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Clarus Reports Second Quarter 2019 Results
SALT LAKE CITY, Utah – August 5, 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 second quarter ended June 30, 2019, and reiterated its financial outlook for 2019.
Second Quarter 2019 Financial Summary vs. Same Year-Ago Quarter
|·||Sales increased 2% to $47.0 million.|
|·||Gross margin was 34.0% compared to 34.6%.|
|·||Net loss was $(0.7) million or $(0.02) per basic and diluted share, compared to $(0.8) million or $(0.03) per basic and diluted share.|
|·||Adjusted net income before non-cash items was $1.5 million or $0.05 per diluted share, compared to $2.6 million or $0.09 per diluted share.|
|·||Adjusted EBITDA was $1.6 million compared to $2.8 million.|
“Our results in the second quarter capped an excellent first half season, with sales up 9% for the first six months of the year,” said John Walbrecht, president of Clarus. “We also continued to drive operational improvements and profitability gains across the business, with adjusted EBITDA margin in the first six months of 2019 increasing 100 basis points to 8.2%.
“The momentum at Black Diamond® continued to produce strong results, as brand sales were up 8% in the second quarter and 13% for the first six months of the year driven by gains across all categories and channels. This momentum was despite the protracted winter throughout the majority of our core markets, which impacted spring product sell-through and at-once orders.
“Also, and as expected, sales at Sierra® were affected by the headwinds facing the overall bullet and ammunition market. Irrespective of market dynamics, we are continuing to deploy our ‘innovate and accelerate’ strategy and expect to drive further market share gains through overall brand strength and awareness, as well as Sierra’s compelling product offering.
“We expect the second half of 2019 to be fueled by continued product innovation across Black Diamond with over 150 new products slated to release this fall across footwear, apparel, snow safety, gloves and skis. The initial reaction to our offering has been highly positive and will be supported by a comprehensive marketing campaign aimed at bringing new consumers into the brand, while still resonating with our core consumer. Looking ahead, the improvements we have and expect to continue to make at Black Diamond, as well as the fundamental brand strength at Sierra, are our key focus areas for growth and driving long-term shareholder value creation.”
Second Quarter 2019 Financial Results
Sales in the second quarter increased 2% to $47.0 million compared to $45.9 million in the same year-ago quarter. The increase was driven by 8% growth in Black Diamond, partially offset by a 16% decline in Sierra. The year-over-year decline was expected due to headwinds in the bullet and ammunition industry. On a constant currency basis, total sales were up 3%.
The following information was filed by Clarus Corp (CLAR) on Monday, August 5, 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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