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Black Diamond Reports Third Quarter 2013 Results

Stocks in this article: BDE

- Sales Up 8% to a Record $52.8 Million with Adjusted Gross Margin Up 10 Basis Points to 40.2% -

- Implementing Strategic Pivot Consistent with Company's Long-Term Vision -

SALT LAKE CITY, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Black Diamond, Inc. (Nasdaq:BDE) (the "Company" or "Black Diamond"), a global leading supplier of innovative, high performance, active outdoor and action sports equipment and apparel, reported financial results for the third quarter ended September 30, 2013.

Third Quarter 2013 Highlights

  • Sales up 8% to $52.8 million compared to $48.7 million in the third quarter of 2012
  • Adjusted gross margin improved 10 basis points to 40.2% compared to the third quarter of 2012
  • Launched Black Diamond apparel at retail

Third Quarter 2013 Financial Results

Total sales in the third quarter of 2013 increased 8% to $52.8 million compared to $48.7 million in the third quarter of 2012. The increase was primarily attributed to the retail launch of Black Diamond apparel as well as the increase in Gregory's sales in Japan due to the transition of the distribution assets from Kabushiki Kaisha A&F.

Gross margin was 37.3% in the third quarter of 2013 compared to 37.9% in the year-ago quarter. Gross profit in the third quarter of 2013 included a $1.5 million charge for a PIEPS product recall, of which $1.1 million was non-cash and includes 100% of existing inventory. Excluding this amount, adjusted gross margin improved 10 basis points to 40.2% compared to adjusted gross margin of 40.1% in the year-ago quarter. The increase in adjusted gross margin was primarily due to a favorable mix of higher margin products and channel distribution.

Net loss in the third quarter of 2013 was $1.3 million, or $(0.04) per diluted share, compared to net income of $0.7 million, or $0.02 per diluted share, in the year-ago quarter. Net loss in the third quarter of 2013 included $4.6 million of non-cash items and $0.2 million of merger and integration costs compared to $4.2 million of non-cash items, $0.4 million in transaction-related costs, $0.1 million in restructuring costs and $0.1 million in merger and integration costs in the year-ago quarter. Excluding these items, adjusted net income before non-cash items in the third quarter of 2013 was $3.5 million, or $0.11 per diluted share, compared to income of $5.5 million, or $0.17 per diluted share, in the third quarter of 2012.

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