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Clarus Reports Strong Fourth Quarter and Full Year 2020 Results
- Sales in the Fourth Quarter of 2020 Increase 24% Year-over-Year to $75.9 Million -
- Reinstates Full-Year Outlook: Expects 2021 Sales and Adjusted EBITDA to Grow Approximately 25% and 56% to $280 Million and $35 Million, Respectively -
SALT LAKE CITY, Utah – March 8, 2021 – Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a company focused on the outdoor and consumer industries, reported financial results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial Summary vs. Same Year-Ago Quarter
|·||Sales increased 24% to $75.9 million.|
|·||Gross margin was unchanged at 35.5%; adjusted gross margin up 50 basis points to 36.0%.|
|·||Net income was $7.1 million, or $0.22 per diluted share, compared to $12.4 million, or $0.40 per diluted share. The fourth quarter of 2019 included a $10.4 million net benefit associated with the partial release of the Company’s valuation allowance on its deferred tax assets.|
|·||Adjusted net income before non-cash items increased 64% to $11.2 million, or $0.34 per diluted share, compared to $6.8 million, or $0.22 per diluted share.|
|·||Adjusted EBITDA increased 56% to $11.0 million.|
|·||Free cash flow (net cash provided by operating activities less capital expenditures) increased significantly to $6.5 million compared to $2.6 million.|
|·||At December 31, 2020, cash and cash equivalents totaled $17.8 million compared to $1.7 million at December 31, 2019, and debt was $34.6 million compared to $22.7 million at December 31, 2019.|
2020 Financial Summary vs. 2019
|·||Sales were $224.0 million compared to $229.4 million.|
|·||Gross margin was 34.7% compared to 35.0%; adjusted gross margin of 34.9%.|
|·||Net income was $5.5 million, or $0.18 per diluted share, compared to $19.0 million, or $0.61 per diluted share. 2019 included the aforementioned $10.4 million net tax benefit.|
|·||Adjusted net income before non-cash items increased 3% to $21.9 million, or $0.70 per diluted share, compared to $21.3 million, or $0.69 per diluted share.|
|·||Adjusted EBITDA was $22.4 million compared to $22.7 million.|
|·||Free cash flow increased significantly to $24.0 million compared to $5.4 million.|
“Our momentum from the third quarter carried through to the end of the year, demonstrating the strength of our brand portfolio and the resilience of our ‘super-fan’ brand strategy,” said Clarus President John Walbrecht. “The strong year-over-year sales growth we generated during the fourth quarter of 2020 outperformed our previously stated outlook and drove an even more robust improvement in our fourth quarter adjusted EBITDA. This performance in a dynamic retail environment is a testament to the hard work of our team and our commitment to our strategic priorities.
The following information was filed by Clarus Corp (CLAR) on Monday, March 8, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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