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Estimated 2013 sales and Adjusted EBITDA below guidance on soft sales and higher administrative expenses
Estimated 2013 full year free cash flow of $67 million; 12% above expectation
2014 sales and earnings outlook provided
Strategic plan and long-term targets updated
New supply agreement with Husqvarna
Forestry plant consolidation nearly completed; blade plant consolidation announced
PORTLAND, Ore., Feb. 10, 2014 (GLOBE NEWSWIRE) -- Blount International, Inc. (NYSE:BLT) ("Blount" or "Company") today announced updated guidance for the full year ended December 31, 2013 along with preliminary expectations for 2014 and the long-term financial targets of the Company's updated strategic plan. Information contained within this news release is based on estimates of financial results and is unaudited. Actual 2013 financial results will be released near the conclusion of the annual audit process.
Estimated 2013 sales were $901 million, a three percent decrease versus 2012. Estimated 2013 Earnings Before Interest, Taxes, Depreciation, Amortization and certain charges ("Adjusted EBITDA") for 2013 was $125 million compared to $136 million in the prior year. Results exclude any impact of potential non-cash impairment charges related to goodwill and other indefinite lived intangible assets.
"Although our Farm, Ranch, and Agriculture ("FRAG") business outperformed the prior year, the results for our Forestry, Lawn, and Garden ("FLAG") business continued to reflect the soft market demand we experienced throughout 2013. Overall, we expect our results to be below our latest guidance for 2013, particularly in Europe and Asia. Despite the slow market for FLAG products, however, we were able to generate significant free cash flow during 2013, and we paid off debt to retain a strong balance sheet," stated Josh Collins, Blount's Chairman and CEO. "As our preliminary guidance for 2014 indicates, we believe demand will be moderately better in 2014, and we believe both revenue and profitability will improve versus 2013."