At March 31, 2013, cash totaled $4.1 million compared to $5.1 million at December 31, 2012. Total debt was $41.5 million at March 31, 2013, which included $13.4 million outstanding on the Company's $30.0 million line of credit, leaving $16.6 million available. This compares to total debt of $40.5 million at December 31, 2012.
"Black Diamond grew sales 10% to $51.0 million in the first quarter of 2013, which is in-line with our expectations for the first quarter of 2013," said Peter Metcalf, president and CEO of Black Diamond. "This double-digit sales growth is in spite of a colder, snowier late winter that delayed some higher margin spring and summer product sales, which we realized in the same quarter last year as the result of a much earlier start to the spring 2012 season. First quarter 2013 sales comparisons were also impacted by the anticipated transition of Gregory's business in Japan from A&F, our former Japanese distributor, to our own distribution business. We expect the real benefit of this transition to begin in the second half of 2013 with significantly better comparable sales growth. In large part, we attribute our double-digit sales growth to the quality of Black Diamond's strengthening global distribution platform, its variety and its seasonal diversity.
"In 2013, we anticipate healthy organic growth from our active outdoor brands, and we expect POC and Black Diamond apparel to be our highest growth drivers with the most positive impact on margins. As discussed, we also expect 2013 to be another year of significant investment in operational initiatives, such as apparel and completing the integration of POC and PIEPS. We remain enthusiastic about our 2013 apparel launch, which will be in stores this fall, and look forward to 2014 as the year we expect continued organic sales growth and the benefit of scale, integration and operating leverage in our business."
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