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Letter to Shareholders

March 5, 2012

Dear fellow shareholders:

Escalade continues to build outstanding momentum. We achieved one of our most prized goals in 2011, that is to deliver "double-digit" top line revenue and earnings growth (when adjusted for the accelerated depreciation of the Oracle ERP system). It is our intention to deliver such results, not simply for one year, but more importantly on an on-going basis. This represents a significant challenge for any company, but this is the kind of company we want to be, and thus everything we do is geared around delivering sustainable profitable growth.

We continue to tighten our focus on categories of passion, such as Archery, Sports Training, and Information Security. These are examples of categories that have clearly defined user groups with dealers that cater to these important segments. We remain focused on building our businesses through a balanced strategy of Product Innovation and Brand Marketing. For Escalade, these two important elements work together to create long-term profitable growth. Undergirding this balanced strategy is a core belief in Serving the Customer. We feel it is vitally important that we continuously delight our distributors, dealers, and consumers. When we serve our customers well, we find our partners want to be our partners for a very long time. I am pleased to say this approach to our business is working well and we are confident it will serve our shareholders as well for the future.

Again this year, I would like to thank you, our shareholders, for giving us the opportunity to shape Escalade into a company inspired by innovation and leadership. The result is profitable growth which serves all parties well, both now and into the future. We have a great team, one that has been battle-tested and hardened through the challenges of the economic downturn. I am so appreciative of their remarkable leadership and their level of skill. This same group is the team of our future, a team we are all quite pleased to call our own.


Robert J. Keller
President and Chief Executive Officer
Escalade Inc

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