FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * FRANDSEN TERRY   2. Issuer Name and Ticker or Trading Symbol ESCALADE INC [ESCA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) VP Finance, CFO (Last) (First) (Middle) 817 MAXWELL AVE 3. Date of Earliest Transaction (Month/Day/Year) 02/20/2008 (Street) EVANSVILLE, IN 47711 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 02/20/2008 02/20/2008 M   15,000 (1) A $ 6.985 20,025 D   Common Stock 02/20/2008 02/20/2008 S   8,863 (2) D $ 9 11,162 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Incentive Stock Option

$ 6.985

02/20/2008

02/20/2008

M

15,000

02/21/2007

02/21/2008

Common Stock

15,000

$ 6.985

95,000 (3)

D

Restricted Stock Units

(4)

04/30/2010(5)

04/30/2010

Common Stock

9,000

9,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
FRANDSEN TERRY 817 MAXWELL AVE EVANSVILLE, IN 47711			VP Finance, CFO

Signatures

/s/ Terry Frandsen		02/21/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Exercise of incentive stock options issued 02/21/2003 with an exercise price of $9.985 per share and expiration date of 02/21/2008.
(2)	Shares tendered to Escalade, Inc. in connection with the exercise of incentive stock options.
(3)	Incentive Stock Options granted vest 25% each year over four years and expire after five years from grant date as follows: 30,000 shares granted 02/16/2004, exercisable at $19.21 per share, expiring on 02/21/2009; 40,000 shares granted 02/18/2005, exercisable at $13.40 per share, expiring on 02/18/2010; and 25,000 shares granted 03/6/2006, exercisable at $11.08 per share, expiring on 03/06/2011.
(4)	Each restricted stock unit represents a contingent right to receive one share of ESCA common stock and were granted pursuant to the Escalade, Incorporated 2007 Incentive Plan.
(5)	Restricted stock units vest at the end of 3 years provide certain market criteria are met.

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