Washington, D.C. 20549

                                    Form 10-Q

                         SECURITIES EXCHANGE ACT OF 1934

                      For the quarter ended March 24, 2007

                          Commission File Number 0-6966

                             ESCALADE, INCORPORATED
             (Exact name of registrant as specified in its charter)

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

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

                         (Registrant's Telephone Number)

           Securities registered pursuant to Section 12(b) of the Act

  Common Stock, No Par Value                 The NASDAQ Stock Market LLC
       (Title of Class)                (Name of Exchange on Which Registered)

        Securities registered pursuant to section 12(g) of the Act: NONE

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
                                 Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]   Accelerated filer [X]   Non-accelerated filer [ ]

Indicate by checkmark whether the registrant is a shell company (as defined in
Rule 12 b-2 of the Exchange Act).
                                 Yes [ ] No [X]

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

            Class                      Outstanding at April 12, 2007
     --------------------              -----------------------------
     Common, no par value                         12,974,486



Part I.  Financial Information:

Item 1 - Financial Statements:

         Consolidated Condensed Balance Sheets as of March 24, 2007,
         March 25, 2006, and December 30, 2006                                3

         Consolidated Condensed Statements of Income for the Three Months
         Ended March 24, 2007 and March 25, 2006                              4

         Consolidated Condensed Statements of Comprehensive Income
         for the Three Months Ended March 24, 2007 and March 25, 2006         4

         Consolidated Condensed Statements of Cash Flows for the Three
         Months Ended March 24, 2007 and March 25, 2006                       5

         Notes to Consolidated Condensed Financial Statements                 6

Item 2 - Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                            8

Item 3 - Quantitative and Qualitative Disclosures about Market Risk          11

Item 4 - Controls and Procedures                                             11

Part II. Other Information

Item 2 - Issuer Purchases of Equity Securities                               12

Item 6 - Exhibits                                                            13

         Signatures                                                          13




(All amounts in thousands except share information)

                                                             March 24,        March 25,       December 30,
                                                               2007             2006             2006
                                                           -------------    -------------    -------------
                                                           (Unaudited)       (Unaudited)       (Audited)
Current Assets:
    Cash and cash equivalents                              $          37    $       2,094    $       3,829
    Receivables, less allowance of
         $1,440; $2,229; and
         $1,559; respectively                                     31,416           26,394           33,590
    Inventories                                                   35,595           36,584           32,232
    Prepaid expenses                                               3,352            1,524            2,085
    Deferred income tax benefit                                      968            1,283              733
    Income Tax Receivable                                          1,556            1,132            2,001
                                                           -------------    -------------    -------------
TOTAL CURRENT ASSETS                                              72,924           69,011           74,470

Property, plant and equipment, net                                20,673           21,080           20,657
Intangible assets                                                 22,551            6,541           20,608
Goodwill                                                          24,992           21,759           25,027
Investments                                                       10,298            7,767            9,011
Interest rate swap                                                   197              247              239
Other assets                                                         147            1,606              703
                                                           -------------    -------------    -------------
                                                           $     151,782    $     128,011    $     150,715
                                                           =============    =============    =============

Current liabilities:
    Notes payable                                          $       9,586    $           5    $      10,336
    Current portion of long-term debt                                 --              906               --
    Trade accounts payable                                         4,142            5,109            3,350
    Accrued liabilities                                           21,609           18,270           27,659
                                                           -------------    -------------    -------------
TOTAL CURRENT LIABILITIES                                         35,337           24,290           41,345

Other Liabilities:
    Long-term debt                                                31,878           26,016           22,609
    Deferred compensation                                          1,005            1,378            1,046
                                                           -------------    -------------    -------------
TOTAL LIABILITIES                                                 68,220           51,684           65,000

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 -
        13,008,198; 13,028,940; and 13,039,457;
        shares respectively                                       13,008           13,029           13,039
Retained Earnings                                                 66,956           62,106           69,194
Accumulated other comprehensive income                             3,598            1,192            3,482
                                                           -------------    -------------    -------------
                                                                  83,562           76,327           85,715
                                                           -------------    -------------    -------------
                                                           $     151,782    $     128,011    $     150,715
                                                           =============    =============    =============

See notes to Consolidated Condensed Financial Statements.


(All amounts in thousands, except per share amounts)(Unaudited)

                                                                                Three Months Ended
                                                                          March 24, 2007   March 25, 2006
                                                                          --------------   --------------
Net Sales                                                                 $       33,467   $       32,800

Costs, expenses and other income:
   Cost of products sold                                                          22,455           22,048
   Selling, general and administrative expenses                                    8,708            8,405
                                                                          --------------   --------------
Operating income                                                                   2,304            2,347

Interest expense, net                                                               (517)            (254)
Other income (expense)                                                              (421)             (65)
                                                                          --------------   --------------
Income before income taxes                                                         1,366            2,028

Provision for income taxes                                                           269              304
                                                                          --------------   --------------

Net income                                                                $        1,097   $        1,724
                                                                          ==============   ==============

Per Share Data:
   Basic earnings per share                                               $         0.08   $         0.13
   Diluted earnings per share                                             $         0.08   $         0.13
   Cash dividend paid                                                     $         0.22   $         0.20


Net income                                                                $        1,097   $        1,724

Unrealized gain on marketable equity securities
   available for sale, net of tax of
   $(45) and $(97), respectively                                                      68              146

Foreign currency translation adjustment                                               72               53

Unrealized gain (loss) on interest rate swap
   agreement net of tax of $18 and $(29),
   respectively                                                                      (27)              43
                                                                          --------------   --------------

Comprehensive income                                                      $        1,210   $        1,966
                                                                          ==============   ==============

See notes to Consolidated Condensed Financial Statements.


(All amounts in thousands) (Unaudited)

                                                                 Three Months Ended
                                                           March 24, 2007   March 25, 2006
                                                           --------------   --------------
Operating Activities:
   Net income                                              $        1,097   $        1,724
   Depreciation and amortization                                    1,061              933
   Gain on disposal of property and equipment                         (52)              --
   Employee stock-based compensation                                   95              130
   Adjustments necessary to reconcile net income to
       net cash provided (used) by operating activities            (6,418)            (485)
                                                           --------------   --------------
   Net cash provided (used) by operating activities                (4,217)           2,302
                                                           --------------   --------------

Investing Activities:
   Purchase of property and equipment                                (353)          (1,263)
   Acquisition of assets                                           (3,627)          (7,436)
   Proceeds from sale of property and equipment                       141               --
   Proceeds from reduction in life insurance                          306               --
   Investment in marketable securities available for
       sale                                                        (1,090)              --
                                                           --------------   --------------
   Net cash used by investing activities                           (4,623)          (8,699)
                                                           --------------   --------------

Financing Activities:
   Net increase in notes payable                                    8,519            7,928
   Proceeds from exercise of stock options                            129              440
   Purchase of common stock                                          (453)            (227)
   Dividends paid                                                  (2,872)          (2,606)
                                                           --------------   --------------
   Net cash provided by financing activities                        5,323            5,535
                                                           --------------   --------------
Effect of exchange rate changes on cash                              (275)             (61)
                                                           --------------   --------------
Net (decrease) increase in cash and cash equivalents               (3,792)            (923)
Cash and cash equivalents, beginning of period                      3,829            3,017
                                                           --------------   --------------
Cash and cash equivalents, end of period                   $           37   $        2,094
                                                           ==============   ==============

See notes to Consolidated Condensed Financial Statements.



Note A - Basis of Presentation

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 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 condensed
consolidated balance sheet of the Company as of December 30, 2006 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 have been
condensed or omitted. These condensed consolidated 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 2006 filed with
the Securities and Exchange Commission.

Note B - Seasonal Aspects

The results of operations for the three-month periods ended March 24, 2007 and
March 25, 2006 are not necessarily indicative of the results to be expected for
the full year.

Note C - Inventories

                                     March 24,       March 25,       December 30,
    (All amounts in thousands)         2007            2006             2006
                                  --------------   --------------   --------------
    Raw materials                 $       10,054   $        8,754   $        7,786
    Work in progress                       6,910            6,452            6,021
    Finished goods                        18,631           21,378           18,425
                                  --------------   --------------   --------------
                                  $       35,595   $       36,584   $       32,232
                                  ==============   ==============   ==============

Note D - Income Taxes and Change in Accounting Principle

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

In July 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
interpretation of FASB Statement No. 109" ("FIN 48"), which became effective for
the Company on December 31, 2006. The Interpretation prescribes a recognition
threshold and a measurement attribute for the financial statement recognition
and measurement of tax positions taken or expected to be taken in a tax return.
For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The amount recognized is
measured as the largest amount of benefit that is greater than 50 percent likely
of being realized upon ultimate settlement. The adoption of FIN 48 has resulted
in a transition adjustment reducing beginning retained earnings by $264
thousand; $164 thousand in taxes and $100 thousand in interest. If recognized,
the tax portion of the adjustment would affect the effective tax rate. Interest
costs and penalties related to income taxes are classified as interest expense


and selling, general and administrative costs, respectively in the Company's
financial statements. Tax returns for all years after 2002 are subject to future
examination by tax authorities.

Note E - Earnings Per Share

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

                                                                                    3 Months Ended
    All amounts in thousands                                              March 24, 2007   March 25, 2006
    -------------------------------------------------------------         --------------   --------------
    Weighted average common shares outstanding                                    13,034           12,979
    Dilutive effect of stock options                                                  16               59
                                                                          --------------   --------------
    Weighted average common shares outstanding, assuming dilution                 13,050           13,038
                                                                          ==============   ==============

    Number of anti-dilutive stock options                                            462              621

Note F - Dividend Payment

On March 16, 2007, the Company paid a dividend of $0.22 per common share to all
shareholders of record on March 9, 2007. The total amount of the dividend was
approximately $2.9 million and was charged against retained earnings.

Note G - Segment Information

                                                           As of and for the Three Months
                                                               Ended March 24, 2007
                                              Sporting        Office
    In thousands                                Goods        Products         Corp.          Total
    -------------------------------------   ------------   ------------   ------------   -----------
    Revenues from external customers        $     20,457   $     13,010   $         --   $     33,467
    Operating income(loss)                           916          2,151           (763)         2,304
    Net income (loss)                                 43          1,286           (232)         1,097
    Total assets                            $     93,723   $     45,569   $     12,490   $    151,782

                                                           As of and for the Three Months
                                                               Ended March 25, 2006
                                              Sporting        Office
    In thousands                                Goods        Products         Corp.          Total
    -------------------------------------   ------------   ------------   ------------   -----------
    Revenues from external customers        $     19,884   $     12,916   $         --   $     32,800
    Operating income(loss)                           525          2,414           (592)         2,347
    Net income (loss)                                 50          1,584             90          1,724
    Total assets                            $     74,150   $     42,305   $     11,556   $    128,011


Note H - Acquisition

In February 2007, the Company purchased substantially all of the assets of
Trophy Ridge, LLC, which manufactures and sells premium archery accessories
under the Trophy Ridge brand name. The Trophy Ridge brand name has significant
appeal in the sports enthusiast market place and will be used to further expand
distribution of the Company's archery accessory products. The Trophy Ridge
operation will be relocated and consolidated into the Company's existing archery
operations in the Gainesville, Florida plant. The operating results of Trophy
Ridge will be included in the Sporting Goods segment results from the date of
acquisition. The purchase price of $3.8 million was paid in Cash. Contingent on
the achievement of certain performance criteria, the Company may be obligated to
pay an additional $1.0 million over a two year period from the date of
acquisition. The estimated fair market value of the assets acquired as of the
date of acquisition is as follows:

         (Amounts in thousands)                      Amount

         Current assets                          $      1,083
         Property, plant & equipment                      170
         Other assets                                     125
         Patents & Trademarks                           2,376
              Net assets acquired                $      3,754

Item 1A. Not Required.


Forward-Looking Statements

This report contains forward-looking statements relating to present or future
trends or factors that are subject to risks and uncertainties. These risks
include, but are not limited to, the impact of competitive products and pricing,
product demand and market acceptance, new product development, the continuation
and development of key customer and supplier relationships, Escalade's ability
to control costs, general economic conditions, fluctuation in operating results,
changes in the securities market and other risks detailed from time to time in
Escalade's filings with the Securities and Exchange Commission. Escalade's
future financial performance could differ materially from the expectations of
management contained herein. Escalade undertakes no obligation to release
revisions to these forward-looking statements after the date of this report.


Escalade, Incorporated ("Escalade" or "Company") manufactures and distributes
products for two industries: Sporting Goods and Office Products. Within these
industries the Company has successfully built a market presence in niche
markets. This strategy is heavily dependent on expanding the customer base,
barriers to entry, brand recognition and excellent customer service. A key
strategic advantage is the Company's established relationships with major
customers that allow the Company to bring new products to the market in a cost
effective manner while maintaining a diversified product line and wide customer
base. In addition to strategic customer relations, the Company has over 75 years
of manufacturing and import experience that enable it to be a low cost supplier.


Results of Operations

Consolidated net sales for the first quarter of 2007 were up 2% compared to the
same quarter last year. Consolidated gross margins and operating income remained
relatively unchanged from the same period last year. However, increased interest
and amortization costs resulted in a decline in net income of $627 thousand.

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

                                                              Three months ended
                                                      March 24, 2007   March 25, 2006
    ---------------------------------------------     --------------   --------------
    Net revenue                                                100.0%           100.0%
    Cost of products sold                                       67.1%            67.2%
                                                      --------------   --------------
    Gross margin                                                32.9%            32.8%
    Selling, administrative and general expenses                26.0%            25.6%
                                                      --------------   --------------
    Operating income                                             6.9%             7.2%
                                                      ==============   ==============

Consolidated Revenue and Gross Margin

Net revenues in the Sporting Goods business were up 3% in the first quarter
compared to last year, primarily due to increased sales in the specialty and
dealer channel which increased 74% in the current quarter compared to the same
period last year. The bulk of this increase, approximately 62%, came from
internal growth in the archery and playground product lines; the remainder came
from products acquired during the second quarter of last year. Expanding
distribution into the specialty retail and dealer marketplace is a key element
in the Company's strategy designed to expand the customer base, increase product
offerings and lessen the impact of changes in the Company's mass-market retail
customers. Sales to mass-market retail customers were down 25% in the first
quarter compared to the same period last year primarily due to a general overall
market decline in consumer demand for game room products such as table tennis,
billiards and other table games which are primarily sold through mass-market
retailers. The Company continues to enjoy strong relationships with its
mass-market retail customers, but believes that the general trend of diminishing
consumer demand for game room products will result in lower sales to mass-market
retail customers in 2007 than was achieved in 2006. Growth in the specialty and
dealer channel is expected to compensate for the anticipated decline in the
mass-market retail channel so that total Sporting Goods sales in 2007 will be
relatively unchanged from the 2006 results.

Net revenues in the Office Products business increased 1% in the first quarter
of 2007 compared to the same period last year. A slight decline in North America
sales was offset by increased sales in Europe which benefited from a change in
exchange rates and is now beginning to realize benefits from the additional
resources allocated to sales efforts in the latter half of 2006. Management
believes total sales in the Office Products business will be relatively
unchanged from the level achieved in 2006.

The consolidated gross margin ratio for the first quarter of 2007 was relatively
unchanged from the same quarter last year. However, the gross margin ratio in
the Sporting Goods business realized a slight increase over the same period last
year due to increased sales in the specialty and dealer channel which has higher
overall gross margin ratios than the mass-market retail channel. The gross
margin ratio in the Office Products business declined slightly during the


quarter as a result of the decline in North America sales which have a higher
gross margin ratio than Europe sales. Management anticipates continued
improvement in the Sporting Goods gross margin ratio to be offset by continued
declines in the Office Products gross margin ratio resulting in little or no
change in the overall gross margin ratio for 2007 compared to last year.

Consolidated Selling, General and Administrative Expenses

As a percentage of sales, consolidated selling, general and administrative
("SG&A") costs increased slightly during the first quarter compared to the same
period last year because of one-time costs associated with the integration of
the Trophy Ridge acquisition into the Sporting Goods business and higher
professional fees incurred by Corporate.

Interest Expense and Other Expense

Interest costs in the first quarter of 2007 were higher in comparison to the
same quarter in 2006 because of increased debt levels and higher effective
interest rates.

The increase in other expense is due primarily to amortization costs associated
with acquisitions completed during the second quarter of 2006.

Financial Condition and Liquidity

The Company continues to exhibit strong financial health. Total bank debt
increased in the first quarter of 2007 to accommodate the Trophy Ridge
acquisition and the payment of a dividend to shareholders. The following
schedule summarizes the Company's total bank debt:

                                      March 24,       March 25,        December 30,
In thousands                            2007             2006              2006
------------------------------     --------------   --------------   --------------
Notes payable short-term           $        9,586   $            5   $       10,336
Current portion long-term debt                 --              906               --
Long term debt                             31,878           26,016           22,609
                                   --------------   --------------   --------------
Total bank debt                    $       41,464   $       26,927   $       32,945
                                   ==============   ==============   ==============

As a percentage of stockholders' equity, total bank debt was 50%, 35% and 38% at
March 24, 2007, March 25, 2006 and December 30, 2006, respectively. Management
believes that it can generate a higher rate of return on shareholder's equity at
current debt levels.

During the first quarter of 2007, operations used $4.2 million in cash primarily
due to reductions in accounts payable and accrued liabilities. In addition to
funding operations, the Company used $3.8 million in cash to acquire the assets
of Trophy Ridge, $2.9 million to pay a dividend to shareholders, and invested
$1.1 million in marketable equity securities available for sale. Funding came
primarily from borrowings on the Company's revolving debt facilities.

The Company funds working capital requirements through operating cash flows and
revolving credit agreements with its bank. The Company's relationship with its
primary lending bank remains strong and the Company expects to have access to
the same level of revolving credit that was available in 2006. In addition, the
Company believes it can quickly reach agreement to increase available credit
should the need arise.



The Company is exposed to financial market risks, including changes in currency
exchange rates, interest rates and marketable equity security prices. To
mitigate these risks, the Company utilizes derivative financial instruments,
among other strategies. At the present time, the only derivative financial
instrument used by the company is an interest rate swap. The Company does not
use derivative financial instruments for speculative purposes.

A substantial majority of revenue, expense and capital purchasing activities are
transacted in U.S. dollars. However, the Company's foreign subsidiaries enter
into transactions in other currencies, primarily the Euro. To protect against
reductions in value and the volatility of future cash flows caused by changes in
currency exchange rates, the Company carefully considers the use of transaction
and balance sheet hedging programs. Such programs reduce, but do not entirely
eliminate, the impact of currency exchange rate changes. Presently the Company
does not employ currency exchange hedging financial instruments, but has
adjusted transaction and cash flows to mitigate adverse currency fluctuations.
Historical trends in currency exchanges indicate that it is reasonably possible
that adverse changes in exchange rates of 20% for the Euro could be experienced
in the near term. Such adverse changes could have resulted in a material impact
on income before taxes for the three months ended March 24, 2007.

A substantial portion of the Company's debt is based on U.S. prime and LIBOR
interest rates. In an effort to lock-in current low rates and mitigate the risk
of unfavorable interest rate fluctuations the Company has entered into an
interest rate swap agreement. This agreement effectively converted a portion of
its variable rate debt into fixed rate debt.

An adverse movement of equity market prices would have an impact on the
Company's long-term marketable equity securities that are included in other
assets on the consolidated balance sheet. At March 24, 2007 the aggregate
carrying value of long-term marketable equity securities was $4.0 million. Due
to the unpredictable nature of the equity market the Company has not employed
any hedge programs relative to these investments.


Evaluation of Disclosure Controls and Procedures

Escalade maintains disclosure controls and procedures that are designed to
ensure that information required to be disclosed in the Company's Exchange Act
reports is recorded, processed, summarized and reported within the time periods
specified in the SEC's rules and forms, and that such information is accumulated
and communicated to the Company's management, including its Chief Executive
Officer and Chief Financial Officer, as appropriate, to allow timely decisions
regarding required disclosure based closely on the definition of "disclosure
controls and procedures" in Rule 13a-14(c). In designing and evaluating the
disclosure controls and procedures, management recognized that any controls and
procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives, and management
necessarily was required to apply its judgment in evaluating the cost-benefit
relationship of possible controls and procedures. Also, the Company has
investments in certain unconsolidated entities. As the Company does not control
or manage these entities, its disclosure controls and procedures with respect to
such entities are necessarily substantially more limited than those it maintains
with respect to its consolidated subsidiaries.

The Company carried out an evaluation, under the supervision and with the
participation of the Company's management, including the Company's Chief


Executive Officer and the Company's Chief Financial Officer, of the
effectiveness of the design and operation of the Company's disclosure controls
and procedures as of the end of the period covered by this report. Based on the
foregoing, the Company's Chief Executive Officer and Chief Financial Officer
concluded that the Company's disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

Management of the Company has evaluated, with the participation of the Company's
Chief Executive Officer and Chief Financial Officer, changes in the Company's
internal controls over financial reporting (as defined in Rule 13a-15(f) and
15d-15(f) of the Exchange Act) during the first quarter of 2007.

There have been no changes to the Company's internal control over financial
reporting that occurred since the beginning of the Company's first quarter of
2007 that have materially affected, or are reasonably likely to materially
affect, the Company's internal control over financial reporting.


Item 1.  Not Required.


                                                                                                       (d) Maximum
                                                                             (c) Total Number            Number (or
                                                                               of Shares (or            Approximate
                                           (a) Total                          Units) Purchased        Dollar Value) of
                                             Number                               as Part            Shares (or Units)
                                           of Shares      (b) Average Price     of Publicly           that May Yet Be
                                           (or Units)      Paid per Share      Announced Plans      Purchased Under the
Period                                     Purchased          (or Unit)          or Programs         Plans or Programs
------------------------------------- ------------------ -------------------- -------------------- --------------------
Shares purchases prior to
     12/30/2006 under the current
     repurchase program.                    482,438              $9.46              482,438            $ 2,654,811
------------------------------------- ------------------ -------------------- -------------------- --------------------

First quarter purchases:
------------------------------------- ------------------ -------------------- -------------------- --------------------
12/31/2006 - 01/27/2007                        None               None            No Change              No Change
------------------------------------- ------------------ -------------------- -------------------- --------------------
01/28/2007 - 02/24/2007                       7,984              $9.33              490,422              2,580,353
------------------------------------- ------------------ -------------------- -------------------- --------------------
03/01/2007 - 03/24/2007                      39,970              $9.46              530,392              2,202,058
------------------------------------- ------------------ -------------------- -------------------- --------------------
Total share purchases under the
     current program                        530,392              $9.46              530,392            $ 2,202,058
------------------------------------- ------------------ -------------------- -------------------- --------------------

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


Item 3, 4 and 5 Not Required.

Item 6.  Exhibits

         (a)      Exhibits

                  Number    Description
                  ------    ---------------------------------------------------
                   3.1      Restatement of Articles of Incorporation for
                            Escalade, Incorporated.

                  31.1      Chief Executive Officer Rule 13a-14(a)/15d-14(a)

                  31.2      Chief Financial Officer Rule 13a-14(a)/15d-14(a)

                  32.1      Chief Executive Officer Section 1350 Certification.

                  32.2      Chief Financial Officer Section 1350 Certification.


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

                                       ESCALADE, INCORPORATED

Date:  April 12, 2007                  /s/ TERRY D. FRANDSEN
                                       Interim CEO, Vice President and
                                       Chief Financial Officer