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President's Message to Shareholders

February 26, 2013

Another outstanding year is in the books as we achieved a third straight year of "double-digit" increase in both top line revenue and earnings. In 2013 we grew our revenue by 11% and our net income to $0.73 per share, an increase of 11% (when adjusted for the 2012 impairment of goodwill and intangible assets). Our shareholders saw the benefit of these results as total shareholder return increased 137%, including $0.34 in dividends paid during the year. In fact, Forbes named Escalade the #1 stock in Sports, beating out many outstanding companies including Nike and Under Armour.

The Sporting Goods segment achieved record performance again for 2013, including sales growth of 18% and net income growth of 31%. We experienced excellent growth across our various sports and outdoor categories represented by brands such as Bear Archery, Trophy Ridge, Stiga, and Goalrilla. In addition to our significant investments in new product development and marketing, we completed the acquisition of DMI Sports in November, 2013, helping to strengthen our position in Darting, Table Tennis and other game room categories.

I'm very proud of the Escalade organization, a dedicated team of sports enthusiast who bring their passion and knowledge of the marketplace to serve our customers with innovative products unmatched in the industry. Our people are our greatest asset and we can all be confident that this team will be leading us to a very exciting future for Escalade.

Signed

Robert J. Keller
President & CEO
Escalade, Inc.



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