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Clarus Reports Record First Quarter 2019 Results
– First Quarter Sales Increased 15% to a Record $61.2 Million –
– New $100 Million Cash Flow Facility Provides Increased Flexibility and Capacity in Driving Capital Allocation Strategy –
SALT LAKE CITY, Utah – May 6, 2019 – 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 first quarter ended March 31, 2019, and reiterated its financial outlook for 2019.
First Quarter 2019 Financial Highlights vs. Same Year-Ago Quarter
|·||Sales increased 15% to a record $61.2 million.|
|·||Gross margin increased 250 basis points to 36.0%.|
|·||Net income increased significantly to a record $3.8 million or $0.12 per diluted share, compared to $0.4 million or $0.01 per diluted share.|
|·||Adjusted net income before non-cash items increased 82% to a record $6.9 million or $0.23 per diluted share, compared to $3.8 million or $0.13 per diluted share.|
|·||Adjusted EBITDA increased 69% to a record $7.3 million and as a percentage of sales, adjusted EBITDA increased 370 basis points to 11.8%.|
|·||Free cash flow, defined as net cash provided by operating activities less capital expenditures, was $4.7 million.|
“The momentum of 2018 continued into the first quarter of 2019 with sales growth across every brand, category, geography, and channel,” stated John Walbrecht, president of Clarus. “This performance was the result of our continued dedication to product innovation, as well as better order fulfillment and effective marketing campaigns. This led to continued gross margin expansion and was combined with 350 basis points of selling, general, and administrative expense leverage, resulting in adjusted EBITDA margin increasing 370 basis points to 11.8%.
“A significant driver of our strong performance in the first quarter was the favorable winter weather that extended late into the season in both the U.S. and Europe, which drove 49% year-over-year growth within ski hardgoods. Aiding in this growth was the shipment of the new Black Diamond beacon product, which moved from the fourth quarter of last year into the first quarter of this year. Additionally, hardgoods in mountain and climb were both up 12%, further supporting a quarter that experienced solid performance across the board. Looking towards the remainder of the year, we are reiterating our 2019 financial outlook and I am confident in our team’s ability to successfully execute on our plan and continue to drive our brands forward.”
The following information was filed by Clarus Corp (CLAR) on Monday, May 6, 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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