Net income in the final quarter shot up 37% to $3,703,000 from $2,700,000 on 2% lower sales of $62,560,000 against $63,942,000, as improved archery, billiards, and games were not enough to offset soft demand across other categories. Gross margin improved 280 basis points to 27.7%, on better operational efficiencies from lower fixed costs, inventory storage, and handling costs. SG&A grew by 7% and increased 160 b.p. as a percent of sales, and interest expense declined 43%, as ESCA reduced its long-term debt by more than a third. Inventory was also reduced ... Log in to view full article.