CLARUS ANNOUNCES 2009 RESULTS

STAMFORD, CONNECTICUT -- MARCH 15, 2010 -- Clarus Corporation (OTC:CLRS) today announced financial results for the quarter and fiscal year ended December 31, 2009.  Clarus reported no revenues for the quarters and fiscal years ended December 31, 2009 and 2008.  Net loss for the fourth quarter of 2009 was $2,473,000 or $0.15 per diluted share compared to net loss of $487,000 or $0.03 per diluted share during the comparable period of 2008.  For the quarter ended December 31, 2009, the increase in net loss was primarily due to transaction costs of $1,581,000 arising out of a significant negotiation and due diligence review of a proposed transaction relating to the Company’s redeployment strategy which involved an acquisition of several major assets and a financing component, that terminated without consummation, a $521,000 reduction in interest income from declining interest rates on our cash, cash equivalents and marketable securities, partially offset by a $114,000 decline in operating expenses due to a reduction in employee bonuses, salaries and benefits, cash management expenses and non-cash equity compensation, compared to the prior year quarter.  The weighted average investment yield for our investments for the quarter ended December 31, 2009 was 0.18% compared to 2.62% for the quarter ended December 31, 2008.  The current earnings rate as of March 5, 2010, is 0.10%.

Net loss for the fiscal year ended December 31, 2009 was $4,845,000 or $0.29 per diluted share compared to net loss of $2,402,000 or $0.14 per diluted share during the comparable period of 2008.  For the fiscal year ended December 31, 2009, the increase in net loss was primarily due to transaction expenses of $1,613,000 arising out of a significant negotiation and due diligence review of a proposed transaction relating to the Company’s redeployment strategy, which involved an acquisition of several major assets and a financing component, that terminated without consummation, a $1,772,000 reduction in interest income from declining interest rates on our cash, cash equivalents and marketable securities, partially offset by a $934,000 decrease in operating expenses due primarily to decreases in employee bonuses, salaries and benefits, non-cash equity compensation, consulting fees, accounting fees, investment management fees and other professional fees, compared to prior year.    The weighted average interest rate for our investments for the year ended December 31, 2009 was 0.83% compared to 2.89% for the year ended December 31, 2008.

As of December 31, 2009, Clarus' cash, cash equivalents and marketable securities were $82.4 million compared to $86.0 million as of December 31, 2008.  Our cash, cash equivalents and marketable securities of $82.4 million at December 31, 2009 divided by 17.4 million shares of common stock outstanding equals $4.74 per share.

Clarus estimates that it has available net operating loss, research and experimentation credit and alternative minimum tax credit carryforwards for U.S. federal income tax purposes of approximately $228.3 million, $1.3 million and $56,000, respectively, after application of the limitation under Section 382 of the Internal Revenue Code.


FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Exchange Act of 1934. Information in this release includes Clarus' beliefs, expectations, intentions and strategies regarding Clarus, its future and its products and services. Assumptions relating to the forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risks including our inability to execute successfully our planned effort to redeploy our assets to enhance stockholder value, the unavailability of our net operating loss carry forward, and that the unaudited financial information provided in this press release may be adjusted as a result of the year end audit. Clarus cannot guarantee its future performance. All forward-looking statements contained in this release are based on information available to Clarus as of the date of this release and Clarus assumes no obligation to update the forward-looking statements contained herein.

For further information regarding the risks and uncertainties in connection with Clarus' business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Clarus' filings with the Securities and Exchange Commission, including but not limited to, its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained at our web site at http://www.claruscorp.com or the SEC's web site at http://www.sec.gov.

For more information, contact:

Philip A. Baratelli
Chief Financial Officer
Clarus Corporation
(203) 428-2000
pbaratelli@claruscorp.com
 

The following information was filed by Clarus Corp (CLAR) on Monday, March 15, 2010 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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