Net income in the fourth quarter of 2013 was $0.7 million, or $0.02 per diluted share, compared to net income of $0.5 million, or $0.02 per diluted share, in the year-ago quarter.
Net income in the fourth quarter of 2013 included $2.7 million of non-cash items and $0.2 million of merger and integration costs compared to $0.4 million of non-cash items, $0.4 million in transaction-related costs, $0.1 million in restructuring costs and $0.2 million in merger and integration costs in the year-ago quarter. Excluding these items, adjusted net income before non-cash items in the fourth quarter of 2013 was $3.6 million, or $0.11 per diluted share, compared to $1.6 million, or $0.05 per diluted share, in the fourth quarter of 2012.
At December 31, 2013, cash totaled $4.5 million compared to $5.1 million at December 31, 2012. Non-cash working capital was $72.6 million at December 31, 2013 compared to $73.2 million at the same time last year. Total debt was $38.0 million at December 31, 2013, which included $10.3 million outstanding on the Company's $30.0 million line of credit, leaving $19.7 million available. This compares to total debt of $40.5 million at December 31, 2012.
Full Year 2013 Financial ResultsTotal sales in 2013 increased 15% to $203.0 million compared to $175.9 million in 2012. The growth in sales was attributed to the full year of sales of POC and PIEPS, the launch of Black Diamond apparel, as well as an increase in Gregory's sales in Japan due to the transition of the distribution assets from Kabushiki Kaisha A&F. Gross margin in 2013 was unchanged compared to 2012 at 38.2%. Gross profit in 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 in 2013 was 38.9% compared to adjusted gross margin of 39.5% in 2012.
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