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TheStreet Open House

Black Diamond Reports First Quarter 2013 Results

- Q1 Sales Up 10% to a Record $51.0 Million - - Q1 Results In-line With Management's Outlook for First Half and Full Year 2013 -

SALT LAKE CITY, May 6, 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 first quarter ended March 31, 2013.

First Quarter 2013 Financial Summary

  • Total sales up 10% to $51.0 million
  • Gross margin of 37.7%
  • Adjusted net loss before non-cash items of $0.3 million or $(0.01) per diluted share
  • Adjusted EBITDA of $0.6 million

First Quarter 2013 Financial Results

Total sales in the first quarter of 2013 increased 10% to $51.0 million compared to $46.4 million in the first quarter of 2012. The increase was primarily the result of the additions of POC Sweden AB (POC) and PIEPS Holding GmbH (PIEPS), which were acquired in the second half of 2012. First quarter 2013 sales were negatively impacted by an extended late winter season, which delayed typically higher margin spring/summer orders, as well as the expected decline in Gregory's Japanese business due to the transition from Kabushiki Kaisha A&F (A&F) to Gregory in the beginning of 2013.

Gross margin in the first quarter of 2013 was 37.7% compared to 40.1% in the year-ago quarter. The 240 basis point decline was primarily due to product mix and a higher level of close-out and promotional activity on winter seasonal inventory as a result of the slow start to the 2012/2013 winter season. The strengthening of the US dollar compared to the Japanese yen also had a negative impact on both sales and gross margin.

Net loss in the first quarter of 2013 was $3.0 million or $(0.10) per diluted share compared to net income of $2.6 million or $0.10 per diluted share in the year-ago quarter. The first quarter of 2013 reflected approximately 8.9 million more shares of common stock outstanding when compared to the year-ago quarter due to the Company's public offering in February 2012.

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