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Letter to Shareholders

February 26, 2013

Dear fellow shareholders:

The momentum at Escalade keeps building as we achieved a second straight year of "double-digit" increase in top line revenue and earnings. Our focus on profitable growth has resulted in a 10% sales increase and 21% net income growth (when adjusted for accelerated depreciation in 2011 and impairment of goodwill and intangible assets in 2012). Our goal is to build on this momentum by delivering outstanding results again in 2013 and beyond.

Our balanced strategy of Product Innovation and Brand Marketing has proved to be an effective and sustainable approach to build core categories in our business. The Sporting Goods segment, anchored by formidable brands such as Bear Archery, Goalrilla, and Stiga, achieved record performance in 2013 including 16% sales growth and 41% increase in net income. We continue to increase our investments in new product development and brand building activities to build the foundation for future growth. Customer Services undergirds our strategy as we strive to set new standards in delighting our distributors, dealers, and consumers. I am pleased to say this approach to our business is working well and we are confident it will drive even greater future results.

I would like to thank you, our shareholders, for supporting the leadership of Escalade and the strategies we have implemented to enable our growth. Our greatest asset is our people, an outstanding team of professionals who share a common passion for excellence.


Robert J. Keller
President and Chief Executive Officer
Escalade Inc

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