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Black Diamond Reports Second Quarter 2013 Results

- Q2 Sales Up 22% to a Record $38.9 Million; Gross Margin Up 120 Basis Points to 40.3% -

- Non-Cash Working Capital Reduced $2.5 Million and Total Debt Reduced $3.7 Million from December 31, 2012 -

- Lowering Full Year 2013 Sales Expectations to $205 Million - $210 Million -

- Black Diamond Apparel Expected to Ship in Mid August -

SALT LAKE CITY, Aug. 5, 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 second quarter ended June 30, 2013.

Second Quarter 2013 Financial Highlights vs. Same Year-Ago Quarter
  • Total sales up 22% to $38.9 million.
  • Gross margin improved 120 basis points to 40.3%.
  • Adjusted net loss before non-cash items of $0.2 million, or $(0.01) per diluted share, compared to a loss of $0.3 million, or $(0.01) per diluted share.

Second Quarter 2013 Financial Results

Total sales in the second quarter of 2013 increased 22% to $38.9 million compared to $31.9 million in the second quarter of 2012. The increase was attributed to the addition of POC Sweden AB (POC), which was acquired in the second half of 2012, a number of new and existing products sold during the period, as well as the expected increase in Gregory's sales in Japan due to the transition of the Japanese distribution assets from Kabushiki Kaisha A&F.

Gross margin in the second quarter of 2013 was 40.3% compared to 39.1% in the year-ago quarter. The 120 basis point increase was primarily due to a favorable mix in higher margin products and channel distribution.

Net loss in the second quarter of 2013 was $2.3 million, or $(0.07) per diluted share, compared to net loss of $1.9 million, or $(0.06) per diluted share, in the year-ago quarter. Net loss in the second quarter of 2013 included $2.0 million of non-cash items and $0.1 million of merger and integration costs, compared to $0.5 million of non-cash items and $1.1 million of transaction costs in the year-ago quarter. Excluding these items, adjusted net loss before non-cash items in the second quarter of 2013 was $0.2 million, or $(0.01) per diluted share, compared to a loss of $0.3 million, or $(0.01) per diluted share, in the second quarter of 2012.

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