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2012 Sales Up 21% to $175.9 Million With Adjusted Gross Margin Up 80 Basis Points to 39.5%
Expects Full Year 2013 Sales to Range Between $216 - $221 Million
SALT LAKE CITY, March 11, 2013 (GLOBE NEWSWIRE) -- Black Diamond, Inc. (Nasdaq:BDE) (the "Company" or "Black Diamond"), a global leading supplier of innovative, high performance, outdoor and action sport equipment as well as aspirational active outdoor lifestyle products, reported financial results for the fourth quarter and full year ended December 31, 2012.
2012 Financial Highlights vs. 2011
Total sales up 21% to $175.9 million;
Adjusted gross margin increased 80 basis points to 39.5% compared to gross margin of 38.7%;
Adjusted net income before non-cash items increased to $12.6 million compared to $11.9 million; and
Adjusted EBITDA increased to $14.7 million compared to $13.6 million.
Fourth Quarter 2012 Financial Results
Total sales in the fourth quarter of 2012 increased 34% to $48.8 million compared to $36.3 million in the fourth quarter of 2012. The increase was primarily attributed to the contribution of POC Sweden AB ("POC") as well as PIEPS Holding GmbH ("PIEPS") and their respective subsidiaries, which were acquired in the second half of 2012. Total sales were reduced by $0.4 million of inventory repurchased and not recognized as revenue from Gregory Mountain Products' ("Gregory") Japanese distributor, Kabushiki Kaisha A&F ("A&F"), as part of the A&F distribution agreement.
Gross margin in the fourth quarter of 2012 was 36.3% compared to 39.2% in the year-ago quarter. Gross margin in the fourth quarter of 2012 included $1.2 million for inventory fair value of purchase accounting adjustments related to the acquisitions of POC and PIEPS. Excluding this amount, adjusted gross margin in the fourth quarter of 2012 was 38.7%, a 50 basis point decline from the year-ago quarter primarily due to a higher level of discount activity in response to a challenging start to the 2012 winter season.
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