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Black Diamond Reports Fourth Quarter and Full Year 2011 Results
2011 Sales Up 17% to $145.8 Million Drives Adjusted Net Income Before Non-Cash Items of $0.54 per Share
Expects Full Year 2012 Sales to Range Between $160-$165 million
SALT LAKE CITY, Utah – (March 5, 2012) – Black Diamond, Inc. (NASDAQ: BDE) (the “Company” or “Black Diamond”), a leading global provider of outdoor recreation equipment and active lifestyle products, reported financial results for the fourth quarter and full year ended December 31, 2011.
Fourth Quarter 2011 Financial Highlights
|·||Sales increased 6% to $36.3 million;|
|·||Gross margin increased 100 basis points to 39.2%; and|
|·||Net income totaled $3.5 million or $0.16 per diluted share.|
Fourth Quarter 2011 Financial Results
Total sales in the fourth quarter of 2011 increased 6% to $36.3 million, compared to $34.2 million in the fourth quarter of 2010. The growth in sales was attributable to the release of a number of innovative products, as well as consistent execution in the sales and marketing efforts of existing products.
Gross margin in the fourth quarter of 2011 increased to 39.2%, compared to an adjusted gross margin of 38.2% in the year-ago quarter. The 100 basis point increase in gross margin was primarily due to a shift in mix toward higher margin products.
Net income in the fourth quarter of 2011 was $3.5 million or $0.16 per diluted share, compared to a net loss of $0.5 million or $(0.02) per diluted share in the year-ago quarter. Net income in the fourth quarter of 2011 included a $3.0 million benefit related to the release of the Company’s valuation allowance on its net operating loss (“NOL”) carryforwards set to expire in 2011 and $1.8 million of non-cash items. Excluding these items, adjusted net income before non-cash items in the fourth quarter of 2011 was $2.3 million or $0.10 per diluted share.
Adjusted EBITDA (earnings before interest, taxes, other income, depreciation, amortization, non-cash equity compensation and restructuring charges) in the fourth quarter of 2011 increased 6% to $2.8 million, compared to $2.6 million in the year-ago quarter. Adjusted EBITDA in the fourth quarter of 2011 excluded $0.6 million of non-cash equity compensation from EBITDA.
The following information was filed by Clarus Corp (CLAR) on Monday, March 5, 2012 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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