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Black Diamond Reports Second Quarter 2013 Results

At June 30, 2013, cash totaled $2.1 million compared to $5.1 million at December 31, 2012. Non-cash working capital was $70.7 million at June 30, 2013 compared to $73.2 million at December 31, 2012. Total debt was $36.8 million at June 30, 2013, which included $8.4 million outstanding on the Company's $30.0 million line of credit, leaving $21.6 million available. This compares to total debt of $40.5 million at December 31, 2012.

Management Commentary

"The first half of the year represents our spring/summer product season and compared to last year, sales during the first half of 2013 were up 15% to $89.9 million, in-line with our long-term organic growth target," said Peter Metcalf, president and CEO of Black Diamond. "In addition, we achieved double-digit growth from all of our brands during the second quarter and attribute these record sales to our diverse collection of new and existing active outdoor performance products, global distribution and increased focus on sales and marketing.

"The industry was not without its challenges during the first half of 2013, largely due to an extreme, unseasonably cool, wet spring both in North America and especially in Europe. Following two consecutive challenging winter seasons, industry purchasing trends are continuing to evolve toward a model that we believe is intentionally shifting more inventory risk to manufacturers and distributors, and we are adjusting our strategy to reflect these dynamics. In addition, during our first quarter 2013 earnings call, we described a global retail marketplace that was more reticent to make order commitments on the scale they have in the past. While we have modestly adjusted our second half revenue outlook to reflect these near-term dynamics, we remain confident in our belief that our evolving and innovative product portfolio will continue to generate growing consumer demand.

"As we now enter our fall/winter season," concluded Metcalf, "we will continue to make investments in our strategic initiatives, such as our fall 2013 launch of Black Diamond apparel, which is expected to ship in mid-August, the concluding integration of POC and PIEPS, and the spring 2014 launch of POC's road collection. We look forward to 2014, where we anticipate continued organic sales growth from innovative new products and the benefit of scale, integration and operating leverage in our business."

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