Escalade (ESCA) 10-Q26 Oct 232023 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Oct. 23, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	0-6966
Entity Registrant Name	ESCALADE, INCORPORATED
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	13-2739290
Entity Address, Address Line One	817 Maxwell Ave
Entity Address, City or Town	Evansville
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47711
City Area Code	812
Local Phone Number	467-1358
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	ESCA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		13,736,800
Entity Central Index Key	0000033488
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Current Assets:
Cash and cash equivalents	$ 919	$ 3,967	$ 4,000
Receivables, less allowance of $367; $492; and $729; respectively	63,378	57,419	65,258
Inventories	105,267	121,870	134,957
Prepaid expenses	4,303	4,942	4,143
Prepaid income tax	2,080	0	1,075
TOTAL CURRENT ASSETS	175,947	188,198	209,433
Property, plant and equipment, net	23,949	24,751	27,618
Assets held for sale	2,823	2,823	0
Operating lease right-of-use assets	8,645	9,100	9,074
Intangible assets, net	29,260	31,120	34,712
Goodwill	42,326	42,326	39,226
Other assets	423	400	261
TOTAL ASSETS	283,373	298,718	320,324
Current Liabilities:
Current portion of long-term debt	7,143	7,143	7,143
Trade accounts payable	24,050	9,414	22,684
Accrued liabilities	11,991	21,320	19,060
Income tax payable	0	71	0
Current operating lease liabilities	1,037	993	816
TOTAL CURRENT LIABILITIES	44,221	38,941	49,703
Other Liabilities:
Long‑term debt	64,896	87,738	99,568
Deferred income tax liability	4,516	4,516	4,759
Operating lease liabilities	8,163	8,641	8,557
Other liabilities	407	407	448
TOTAL LIABILITIES	122,203	140,243	163,035
Stockholders' Equity:
Authorized 30,000,000 shares; no par value, issued and outstanding – 13,736,800; 13,594,407; and 13,590,407; shares respectively	13,737	13,594	13,590
Retained earnings	147,433	144,881	143,699
TOTAL STOCKHOLDERS' EQUITY	161,170	158,475	157,289
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 283,373	$ 298,718	$ 320,324

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Receivables, allowance	$ 367	$ 492	$ 729
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred Stock, No Par Value (in dollars per share)	$ 0	$ 0	$ 0
Preferred Stock, Shares Issued (in shares)	0	0	0
Common stock, shares authorized (in shares)	30,000,000	30,000,000	30,000,000
Common stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Common Stock, Shares, Issued (in shares)	13,736,800	13,594,407	13,590,407
Common stock, shares outstanding (in shares)	13,736,800	13,594,407	13,590,407

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Net sales	$ 73,358	$ 74,904	$ 198,060	$ 241,621
Costs and Expenses
Cost of products sold	55,222	61,273	152,225	184,147
Selling, administrative and general expenses	11,071	8,769	31,123	33,975
Amortization	620	642	1,860	2,067
Operating Income	6,445	4,220	12,852	21,432
Other Income (Expense)
Interest expense	(1,325)	(954)	(4,280)	(2,462)
Other income (expense)	5	(22)	30	50
Income Before Income Taxes	5,125	3,244	8,602	19,020
Provision for Income Taxes	850	286	1,637	3,735
Net Income	$ 4,275	$ 2,958	$ 6,965	$ 15,285
Earnings (Loss) Per Share Data:
Basic earnings per share (in dollars per share)	$ 0.31	$ 0.22	$ 0.51	$ 1.13
Diluted earnings per share (in dollars per share)	0.31	0.22	0.50	1.12
Dividends declared (in dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45

Consolidated Condensed Statem_2

Consolidated Condensed Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Dec. 25, 2021	13,493
Balances at Dec. 25, 2021	$ 13,493	$ 133,122	$ 146,615
Net income		15,285	15,285
Expense of restricted stock units		1,453	1,453
Dividends declared		(6,115)	(6,115)
Settlement of restricted stock units (in shares)	93
Settlement of restricted stock units	$ 93	(93)	0
Stock issued to directors as compensation (in shares)	4
Stock issued to directors as compensation	$ 4	47	51
Balances (in shares) at Oct. 01, 2022	13,590
Balances at Oct. 01, 2022	$ 13,590	143,699	157,289
Balances (in shares) at Jul. 09, 2022	13,590
Balances at Jul. 09, 2022	$ 13,590	142,403	155,993
Net income		2,958	2,958
Expense of restricted stock units		377	377
Dividends declared		(2,039)	(2,039)
Balances (in shares) at Oct. 01, 2022	13,590
Balances at Oct. 01, 2022	$ 13,590	143,699	157,289
Balances (in shares) at Dec. 31, 2022	13,594
Balances at Dec. 31, 2022	$ 13,594	144,881	158,475
Net income		6,965	6,965
Expense of restricted stock units		1,463	1,463
Dividends declared		(6,180)	(6,180)
Settlement of restricted stock units (in shares)	108
Settlement of restricted stock units	$ 108	(108)	0
Stock issued to directors as compensation (in shares)	4
Stock issued to directors as compensation	$ 4	48	52
Issuance of common stock for service (in shares)	31
Issuance of common stock for service	$ 31	364	395
Balances (in shares) at Sep. 30, 2023	13,737
Balances at Sep. 30, 2023	$ 13,737	147,433	161,170
Balances (in shares) at Jun. 30, 2023	13,737
Balances at Jun. 30, 2023	$ 13,737	144,672	158,409
Net income		4,275	4,275
Expense of restricted stock units		546	546
Dividends declared		(2,060)	(2,060)
Balances (in shares) at Sep. 30, 2023	13,737
Balances at Sep. 30, 2023	$ 13,737	$ 147,433	$ 161,170

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Operating Activities:
Net income	$ 6,965	$ 15,285
Depreciation and amortization	4,221	5,207
Provision for doubtful accounts	171	258
Stock-based compensation	1,463	1,453
(Gain) loss on disposal of property and equipment	4	(22)
Adjustments necessary to reconcile net income to net cash provided by operating activities	14,435	(27,974)
Net cash provided (used) by operating activities	27,706	(5,742)
Investing Activities:
Purchase of property and equipment	(1,568)	(1,792)
Proceeds from sale of property and equipment	5	40
Acquisitions	0	(35,757)
Net cash used by investing activities	(1,563)	(37,509)
Financing Activities:
Proceeds from issuance of long-term debt	76,062	180,355
Payments on long-term debt	(98,904)	(131,183)
Deferred financing fees	(169)	(180)
Cash dividends paid	(6,180)	(6,115)
Net cash provided (used) by financing activities	(29,191)	42,877
Net decrease in cash and cash equivalents	(3,048)	(374)
Cash and cash equivalents, beginning of period	3,967	4,374
Cash and cash equivalents, end of period	919	4,000
Officer [Member]
Operating Activities:
Stock compensation	395	0
Director [Member]
Operating Activities:
Stock compensation	$ 52	$ 51

Note A - Summary of Significant

Note A - Summary of Significant Accounting Policies	9 Months Ended
Note A - Summary of Significant Accounting Policies	Sep. 30, 2023
Notes to Financial Statements
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 On August 10, 2022, Escalade’s Board of Directors approved a change in its fiscal year end from the last Saturday in December of each year to December 31 of each year. Escalade’s fiscal quarters will end on March 31, June 30, and September 30. The fiscal year change is effective beginning with Escalade’s 2023 fiscal calendar, which began on January 1, 2023. Consistent with SEC guidance, no transition report is required in connection with the change in Escalade’s fiscal year end. Reclassifications

Note B - Seasonal Aspects

Note B - Seasonal Aspects	9 Months Ended
Note B - Seasonal Aspects	Sep. 30, 2023
Notes to Financial Statements
Seasonal Aspects [Text Block]	Note B ‑ Seasonal Aspects The results of operations for the third quarter and three quarter periods ended September 30, 2023 and October 1, 2022 are not necessarily indicative of the results to be expected for the full year.

Note C - Inventories

Note C - Inventories	9 Months Ended
Note C - Inventories	Sep. 30, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note C ‑ Inventories In thousands September 30, 2023 December 31, 2022 October 1, 2022 Raw materials $ 5,048 $ 7,789 $ 9,988 Work in progress 2,874 3,478 4,537 Finished goods 97,345 110,603 120,432 $ 105,267 $ 121,870 $ 134,957

Note D - Fair Values of Financi

Note D - Fair Values of Financial Instruments	9 Months Ended
Note D - Fair Values of Financial Instruments	Sep. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note D – 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 September 30, 2023, December 31, 2022 and October 1, 2022. Fair Value Measurements Using September 30, 2023 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 $ 919 $ 919 $ -- $ -- Financial liabilities Current portion of long-term debt $ 7,143 $ -- $ 7,143 $ -- Long-term debt $ 64,896 $ -- $ 64,896 $ -- Fair Value Measurements Using December 31, 2022 In thousands Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets Cash and cash equivalents $ 3,967 $ 3,967 $ -- $ -- Financial liabilities Current portion of long-term debt $ 7,143 $ -- $ 7,143 $ -- Long-term debt $ 87,738 $ -- $ 87,738 $ -- Fair Value Measurements Using October 1, 2022 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 $ 4,000 $ 4,000 $ -- $ -- Financial liabilities Current portion of long-term debt $ 7,143 $ -- $ 7,143 $ -- Long-term debt $ 99,568 $ -- $ 99,568 $ --

Note E - Stock Compensation

Note E - Stock Compensation	9 Months Ended
Note E - Stock Compensation	Sep. 30, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note E – 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 quarters ended September 30, 2023, and pursuant to the 2017 Incentive Plan, the Company issued 30,921 shares of common stock with a fair market value of $395 thousand in lieu of accrued and unpaid annual cash incentives for fiscal year 2022 to certain officers. During the three quarters ended September 30, 2023 and pursuant to the 2017 Incentive Plan, in lieu of cash payments of director fees, the Company awarded to certain directors 4,441 shares of common stock. During the three quarters ended September 30, 2023, the Company awarded 21,200 restricted stock units to directors and 145,563 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 2023 restricted stock units awarded to employees time vest over three years (one-third one year from grant, one-third two years from grant and one-third three years from grant) provided that the employee is still employed by the Company on the vesting date. For the third quarter and three quarters ended September 30, 2023, the Company recognized stock based compensation expense of $546 thousand and $1,463 thousand, respectively compared to stock based compensation expense of $377 thousand and $1,453 thousand for the same periods in the prior year. At September 30, 2023 and October 1, 2022, respectively, there was $1,979 thousand and $1,937 thousand in unrecognized stock-based compensation expense related to non-vested stock awards.

Note F - Segment Information

Note F - Segment Information	9 Months Ended
Note F - Segment Information	Sep. 30, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note F ‑ Segment Information For the Third Quarter Ended September 30, 2023 In thousands Sporting Goods Corp. Total Revenues from external customers $ 73,358 $ -- $ 73,358 Operating income (loss) 6,958 (513 ) 6,445 Net income 4,089 186 4,275 As of and for the Three Quarters Ended September 30, 2023 In thousands Sporting Goods Corp. Total Revenues from external customers $ 198,060 $ -- $ 198,060 Operating income (loss) 14,485 (1,633 ) 12,852 Net income (loss) 7,422 (457 ) 6,965 Total assets $ 279,805 $ 3,568 $ 283,373 For the Third Quarter Ended October 1, 2022 In thousands Sporting Goods Corp. Total Revenues from external customers $ 74,904 $ -- $ 74,904 Operating income (loss) 4,661 (441 ) 4,220 Net income 2,387 571 2,958 As of and for the Three Quarters Ended October 1, 2022 In thousands Sporting Goods Corp. Total Revenues from external customers $ 241,621 $ -- $ 241,621 Operating income (loss) 23,026 (1,594 ) 21,432 Net income 14,665 620 15,285 Total assets $ 312,418 $ 7,906 $ 320,324

Note G - Dividend Payment

Note G - Dividend Payment	9 Months Ended
Note G - Dividend Payment	Sep. 30, 2023
Notes to Financial Statements
Dividend Payment Terms [Text Block]	Note G – Dividend Payment On September 5, 2023, the Company paid a quarterly dividend of $0.15 per common share to all shareholders of record on August 29, 2023. The total amount of the dividend was approximately $2.1 million and was charged against retained earnings. On June 19, 2023, the Company paid a quarterly dividend of $0.15 per common share to all shareholders of record on June 12, 2023. The total amount of the dividend was approximately $2.1 million and was charged against retained earnings. On March 20, 2023, the Company paid a quarterly dividend of $0.15 per common share to all shareholders of record on March 13, 2023. The total amount of the dividend was approximately $2.1 million and was charged against retained earnings.

Note H - Earnings Per Share

Note H - Earnings Per Share	9 Months Ended
Note H - Earnings Per Share	Sep. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	Note H ‑ Earnings Per Share The shares used in computation of the Company’s basic and diluted earnings per common share are as follows: Third Quarter Ended Three Quarters Ended In thousands September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Weighted average common shares outstanding 13,737 13,590 13,706 13,565 Dilutive effect of stock options and restricted stock units 150 62 140 82 Weighted average common shares outstanding, assuming dilution 13,887 13,652 13,846 13,647

Note I - New Accounting Standar

Note I - New Accounting Standards and Changes in Accounting Principles	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	Note I – 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 third quarter and three quarters ended September 30, 2023, 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, 2022, that are of significance, or potential significance to the Company. In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The Company adopted this standard on January 1, 2023. The adoption of this standard did not have a material impact on the financial statements of the Company.

Note J - Revenue From Contracts

Note J - Revenue From Contracts With Customers	9 Months Ended
Note J - Revenue From Contracts With Customers	Sep. 30, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note J – Revenue from Contracts with Customers Revenue Recognition Gross-to-net sales adjustments Returns Warranties Customer Allowances Disaggregation of Revenue Third Quarter Ended Three Quarters Ended All Amounts in Thousands September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Gross Sales by Channel: Mass Merchants $ 35,931 $ 29,849 $ 72,101 $ 85,804 Specialty Dealers 19,669 20,298 65,134 74,631 E-commerce 21,785 26,090 69,512 87,441 International 2,961 4,032 9,189 12,643 Other 892 1,188 3,206 3,454 Total Gross Sales 81,238 81,457 219,142 263,973 Less: Gross-to-Net Sales Adjustments Returns 2,493 892 6,039 3,740 Warranties 358 663 988 1,985 Customer Allowances 5,029 4,998 14,055 16,627 Total Gross-to-Net Sales Adjustments 7,880 6,553 21,082 22,352 Total Net Sales $ 73,358 $ 74,904 $ 198,060 $ 241,621

Note K - Leases

Note K - Leases	9 Months Ended
Note K - Leases	Sep. 30, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note K – 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 9 years. As of September 30, 2023, 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. 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 is as follows: Third Quarter Ended Three Quarters Ended All Amounts in Thousands September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Lease Expense Operating Lease Cost $ 388 $ 393 $ 1,137 $ 1,073 Short-term Lease Cost 388 658 1,611 1,882 Variable Lease Cost 117 81 415 393 Total Operating Lease Cost $ 893 $ 1,132 $ 3,163 $ 3,348 Operating Lease – Operating Cash Flows $ 266 $ 100 $ 759 $ 712 New ROU Assets – Operating Leases $ 242 $ 30 $ 325 $ 7,773 Other information about lease amounts recognized in our consolidated financial statements is summarized as follows: Three Quarters Ended All Amounts in Thousands September 30, 2023 October 1, 2022 Weighted Average Remaining Lease Term – Operating Leases (in years) 8.29 9.29 Weighted Average Discount Rate – Operating Leases 5.21 % 5.00 % Future minimum lease payments under non-cancellable leases as of September 30, 2023 were as follows: All Amounts in Thousands Year 1 $ 381 Year 2 1,480 Year 3 1,445 Year 4 1,401 Year 5 1,314 Thereafter 5,331 Total future minimum lease payments 11,352 Less imputed interest (2,152 ) Total $ 9,200 Reported as of September 30, 2023 Current operating lease liabilities 1,037 Long-term operating lease liabilities 8,163 Total $ 9,200

Note L - Commitments and Contin

Note L - Commitments and Contingencies	9 Months Ended
Note L - Commitments and Contingencies	Sep. 30, 2023
Notes to Financial Statements
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.

Note M - Debt

Note M - Debt	9 Months Ended
Note M - Debt	Sep. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	Note M – Debt On January 21, 2022, the Company entered into an Amended and Restated Credit Agreement (“Restated Credit Agreement”) with its issuing bank, JP Morgan Chase Bank, N.A. (“Chase”), and the other lenders identified in the Restated Credit Agreement (collectively, the “Lender”). Under the terms of the Restated Credit Agreement, Old National Bank has been added as a Lender. The Lenders made available to the Company a senior revolving credit facility with increased maximum availability of $65.0 million (the “Revolving Facility”), up from $50.0 million, plus an accordion feature that would allow borrowings up to $90.0 million under the Revolving Facility subject to certain terms and conditions. The maturity date of the revolving credit facility was extended to January 21, 2027. The Company may prepay the Revolving Facility, in whole or in part, and reborrow prior to the revolving loan maturity date. The Restated Credit Agreement further extended the maturity date for the term loan facility to January 21, 2027. On July 18, 2022, the Company entered into the First Amendment to the Restated Credit Agreement. Under the terms of the First Amendment, the Lender increased the maximum availability under the senior revolving credit facility from $65.0 million to $75.0 million pursuant to the accordion feature in the Restated Credit Agreement. The First Amendment also adjusted the funded debt to EBITDA ratio financial covenant to 3:00 On October 26, 2022, the Company entered into the Second Amendment ("Second Amendment”) to the Restated Credit Agreement. Under the terms of the Second Amendment, the Lender increased the maximum availability under the senior revolving credit facility from $75.0 million to $90.0 million pursuant to the accordion feature in the Restated Credit Agreement. The Second Amendment adjusted the funded debt to EBITDA ratio financial covenant to 3:25 3:00 On May 8, 2023, the Company entered into the Third Amendment (the “Third Amendment”) to the Restated Credit Agreement. The Third Amendment adjusted the funded debt to EBITDA ratio financial covenant to 4:25 3:00 2:75 1:10 1:25 As of September 30, 2023, the outstanding principal amount of the term loan was $34.5 million and total amount drawn under the Revolving Facility was $37.5 million.

Note C - Inventories (Tables)

Note C - Inventories (Tables)	9 Months Ended
Note C - Inventories (Tables)	Sep. 30, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	In thousands September 30, 2023 December 31, 2022 October 1, 2022 Raw materials $ 5,048 $ 7,789 $ 9,988 Work in progress 2,874 3,478 4,537 Finished goods 97,345 110,603 120,432 $ 105,267 $ 121,870 $ 134,957

Note D - Fair Values of Finan_2

Note D - Fair Values of Financial Instruments (Tables)	9 Months Ended
Note D - Fair Values of Financial Instruments (Tables)	Sep. 30, 2023
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	Fair Value Measurements Using September 30, 2023 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 $ 919 $ 919 $ -- $ -- Financial liabilities Current portion of long-term debt $ 7,143 $ -- $ 7,143 $ -- Long-term debt $ 64,896 $ -- $ 64,896 $ -- Fair Value Measurements Using December 31, 2022 In thousands Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets Cash and cash equivalents $ 3,967 $ 3,967 $ -- $ -- Financial liabilities Current portion of long-term debt $ 7,143 $ -- $ 7,143 $ -- Long-term debt $ 87,738 $ -- $ 87,738 $ -- Fair Value Measurements Using October 1, 2022 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 $ 4,000 $ 4,000 $ -- $ -- Financial liabilities Current portion of long-term debt $ 7,143 $ -- $ 7,143 $ -- Long-term debt $ 99,568 $ -- $ 99,568 $ --

Note F - Segment Information (T

Note F - Segment Information (Tables)	9 Months Ended
Note F - Segment Information (Tables)	Sep. 30, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	For the Third Quarter Ended September 30, 2023 In thousands Sporting Goods Corp. Total Revenues from external customers $ 73,358 $ -- $ 73,358 Operating income (loss) 6,958 (513 ) 6,445 Net income 4,089 186 4,275 As of and for the Three Quarters Ended September 30, 2023 In thousands Sporting Goods Corp. Total Revenues from external customers $ 198,060 $ -- $ 198,060 Operating income (loss) 14,485 (1,633 ) 12,852 Net income (loss) 7,422 (457 ) 6,965 Total assets $ 279,805 $ 3,568 $ 283,373 For the Third Quarter Ended October 1, 2022 In thousands Sporting Goods Corp. Total Revenues from external customers $ 74,904 $ -- $ 74,904 Operating income (loss) 4,661 (441 ) 4,220 Net income 2,387 571 2,958 As of and for the Three Quarters Ended October 1, 2022 In thousands Sporting Goods Corp. Total Revenues from external customers $ 241,621 $ -- $ 241,621 Operating income (loss) 23,026 (1,594 ) 21,432 Net income 14,665 620 15,285 Total assets $ 312,418 $ 7,906 $ 320,324

Note H - Earnings Per Share (Ta

Note H - Earnings Per Share (Tables)	9 Months Ended
Note H - Earnings Per Share (Tables)	Sep. 30, 2023
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Third Quarter Ended Three Quarters Ended In thousands September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Weighted average common shares outstanding 13,737 13,590 13,706 13,565 Dilutive effect of stock options and restricted stock units 150 62 140 82 Weighted average common shares outstanding, assuming dilution 13,887 13,652 13,846 13,647

Note J - Revenue From Contrac_2

Note J - Revenue From Contracts With Customers (Tables)	9 Months Ended
Note J - Revenue From Contracts With Customers (Tables)	Sep. 30, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Third Quarter Ended Three Quarters Ended All Amounts in Thousands September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Gross Sales by Channel: Mass Merchants $ 35,931 $ 29,849 $ 72,101 $ 85,804 Specialty Dealers 19,669 20,298 65,134 74,631 E-commerce 21,785 26,090 69,512 87,441 International 2,961 4,032 9,189 12,643 Other 892 1,188 3,206 3,454 Total Gross Sales 81,238 81,457 219,142 263,973 Less: Gross-to-Net Sales Adjustments Returns 2,493 892 6,039 3,740 Warranties 358 663 988 1,985 Customer Allowances 5,029 4,998 14,055 16,627 Total Gross-to-Net Sales Adjustments 7,880 6,553 21,082 22,352 Total Net Sales $ 73,358 $ 74,904 $ 198,060 $ 241,621

Note K - Leases (Tables)

Note K - Leases (Tables)	9 Months Ended
Note K - Leases (Tables)	Sep. 30, 2023
Notes Tables
Lease, Cost [Table Text Block]	Third Quarter Ended Three Quarters Ended All Amounts in Thousands September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Lease Expense Operating Lease Cost $ 388 $ 393 $ 1,137 $ 1,073 Short-term Lease Cost 388 658 1,611 1,882 Variable Lease Cost 117 81 415 393 Total Operating Lease Cost $ 893 $ 1,132 $ 3,163 $ 3,348 Operating Lease – Operating Cash Flows $ 266 $ 100 $ 759 $ 712 New ROU Assets – Operating Leases $ 242 $ 30 $ 325 $ 7,773 Three Quarters Ended All Amounts in Thousands September 30, 2023 October 1, 2022 Weighted Average Remaining Lease Term – Operating Leases (in years) 8.29 9.29 Weighted Average Discount Rate – Operating Leases 5.21 % 5.00 %
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	All Amounts in Thousands Year 1 $ 381 Year 2 1,480 Year 3 1,445 Year 4 1,401 Year 5 1,314 Thereafter 5,331 Total future minimum lease payments 11,352 Less imputed interest (2,152 ) Total $ 9,200 Reported as of September 30, 2023 Current operating lease liabilities 1,037 Long-term operating lease liabilities 8,163 Total $ 9,200

Note C - Inventories - Inventor

Note C - Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Raw materials	$ 5,048	$ 7,789	$ 9,988
Work in progress	2,874	3,478	4,537
Finished goods	97,345	110,603	120,432
Inventory, Net	$ 105,267	$ 121,870	$ 134,957

Note D - Fair Values of Finan_3

Note D - Fair Values of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Cash and cash equivalents	$ 919	$ 3,967	$ 4,000
Current portion of long-term debt	7,143	7,143	7,143
Long-term debt	64,896	87,738	99,568
Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	919	3,967	4,000
Fair Value, Inputs, Level 2 [Member]
Current portion of long-term debt	7,143	7,143	7,143
Long-term debt	$ 64,896	$ 87,738	$ 99,568

Note E - Stock Compensation (De

Note E - Stock Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture			$ 52	$ 51
Share-Based Payment Arrangement, Expense	$ 546	$ 377	1,463	1,453
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 1,979	$ 1,937	$ 1,979	$ 1,937
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period			145,563
Director [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period			21,200
Incentive Plan 2017 [Member]
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture			30,921
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture			$ 395
Incentive Plan 2017 [Member] \| Director [Member]
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture			4,441

Note F - Segment Information -

Note F - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Revenues from external customers	$ 73,358	$ 74,904	$ 198,060	$ 241,621
Operating income (loss)	6,445	4,220	12,852	21,432
Net income (loss)	4,275	2,958	6,965	15,285
Total assets	283,373	320,324	283,373	320,324	$ 298,718
Sporting Goods [Member]
Revenues from external customers	73,358	74,904	198,060	241,621
Operating income (loss)	6,958	4,661	14,485	23,026
Net income (loss)	4,089	2,387	7,422	14,665
Total assets	279,805	312,418	279,805	312,418
Corporate Segment [Member]
Operating income (loss)	(513)	(441)	(1,633)	(1,594)
Net income (loss)	186	571	(457)	620
Total assets	$ 3,568	$ 7,906	$ 3,568	$ 7,906

Note G - Dividend Payment (Deta

Note G - Dividend Payment (Details Textual) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Sep. 05, 2023	Jun. 19, 2023	Mar. 20, 2023	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Common Stock, Dividends, Per Share, Cash Paid	$ 0.15	$ 0.15	$ 0.15
Dividends, Common Stock, Cash	$ 2,100	$ 2,100	$ 2,100	$ 2,060	$ 2,039	$ 6,180	$ 6,115

Note H - Earnings Per Share - E

Note H - Earnings Per Share - Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Weighted average common shares outstanding (in shares)	13,737	13,590	13,706	13,565
Dilutive effect of stock options and restricted stock units (in shares)	150	62	140	82
Weighted average common shares outstanding, assuming dilution (in shares)	13,887	13,652	13,846	13,647

Note J - Revenue From Contrac_3

Note J - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Total Gross Sales	$ 81,238	$ 81,457	$ 219,142	$ 263,973
Returns	2,493	892	6,039	3,740
Warranties	358	663	988	1,985
Customer Allowances	5,029	4,998	14,055	16,627
Total Gross-to-Net Sales Adjustments	7,880	6,553	21,082	22,352
Total Net Sales	73,358	74,904	198,060	241,621
Mass Merchants [Member]
Total Gross Sales	35,931	29,849	72,101	85,804
Specialty Dealers [Member]
Total Gross Sales	19,669	20,298	65,134	74,631
E-commerce [Member]
Total Gross Sales	21,785	26,090	69,512	87,441
International [Member]
Total Gross Sales	2,961	4,032	9,189	12,643
Other Channels [Member]
Total Gross Sales	$ 892	$ 1,188	$ 3,206	$ 3,454

Note K - Leases (Details Textua

Note K - Leases (Details Textual)	Sep. 30, 2023
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term	9 years

Note K - Leases - Lease Cost (D

Note K - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Weighted Average Remaining Lease Term – Operating Leases (in years) (Year)	8 years 3 months 14 days	9 years 3 months 14 days	8 years 3 months 14 days	9 years 3 months 14 days
Operating Lease Cost	$ 388	$ 393	$ 1,137	$ 1,073
Weighted Average Discount Rate – Operating Leases	5.21%	5%	5.21%	5%
Short-term Lease Cost	$ 388	$ 658	$ 1,611	$ 1,882
Variable Lease Cost	117	81	415	393
Total Operating Lease Cost	893	1,132	3,163	3,348
Operating Lease – Operating Cash Flows	266	100	759	712
New ROU Assets – Operating Leases (non-cash)	$ 242	$ 30	$ 325	$ 7,773

Note K - Leases - Future Minimu

Note K - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Year 1	$ 381
Year 2	1,480
Year 3	1,445
Year 4	1,401
Year 5	1,314
Thereafter	5,331
Total future minimum lease payments	11,352
Less imputed interest	(2,152)
Total	9,200
Current operating lease liabilities	1,037	$ 993	$ 816
Long-term operating lease liabilities	8,163	$ 8,641	$ 8,557
Total	$ 9,200

Note M - Debt (Details Textual)

Note M - Debt (Details Textual) - Revolving Credit Facility [Member] - Restated Credit Agreement [Member] $ in Millions		3 Months Ended				6 Months Ended
	Jul. 18, 2022 USD ($)	Dec. 31, 2023	Sep. 30, 2023 USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jan. 01, 2024	Sep. 01, 2023 USD ($)	May 08, 2023 USD ($)	Oct. 26, 2022 USD ($)	Jan. 21, 2022 USD ($)	Dec. 25, 2021 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 75							$ 85	$ 75	$ 90	$ 65	$ 50
Line of Credit Facility, Maximum Borrowing Capacity, Accordion Feature											$ 90
Debt to EBITDA Ratio	3	2.75	3	4.25	3	3.25
EBITDA Add-backs for Disposition Expenses										2
EBITDA Add-backs for Unusual or Non Recurring Expenses										$ 2
Debt Instrument, Covenant, Fixed Charge Coverage Ratio		1.10					1.25
Debt Instrument, Covenant, Minimum EBITDA			$ 22.5
Long-Term Debt, Gross			34.5
Amount Drawn Under the Revolving Facility, Total			$ 37.5