect of stock options and restricted stock units | 30 | 74 | 31 | 81 |
Weighted average common shares outstanding, assuming dilution | 14,384 | 14,339 | 14,369 | 14,318 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - shares | 6 Months Ended | |
Jul. 15, 2017 | Jul. 09, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 83,600 | 68,700 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | 4 Months Ended | 6 Months Ended | ||
Jul. 15, 2017 | Jul. 09, 2016 | Jul. 15, 2017 | Jul. 09, 2016 | |
Total consideration paid | $ (1,500) | |||
Gain on bargain purchase | $ 0 | $ 0 | 256 | $ 0 |
Acquisition One [Member] | ||||
Accounts receivable, net | 852 | 852 | ||
Inventories, net | 737 | 737 | ||
Other assets | 64 | 64 | ||
Intangible assets | 413 | 413 | ||
Total fair value of assets acquired | 2,066 | 2,066 | ||
Total liabilities assumed | (563) | (563) | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | 1,503 | 1,503 | ||
Total consideration paid | (1,101) | |||
Gain before deferred income tax liability | 402 | 402 | ||
Income tax liability - deferred | $ (146) | (146) | ||
Gain on bargain purchase | $ 256 |
Acquisition (Details Textual)
Acquisition (Details Textual) $ in Millions | 6 Months Ended |
Jul. 15, 2017USD ($) | |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred, Total | $ 1.5 |
Payments to Acquire Businesses, Gross | 1.4 |
Business Combination, Consideration Transferred, Liabilities Incurred | $ 0.1 |