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Black Diamond Reports First Quarter 2013 Results

Stocks in this article: BDE

Forward-Looking Statements

Please note that in this press release we may use words such as "appears," "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer spending on our products; general economic conditions and other factors affecting consumer confidence; disruption and volatility in the global capital and credit markets; the financial strength of the Company's customers; the Company's ability to implement its growth strategy; the Company's ability to successfully integrate and grow acquisitions; the Company's exposure to product liability or product warranty claims and other loss contingencies; stability of the Company's manufacturing facilities and foreign suppliers; the Company's ability to protect trademarks and other intellectual property rights; fluctuations in the price, availability and quality of raw materials and contracted products; foreign currency fluctuations; our ability to utilize our net operating loss carryforwards; and legal, regulatory, political and economic risks in international markets. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.

BLACK DIAMOND, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
     
  March 31, 2013 December 31, 2012
  (Unaudited)  
Assets    
Current assets    
Cash  $ 4,127  $ 5,111
Accounts receivable, less allowance for doubtful accounts of $650 and $499, respectively  35,810  30,925
Inventories  55,142  60,664
Prepaid and other current assets  4,329  4,846
Income tax receivable  151  659
Deferred income taxes  2,922  2,337
Total current assets  102,481  104,542
     
Property and equipment, net  17,534  17,508
Definite lived intangible assets, net  37,762  38,100
Indefinite lived intangible assets  51,317  51,462
Goodwill  57,332  57,481
Deferred income taxes  48,757  49,631
Other long-term assets  2,221  2,062
Total assets  $ 317,404  $ 320,786
     
Liabilities and Stockholders' Equity    
Current liabilities    
Accounts payable and accrued liabilities  $ 21,316  $ 22,178
Current portion of long-term debt  2,142  4,059
Total current liabilities  23,458  26,237
     
Long-term debt  39,351  36,429
Deferred income taxes  7,461  8,114
Other long-term liabilities  1,939  2,000
Total liabilities  72,209  72,780
     
Stockholders' Equity    
Preferred stock, $.0001 par value; 5,000 shares authorized; none issued  --   -- 
Common stock, $.0001 par value; 100,000 shares authorized; 31,841 and 31,838 issued and 31,766 and 31,763 outstanding  3  3
Additional paid in capital  473,998  473,628
Accumulated deficit  (234,366)  (231,334)
Treasury stock, at cost  (2)  (2)
Accumulated other comprehensive income  5,562  5,711
Total stockholders' equity  245,195  248,006
Total liabilities and stockholders' equity  $ 317,404  $ 320,786
 
 
 
BLACK DIAMOND, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
     
   THREE MONTHS ENDED 
  March 31, 2013 March 31, 2012
     
Sales    
Domestic sales  $ 20,110  $ 18,815
International sales  30,890  27,604
Total sales  51,000  46,419
     
Cost of goods sold  31,784  27,803
Gross profit  19,216  18,616
     
Operating expenses    
Selling, general and administrative  20,878  13,775
Restructuring charge  175  --
Merger and integration  143  --
Transaction costs  54  112
     
Total operating expenses  21,250  13,887
     
Operating (loss) income  (2,034)  4,729
     
Other (expense) income    
Interest expense, net  (826)  (730)
Other, net  (395)  290
     
Total other expense, net  (1,221)  (440)
     
(Loss) income before income tax  (3,255)  4,289
Income tax (benefit) expense  (223)  1,699
Net (loss) income  $ (3,032)  $ 2,590
     
(Loss) earnings per share:    
Basic  $ (0.10)  $ 0.10
Diluted  (0.10)  0.10
     
Weighted average shares outstanding:    
Basic 31,764 25,677
Diluted 31,764 25,984
 
 
 
BLACK DIAMOND, INC.
RECONCILIATION FROM NET (LOSS) INCOME TO NET (LOSS) INCOME BEFORE NON-CASH ITEMS, ADJUSTED
NET (LOSS) INCOME BEFORE NON-CASH ITEMS AND RELATED (LOSS) EARNINGS PER DILUTED SHARE
(In thousands, except per share amounts)
         
         
   THREE MONTHS ENDED 
     Per Diluted     Per Diluted 
  March 31, 2013 Share March 31, 2012 Share
         
         
Net (loss) income  $ (3,032)  $ (0.10)  $ 2,590  $ 0.10
         
Amortization of intangibles  900  0.03  332  0.01
Depreciation  1,032  0.03  771  0.03
Accretion of note discount  275  0.01  246  0.01
Stock-based compensation  370  0.01  404  0.02
Income tax (benefit) expense  (223)  (0.01)  1,699  0.07
Cash received (paid) for income taxes  37  0.00  (286)  (0.01)
         
Net (loss) income before non-cash items  $ (641)  $ (0.02)  $ 5,756  $ 0.22
         
Restructuring charge  175  0.01  --   -- 
Merger and integration  143  0.00  --   -- 
Transaction costs  54  0.00  112  0.00
State cash taxes on adjustments  (11)  (0.00)  (6)  (0.00)
AMT cash taxes on adjustments  (7)  (0.00)  (2)  (0.00)
         
Adjusted net (loss) income before non-cash items  $ (287)  $ (0.01)  $ 5,860  $ 0.23
 
 
 
BLACK DIAMOND, INC.
RECONCILIATION FROM NET (LOSS) INCOME TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, 
AND AMORTIZATION ("EBITDA"), AND ADJUSTED EBITDA
(In thousands)
     
   THREE MONTHS ENDED 
  March 31, 2013 March 31, 2012
     
     
Net (loss) income  $ (3,032)  $ 2,590
     
Income tax (benefit) expense  (223)  1,699
Other, net  395  (290)
Interest expense, net  826  730
     
Operating income  (2,034)  4,729
     
Depreciation  1,032  771
Amortization of intangibles  900  332
     
EBITDA  $ (102)  $ 5,832
     
Restructuring charge  175  -- 
Merger and integration  143  -- 
Transaction costs  54  112
Stock-based compensation  370  404
     
Adjusted EBITDA  $ 640  $ 6,348
CONTACT: Company Contact:

         Warren B. Kanders
         Executive Chairman
         Tel 1-203-428-2000
         warren.kanders@bdel.com
         or
         Peter Metcalf
         Chief Executive Officer
         Tel 1-801-278-5552
         peter.metcalf@bdel.com
         
         Investor Relations:

         Liolios Group, Inc.
         Scott Liolios or Cody Slach
         Tel 1-949-574-3860
         BDE@liolios.com

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