Exhibit 99.1

 

 

 

Clarus Reports Record Third Quarter 2018 Results and Increases Full-Year Adjusted EBITDA Margin Outlook

 

– Sales up 22% to a Q3 Record $55.7 Million With Gross Margin up 230 Basis Points to 35.7% –

 

– Fiscal 2018 Sales Now Expected at Upper End of $205-210 Million Range, Adjusted EBITDA Margin Revised Upward to 9.5% –

 

SALT LAKE CITY, Utah – November 5, 2018

– Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a company focused on the outdoor and consumer industries, seeking opportunities to acquire and grow businesses that can generate attractive shareholder returns, reported financial results for the third quarter ended September 30, 2018.

 

Third Quarter 2018 Financial Highlights vs. Same Year-Ago Quarter

 

·Sales up 22% to a record $55.7 million.
·Gross margin up 230 basis points to 35.7%.
·Net income improved significantly to $4.1 million or $0.14 per share, compared to a net loss of $1.6 million or $(0.05) per share.
·Adjusted net income before non-cash items increased significantly to a record $7.0 million or $0.23 per share, compared to $2.9 million or $0.10 per share.
·Adjusted EBITDA improved significantly to a record of $7.1 million compared to $3.0 million.
·Repurchased 417,237 shares of the Company’s common stock for approximately $3.3 million, excluding fees and expenses, in connection with Clarus’ modified Dutch auction tender offer.
·Continued quarterly cash dividend of $0.025 per share ($0.10 per share on an annualized basis).

 

Management Commentary

 

“The record results of our third quarter continued to prove the momentum in our brands and reinforce that our strategy is gaining strength,” said John Walbrecht, president of Clarus. “We realized 12% growth from Black Diamond, driven by 17% growth in mountain, 14% growth in climb and a 40% increase in apparel, as well as 35% pro forma growth in Sierra. These results were due to our continued focus on product innovation and an accelerated go-to-market strategy, supported by strong order fulfillment.

 

“We leveraged these strong top-line results into even higher profitability growth and increased adjusted EBITDA by more than two-fold. In addition, we improved free cash flow for the nine months ended September 2018 by $24 million compared to the same period in 2017.

 

“We expect the momentum of our business to continue through 2018, supported by key product innovations across all of Black Diamond’s primary product categories, particularly within climb and apparel, and executing a go-to-market strategy at Sierra focused on new product introductions and consumer engagement.”

 

Third Quarter 2018 Financial Results

 

Sales in the third quarter of 2018 increased 22% to $55.7 million compared to $45.8 million in the same year-ago quarter. The increase was driven by an incremental $4.9 million in sales generated by Sierra, which was acquired on August 21, 2017, and continued strong growth across the Black Diamond® brand. On a constant currency basis, total sales were up 21%.

 

 Page 1 of 13

 

 

 

 

On a pro forma basis, as if Clarus owned Sierra during the entire third quarter of 2017, consolidated sales in the third quarter of 2018 increased 15%, comprised of 12% growth from Black Diamond and 35% growth from Sierra.

 

Gross margin increased 230 basis points to 35.7% compared to 33.4% in the year-ago quarter. The increase was primarily due to a favorable mix of higher margin products and distribution channels, the continued optimization of the Company’s sourcing strategy, and more normalized levels of discontinued merchandise.

 

Selling, general and administrative expenses in the third quarter increased to $15.8 million compared to $14.4 million in the year-ago quarter. The increase was due to strategic investments that seek to drive innovation and growth, as well as higher stock-based compensation and purchase accounting amortization expense associated with Sierra. Overall, the Company continued to prudently manage expenses given its revenue growth.

 

Net income in the third quarter improved significantly to $4.1 million or $0.14 per diluted share, compared to a net loss of $1.6 million or $(0.05) per diluted share in the year-ago quarter. Net income in the third quarter of 2018 included $2.8 million of non-cash items and minimal transaction and restructuring costs, compared to $2.7 million of non-cash items, $1.9 million in transaction costs and minimal restructuring costs in the third quarter of 2017.

 

Adjusted net income, which excludes the non-cash items, as well as transaction and restructuring costs, increased significantly to a record $7.0 million or $0.23 per diluted share, compared to $2.9 million or $0.10 per diluted share in the third quarter of 2017.

 

Adjusted EBITDA also increased significantly to a record $7.1 million compared to $3.0 million in the third quarter of 2017. As a percentage of sales, adjusted EBITDA increased approximately 500 basis points to 13% compared to 7% in the year-ago period.

 

Net cash provided by (used in) operating activities for the nine months ending September 30, 2018, and 2017 were $7.6 million and $(16.6) million, respectively. Capital expenditures for the first nine months of 2018 was $1.8 million compared to $1.9 million in the same period in 2017. Free cash flow, defined as net cash provided by operating activities less capital expenditures, during the first nine months of 2018 was $5.8 million compared to $(18.5) million in the same period in 2017.

 

At September 30, 2018, cash and cash equivalents totaled $3.0 million compared to $1.9 million at December 31, 2017. After multiple extensions and increasing the maximum price from $7.20 to $8.00, on July 12th, Clarus announced the results of its $7.5 million modified Dutch auction tender offer. Clarus accepted for purchase 417,237 shares of the Company’s common stock for an aggregate cost of approximately $3.3 million, excluding fees and expenses.

 

On August 6, 2018, the Company announced that its board of directors approved the initiation of a quarterly cash dividend program of $0.025 per share, or $0.10 per share on an annualized basis. On October 26, 2018, Clarus announced its quarterly dividend will be paid on November 16, 2018, to shareholders of record as of the close of business on November 2, 2018.

 

 Page 2 of 13

 

 

 

 

The Company’s debt balance at September 30, 2018, was $22.7 million compared to $20.8 million at December 31, 2017.

 

Increased 2018 Outlook

 

Clarus now expects fiscal year 2018 sales to come in at the upper end of its previously stated $205-$210 million range ($202-$207 million on a constant currency basis) compared to $170.7 million in 2017.

 

The Company also now expects adjusted EBITDA margin to be approximately 9.5% (8.5% in prior outlook), which includes $5 million of cash corporate overhead expenditures, compared to 3.6% in 2017.

 

Net Operating Loss (NOL)

 

The Company estimates that it has available NOL carryforwards for U.S. federal income tax purposes of approximately $157 million. The Company’s common stock is subject to a rights agreement dated February 7, 2008 that is intended to limit the number of 5% or more owners and therefore reduce the risk of a possible change of ownership under Section 382 of the Internal Revenue Code of 1986, as amended. Any such change of ownership under these rules would limit or eliminate the ability of the Company to use its existing NOLs for federal income tax purposes. However, there is no guaranty that the rights agreement will achieve the objective of preserving the value of the NOLs.

 

Conference Call

 

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its third quarter 2018 results.

 

Date: Monday, November 5, 2018 

Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time) 

Toll-free dial-in number: 1-877-511-3707 

International dial-in number: 1-786-815-8672 

Conference ID: 2286038 

 

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 1-949-574-3860. 

 

The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.claruscorp.com. 

 

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through November 19, 2018. 

 

Toll-free replay number: 1-855-859-2056 

International replay number: 1-404-537-3406 

Replay ID: 2286038

 

 Page 3 of 13

 

 

 

 

About Clarus Corporation

 

Clarus Corporation is focused on the outdoor and consumer industries, seeking opportunities to acquire and grow businesses that can generate attractive shareholder returns. The Company has substantial net operating tax loss carryforwards which it is seeking to redeploy to maximize shareholder value. Clarus’ primary business is as a leading developer, manufacturer and distributor of outdoor equipment and lifestyle products focused on the climb, ski, mountain, and sport categories. The Company’s products are principally sold under the Black Diamond®, Sierra® and PIEPS® brand names through specialty and online retailers, distributors and original equipment manufacturers throughout the U.S. and internationally. For additional information, please visit www.claruscorp.com or the brand websites at www.blackdiamondequipment.com, www.sierrabullets.com or www.pieps.com.

  

Use of Non-GAAP Measures

 

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release contains the non-GAAP measures: (i) adjusted gross margin and adjusted gross profit, (ii) net income (loss) before non-cash items and related income (loss) per diluted share, and adjusted net income (loss) before non-cash items and related income (loss) per diluted share, (iii) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), and adjusted EBITDA, and (iv) free cash flow. The Company believes that the presentation of certain non-GAAP measures, i.e.: (i) adjusted gross margin and adjusted gross profit, (ii) net income (loss) before non-cash items and related income (loss) per diluted share, and adjusted net income (loss) before non-cash items and related income (loss) per diluted share, (iii) EBITDA and adjusted EBITDA, and (iv) free cash flow, provide useful information for the understanding of its ongoing operations and enables investors to focus on period-over-period operating performance, and thereby enhances the user's overall understanding of the Company's current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures in the financial tables within this press release. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

 

Forward-Looking Statements

 

Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer demand on our products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to the manufacture and sale of bullets by our Sierra segment, and the possession and use of firearms and ammunition by our customers; the Company’s exposure to product liability or product warranty claims and other loss contingencies; stability of the Company's manufacturing facilities and suppliers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, our information systems; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; our ability to utilize our net operating loss carryforwards; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks; and the Company’s ability to declare a dividend. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.

 

 Page 4 of 13

 

 

 

 

Company Contact:

 

Warren B. Kanders

Executive Chairman

Tel 1-203-552-9600

warren.kanders@claruscorp.com

or

John C. Walbrecht

President

Tel 1-801-993-1344

john.walbrecht@claruscorp.com

or

Aaron J. Kuehne

Chief Administrative Officer and

Chief Financial Officer

Tel 1-801-993-1364

aaron.kuehne@claruscorp.com

 

Investor Relations:

 

Liolios

Cody Slach

Tel 1-949-574-3860

CLAR@liolios.com

  

 Page 5 of 13

 

 

 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share amounts)

    

   September 30, 2018   December 31, 2017 
Assets          
Current assets          
Cash  $3,005   $1,856 
Accounts receivable, less allowance for doubtful accounts of $495 and $382, respectively   39,295    35,817 
Inventories   60,840    58,138 
Prepaid and other current assets   4,362    3,633 
Income tax receivable   43    - 
Total current assets   107,545    99,444 
           
Property and equipment, net   22,971    24,345 
Other intangible assets, net   20,259    23,238 
Indefinite lived intangible assets   41,742    41,843 
Goodwill   18,090    17,745 
Other long-term assets   1,489    834 
Total assets  $212,096   $207,449 
           
Liabilities and Stockholders' Equity          
Current liabilities          
Accounts payable and accrued liabilities  $21,504   $19,456 
Income tax payable   248    328 
Current portion of long-term debt   41    - 
Total current liabilities   21,793    19,784 
           
Long-term debt   22,655    20,842 
Deferred income taxes   3,553    3,666 
Other long-term liabilities   101    175 
Total liabilities   48,102    44,467 
           
Stockholders' Equity          
Preferred stock, $.0001 par value; 5,000 shares authorized; none issued   -    - 
Common stock, $.0001 par value; 100,000 shares authorized; 33,244 and 32,917 issued and 29,850 and 30,041 outstanding, respectively   3    3 
Additional paid in capital   487,819    485,285 
Accumulated deficit   (307,378)   (310,390)
Treasury stock, at cost   (17,124)   (12,415)
Accumulated other comprehensive income   674    499 
Total stockholders' equity   163,994    162,982 
Total liabilities and stockholders' equity  $212,096   $207,449 

  

 Page 6 of 13

 

 

 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share amounts)

              

   Three Months Ended 
   September 30, 2018   September 30, 2017 
         
Sales          
Domestic sales  $26,168   $21,141 
International sales   29,518    24,633 
Total sales   55,686    45,774 
           
Cost of goods sold   35,829    30,490 
Gross profit   19,857    15,284 
           
Operating expenses          
Selling, general and administrative   15,773    14,431 
Restructuring charge   22    33 
Transaction costs   50    1,869 
           
Total operating expenses   15,845    16,333 
           
Operating income (loss)   4,012    (1,049)
           
Other (expense) income          
Interest expense, net   (303)   (71)
Other, net   102    213 
           
Total other (expense) income, net   (201)   142 
           
Income (loss) before income tax   3,811    (907)
Income tax (benefit) expense   (316)   676 
Net income (loss)  $4,127   $(1,583)
           
Net income (loss) per share:          
Basic  $0.14   $(0.05)
Diluted   0.14    (0.05)
           
Weighted average shares outstanding:          
Basic   29,739    30,017 
Diluted   30,166    30,017 

 

 Page 7 of 13

 

 

 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share amounts)

             

   Nine Months Ended 
   September 30, 2018   September 30, 2017 
         
Sales          
Domestic sales  $79,667   $59,474 
International sales   75,167    58,536 
Total sales   154,834    118,010 
           
Cost of goods sold   101,290    81,388 
Gross profit   53,544    36,622 
           
Operating expenses          
Selling, general and administrative   48,692    39,826 
Restructuring charge   86    116 
Transaction costs   383    1,869 
           
Total operating expenses   49,161    41,811 
           
Operating income (loss)   4,383    (5,189)
           
Other (expense) income          
Interest expense, net   (1,020)   (948)
Other, net   31    435 
           
Total other expense, net   (989)   (513)
           
Income (loss) before income tax   3,394    (5,702)
Income tax (benefit) expense   (359)   990 
Net income (loss)  $3,753   $(6,692)
           
Net income (loss) per share:          
Basic  $0.13   $(0.22)
Diluted   0.12    (0.22)
           
Weighted average shares outstanding:          
Basic   29,939    30,015 
Diluted   30,162    30,015 

  

 Page 8 of 13

 

 

 

 

CLARUS CORPORATION

RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT

AND ADJUSTED GROSS MARGIN

 

THREE MONTHS ENDED

 

    September 30, 2018       September 30, 2017
                 
Gross profit as reported   $                          19,857   Gross profit as reported   $                          15,284
Plus impact of inventory fair value adjustment                                      -      Plus impact of inventory fair value adjustment                                   420
Adjusted gross profit   $                          19,857   Adjusted gross profit   $                          15,704
                 
Gross margin as reported     35.7%   Gross margin as reported     33.4%
                 
Adjusted gross margin     35.7%   Adjusted gross margin     34.3%

 

NINE MONTHS ENDED

 

    September 30, 2018       September 30, 2017
                 
Gross profit as reported   $                          53,544   Gross profit as reported   $                          36,622
Plus impact of inventory fair value adjustment                                1,049   Plus impact of inventory fair value adjustment                                   420
Adjusted gross profit   $                          54,593   Adjusted gross profit   $                          37,042
                 
Gross margin as reported     34.6%   Gross margin as reported     31.0%
                 
Adjusted gross margin     35.3%   Adjusted gross margin     31.4%

  

 Page 9 of 13

 

 

 

 

CLARUS CORPORATION

RECONCILIATION FROM NET INCOME (LOSS) TO NET INCOME BEFORE NON-CASH ITEMS, ADJUSTED

NET INCOME BEFORE NON-CASH ITEMS AND RELATED EARNINGS PER DILUTED SHARE

(In thousands, except per share amounts)

                         

   Three Months Ended 
   September 30, 2018  

Per Diluted

Share

   September 30, 2017  

Per Diluted

Share

 
                 
                 
Net income (loss)  $4,127   $0.14   $(1,583)  $(0.05)
                     
Amortization of intangibles   965    0.03    648    0.02 
Depreciation   1,106    0.04    725    0.02 
Amortization of debt issuance costs   64    0.00    11    0.00 
Stock-based compensation   912    0.03    387    0.01 
Loss (gain) from removal of accumulated translation adjustment   131    0.00    (68)   (0.00)
Inventory fair value of purchase accounting   -    -    420    0.01 
Income tax (benefit) expense   (316)   (0.01)   676    0.02 
Cash paid for income taxes   (50)   (0.00)   (56)   (0.00)
                     
Net income before non-cash items  $6,939   $0.23   $1,160   $0.04 
                     
Restructuring charge   22    0.00    33    0.00 
Transaction costs   50    0.00    1,869    0.06 
State cash taxes on adjustments   (2)   (0.00)   (79)   (0.00)
AMT cash taxes on adjustments   (1)   (0.00)   (36)   (0.00)
                     
Adjusted net income before non-cash items  $7,008   $0.23   $2,947   $0.10 

  

 Page 10 of 13

 

 

 

 

CLARUS CORPORATION

RECONCILIATION FROM NET INCOME (LOSS) TO NET INCOME (LOSS) BEFORE NON-CASH ITEMS, ADJUSTED

NET INCOME BEFORE NON-CASH ITEMS AND RELATED EARNINGS PER DILUTED SHARE

(In thousands, except per share amounts)

                          

   Nine Months Ended 
   September 30, 2018   Per Diluted
Share
   September 30, 2017   Per Diluted
Share
 
                 
                 
Net income (loss)  $3,753   $0.12   $(6,692)  $(0.22)
                     
Amortization of intangibles   2,902    0.10    1,183    0.04 
Depreciation   3,314    0.11    1,830    0.06 
Accretion of note discount   -    -    833    0.03 
Amortization of debt issuance costs   371    0.01    11    0.00 
Stock-based compensation   2,067    0.07    729    0.02 
Loss (gain) from removal of accumulated translation adjustment   172    0.01    (149)   (0.00)
Inventory fair value of purchase accounting   1,049    0.03    420    0.01 
Income tax (benefit) expense   (359)   (0.01)   990    0.03 
Cash paid for income taxes   (296)   (0.01)   (946)   (0.03)
                     
Net income (loss) before non-cash items  $12,973   $0.43   $(1,791)  $(0.06)
                     
Restructuring charge   86    0.00    116    0.00 
Transaction costs   383    0.01    1,869    0.06 
State cash taxes on adjustments   (14)   (0.00)   (83)   (0.00)
AMT cash taxes on adjustments   (9)   (0.00)   (38)   (0.00)
                     
Adjusted net income before non-cash items  $13,419   $0.44   $73   $0.00 

  

 Page 11 of 13

 

 

 

 

 

  CLARUS CORPORATION

  RECONCILIATION FROM NET INCOME (LOSS) TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), AND ADJUSTED EBITDA

  (In thousands)

                

   Three Months Ended 
   September 30, 2018   September 30, 2017 
         
         
Net income (loss)  $4,127   $(1,583)
           
Income tax (benefit) expense   (316)   676 
Other, net   (102)   (213)
Interest expense, net   303    71 
           
Operating income (loss)   4,012    (1,049)
           
Depreciation   1,106    725 
Amortization of intangibles   965    648 
           
EBITDA  $6,083   $324 
           
Restructuring charge   22    33 
Transaction costs   50    1,869 
Inventory fair value of purchase accounting   -    420 
Stock-based compensation   912    387 
           
Adjusted EBITDA  $7,067   $3,033 

  

 Page 12 of 13

 

 

 

 

 

  CLARUS CORPORATION

  RECONCILIATION FROM NET INCOME (LOSS) TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), AND ADJUSTED EBITDA

  (In thousands)

                

   Nine Months Ended 
   September 30, 2018   September 30, 2017 
         
         
Net income (loss)  $3,753   $(6,692)
           
Income tax (benefit) expense   (359)   990 
Other, net   (31)   (435)
Interest expense, net   1,020    948 
           
Operating income (loss)   4,383    (5,189)
           
Depreciation   3,314    1,830 
Amortization of intangibles   2,902    1,183 
           
EBITDA  $10,599   $(2,176)
           
Restructuring charge   86    116 
Transaction costs   383    1,869 
Inventory fair value of purchase accounting   1,049    420 
Stock-based compensation   2,067    729 
           
Adjusted EBITDA  $14,184   $958 

 

 Page 13 of 13

 

 

 

 


The following information was filed by Clarus Corp (CLAR) on Monday, November 5, 2018 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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Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
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Remove data columns and navigations in order to see much more filing content and tables in one view

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Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
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Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

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Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
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Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

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FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
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Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
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Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

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Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
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Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

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Financial Ratios
Available Financial Ratios
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