Net income in the fourth quarter of 2012 was $0.5 million or $0.02 per diluted share compared to $3.5 million or $0.16 per diluted share in the year-ago quarter. Net income in the fourth quarter of 2012 included $0.4 million of non-cash items, $0.4 million in transaction-related costs, $0.1 million in restructuring costs, and $0.2 million in merger and integration costs.
Excluding these items, adjusted net income before non-cash items in the fourth quarter of 2012 was $1.6 million compared to $2.3 million in the fourth quarter of 2011. On a per share basis, adjusted net income before non-cash items was $0.05 per diluted share compared to $0.10 per diluted share in the year-ago quarter, reflecting the shares issued as a result of the Company's public offering in February 2012.
Adjusted EBITDA (earnings before interest, taxes, other income, depreciation, amortization, stock-based compensation, inventory fair value of purchase accounting, and transaction, merger and integration, and restructuring costs) in the fourth quarter of 2012 was $2.1 million compared to $2.8 million in the year-ago quarter. Adjusted EBITDA in the fourth quarter of 2012 excluded $0.5 million of stock-based compensation, $1.2 million of inventory fair value of purchase accounting adjustments, and the aforementioned $0.4 million in transaction-related costs, $0.1 million in restructuring costs, and $0.2 million in merger and integration costs.
At December 31, 2012, cash totaled $5.1 million compared to $2.4 million at December 31, 2011. Total debt was $40.5 million at December 31, 2012, which included $20.0 million outstanding on the Company's $35.0 million line of credit, leaving $15.0 million available.On October 1, 2012, the Company completed the acquisition of PIEPS, a leading Austrian designer and marketer of avalanche beacons and snow safety products, for a total consideration valued at approximately $10.3 million in cash. Full Year 2012 Financial Results Total sales in 2012 increased 21% to $175.9 million compared to $145.8 million in 2011. The growth in sales was supported by the introduction of new and innovative products as well as the addition of POC and PIEPS. Total sales were reduced by $1.0 million of inventory repurchased as part of the previously mentioned A&F distribution agreement.
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