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Clarus Reports Third Quarter 2019 Results
SALT LAKE CITY, Utah – November 4, 2019 – Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a company focused on the outdoor and consumer industries, reported financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Financial Summary vs. Same Year-Ago Quarter
|·||Sales increased 8% to $60.2 million.|
|·||Gross margin was 34.1% compared to 35.7%.|
|·||Net income was $3.5 million or $0.11 per diluted share, compared to $4.1 million or $0.14 per diluted share.|
|·||Adjusted net income before non-cash items was $6.0 million or $0.19 per diluted share, compared to $7.0 million or $0.23 per diluted share.|
|·||Adjusted EBITDA was $6.8 million compared to $7.1 million.|
|·||Repurchased 243,873 shares of the Company’s common stock for approximately $2.7 million, or $10.92 per share.|
“Our third quarter continued to be driven by the momentum in our Black Diamond® brand with sales up 14%,” said John Walbrecht, president of Clarus. “We grew in every geography, sales channel and category, led by 61% growth in ski on strong demand in our backcountry portfolio of products like JetForce®, beacons and packs. Apparel also continues to meaningfully contribute to brand sales growth, up 23% driven by men’s and women’s sportswear, technical outerwear, and logowear. These strong top-line trends also drove a 13% increase in brand EBITDA. Our commitment to product innovation, new product introductions and an accelerated go-to-market strategy are producing these results.
“As expected, continued bullet and ammunition market softness impacted our Sierra® brand during the quarter. However, we have further strengthened the brand’s market positioning by investing in product innovation and forging new, long-term revenue opportunities like our launch into ammunition. Despite what we believe are short-term market headwinds, Sierra still meaningfully contributes to our profitability and free cash flow, and we look forward to various opportunities that we believe will re-accelerate brand sales growth in the near-term.
“We also experienced headwinds during the third quarter due to the strengthening U.S. dollar and the escalating trade wars. While the proactive steps we laid out in early August were expected to minimize the tariffs announced at that time, the impact of additional assessments since then will exceed our mitigation efforts.
“We view these headwinds as transitory, and most importantly, we believe our brands are better-positioned for growth than they have ever been. Our commitment to innovation is fueling new and more disruptive products that are being recognized by trade publications and well-received by our retail partners. We believe the continued focus on our brands will ultimately drive both long-term growth and profitability, as well as shareholder value creation.”
The following information was filed by Clarus Corp (CLAR) on Monday, November 4, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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