ESCALADE INC — Director's Dealing 2005

Jan 21, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ESCALADE INC (ESCA)
CIK: 0000033488
Period of Report: 2005-01-20

Reporting Person: REED C W BILL (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-20	Common Stock	M	45000	$2.42	Acquired	769652	Direct
2005-01-20	Common Stock	F	8308	$13.08	Disposed	761344	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-20	Incentive Stock Option Plan	$2.42	M	45000	Acquired	2005-02-21	Common Stock (45000)	Direct

Footnotes

F1: Shares tendered to Escalade, Inc. in connection with the exercise of stock options.

F2: Exercise option to purchase shares under the Incentive Stock Option Plan.

F3: The exercise price of outstanding options range between $3.60 and $19.21.