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-- Full Year Pro Forma Sales Grow to $125 million Versus Pro Forma 2009 Level of $114 Million --
-- FY10 Sales Grow in All Categories and Geographies ---- Company Expects Continued Organic Growth, Positive Cash Flow and Profitability in FY11 --
SALT LAKE CITY, March 14, 2011 (GLOBE NEWSWIRE) -- Black Diamond, Inc. (Nasdaq:BDE) (the "Company"), a leading provider of outdoor recreation equipment and active lifestyle products, today reported results for the fourth quarter and full year ended December 31, 2010.
Fourth Quarter 2010 Results
Consolidated sales in the fourth quarter of 2010 grew 13.6% to $34.2 million compared to pro forma sales of $30.1 million during the three months ended December 31, 2009. The Company noted that its sales growth was broad-based, with growth evident in each of the Company's major geographic categories.
The Company reported its consolidated gross margin for the fourth quarter of 2010 was 36.2%. Excluding the non-cash adjustment of $0.7 million of inventory step-up value included in cost of goods sold due to purchase accounting, consolidated adjusted gross margin for the three month period ending December 31, 2010, would have been 38.2%. This adjusted gross margin represents an improvement of approximately 40 basis points versus the year-ago quarter's pro forma gross margin of 37.8%.
The Company reported a consolidated net loss of $(0.5) million, or $(0.02) per share, for the fourth quarter of fiscal 2010. The Company noted that this loss included $1.7 million of non-cash items as well as restructuring and integration charges of $0.8 million related to the May 28, 2010 combination of Clarus Corporation ("Clarus"), Black Diamond Equipment, Ltd. ("Black Diamond Equipment") and Gregory Mountain Products, LLC. ("Gregory"). Excluding these items, the Company had adjusted cash earnings per diluted share of $2.0 million or $0.09 per share in the fourth quarter.