Escalade (ESCA) 10-Q 18 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

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

CONSOLIDATED CONDENSED BALANCE

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

CONSOLIDATED CONDENSED BALANC_2

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

CONSOLIDATED CONDENSED STATEMEN

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

CONSOLIDATED CONDENSED STATEM_2

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

CONSOLIDATED STATEMENT OF STOCK

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

CONSOLIDATED CONDENSED STATEM_3

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

Summary of Significant Accounti

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.

Seasonal Aspects

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.

Inventories

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

Equity Interest Investments

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 )

Income Taxes

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.

Fair Values of Financial Instru

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 $ —

Stock Compensation

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.

Segment Information

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

Dividend Payment

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.

Earnings Per Share

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 96,481

New Accounting Standards and Ch

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.

Revenue from Contracts with Cus

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

Leases

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

Commitments and Contingencies

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.

Nature of Operations and Summar

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.

Inventories (Tables)

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

Equity Interest Investments (Ta

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 )

Fair Values of Financial Inst_2

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 $ —

Segment Information (Tables)

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

Earnings Per Share (Tables)

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

Revenue from Contracts with C_2

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

Leases (Tables)

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

Inventories (Details)

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

Equity Interest Investments (De

Equity Interest Investments (Details) - Stiga Sports AB [Member] $ in Thousands	Mar. 24, 2018USD ($)
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

Equity Interest Investments (_2

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

Equity Interest Investments (_3

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%

Fair Values of Financial Inst_3

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

Stock Compensation (Details Tex

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

Segment Information (Details)

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

Dividend Payment (Details Textu

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

Earnings Per Share (Details)

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

Earnings Per Share (Details Tex

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

New Accounting Standards and _2

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

Revenue from Contracts with C_3

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

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended
	Mar. 23, 2019USD ($)
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%

Leases (Details 1)

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

Leases (Details Textual)

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