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Black Diamond Reports Second Quarter 2014 Results

Stocks in this article: BDE

- Q2 2014 Sales Increase 18% to $34.4 Million; Second Half 2014 Sales Expected to Increase 15% to 20% -

- Zeena Freeman Appointed as Black Diamond, Inc. President -

- Board of Directors Authorizes 10% Discretionary Stock Repurchase Program -

SALT LAKE CITY, Aug. 11, 2014 (GLOBE NEWSWIRE) -- Black Diamond, Inc. (Nasdaq:BDE) (the "Company" or "Black Diamond"), a leading global supplier of innovative active outdoor performance equipment and apparel, reported financial results for the second quarter ended June 30, 2014. Reported results are from continuing operations, excluding the results of Gregory Mountain Products for all periods presented. The assets and liabilities of Gregory Mountain Products are reported as held for sale as of June 30, 2014 and the results are reported as discontinued operations for all periods presented.

Second Quarter 2014 Financial Summary

  • Sales up 18% to $34.4 million
  • Gross margin totaled 35.9%
  • Adjusted net loss from continuing operations before non-cash items was $3.7 million or $(0.11) per diluted share
  • Black Diamond agreed to sell Gregory Mountain Products for $84.1 million to Samsonite LLC and completed the transaction on July 23, 2014

Second Quarter 2014 Financial Results

Sales in the second quarter of 2014 increased 18% to $34.4 million compared to $29.2 million in the same year-ago quarter. The increase was primarily due to strong growth in Black Diamond hard goods and apparel, as well as from POC's spring product line-up.

Gross margin in the second quarter of 2014 was 35.9% compared to 36.2% in the year-ago quarter, with the decrease due to the mix in product and channel distribution. During the quarter, sales increased 28% with the Company's independent global distributors. These sales are at lower average gross margins given the distributors incur all selling and distribution costs.

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