SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (D) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest event reported): June 20, 2003
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ESCALADE, INCORPORATED
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(Exact name of Registrant as specified in its charter)
Indiana 0-6966 13-2739290
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(State or Other Jurisdiction (Commission (IRS Employer I.D. No.)
of Incorporation) File Number)
817 Maxwell Avenue, Evansville, Indiana 47711
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (812) 467-1200
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 19, 2003, Escalade Sports, a wholly owned subsidiary of Escalade,
Incorporated ("Escalade") announced that it had completed the acquisition of
substantially all the assets of North American Archery Group, LLC (NAAG),
Gainesville, FL. NAAG has been operating under bankruptcy protection under
Chapter 11 since April 8, 2002.
The acquisition will be accounted for as a purchase and includes Accounts
Receivable; Inventory; Property, Plant and Equipment; and Intellectual Property.
In consideration for the assets acquired, Escalade Sports paid 9.9 million
dollars in cash and assumed roughly 1.4 million dollars in existing NAAG
liabilities. The transaction was funded through existing term loan facilities
held by Escalade with Bank One Indiana, N.A.
The Property, Plant and Equipment are located in Gainesville, Florida, and are
currently employed by NAAG to manufacture its current product line. Escalade
Sports anticipates that it will continue to use these assets in their present
location and function.
A copy of the Company's press release announcing this acquisition, dated June
19, 2003, is attached as an exhibit to this Current Report on Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) and (b) Pursuant to Regulation S-X the size of this transaction does
not require financial statements.
(c) Exhibit 99.1 Press Release dated May 9, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, Escalade,
Incorporated has duly caused this report to be signed on its behalf in
Evansville, Indiana by the undersigned hereunto duly authorized.
Date: June 20, 2003 ESCALADE, INCORPORATED
By: /s/ John R. Wilson
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Vice President and Chief Financial Officer
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
99.1 Press release dated June 19, 2003