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.

 

 

At December 31, 2011, cash and cash equivalents totaled $2.4 million, compared to $2.8 million at December 31, 2010. Total long-term debt including the current portion of long-term debt was $38.1 million at December 31, 2011, which included $22.4 million outstanding on the Company’s $35 million line of credit. The level of usage of the Company’s line of credit is primarily driven by seasonality and working capital needs.

 

Stockholders’ equity was $172.2 million or $7.90 per share based on 21.8 million shares of common stock outstanding as of December 31, 2011.

 

On February 22, 2012, the Company closed a public offering for 8.9 million shares of its common stock, realizing net proceeds of $63.4 million. Black Diamond plans to use the proceeds for general corporate purposes, including repayment of debt, capital expenditures and potential acquisitions. On February 22, 2012, the Company reduced its outstanding balance on its revolving credit facility with Zions Bank to $0, leaving $35.0 million of available capacity. After reducing its credit facility, the Company has approximately $34.5 million in cash, with approximately 30.7 million shares of common stock outstanding.

 

Full Year 2011 Financial Results

 

Total sales in 2011 increased 17% to $145.8 million, compared to pro forma sales of $125.0 million for the full year 2010. The pro forma prior year sales include the results of Black Diamond Equipment and Gregory Mountain Products prior to their acquisitions by the Company on May 28, 2010. The growth in sales was supported by the introduction of new and innovative products and consistent execution in sales and marketing of existing products, as previously mentioned.

 

Gross margin in 2011 increased to 38.7%, compared to pro forma adjusted gross margin of 38.6% reported in 2010. The 10 basis point increase in gross margin was primarily due to a shift in mix toward higher margin products, as previously discussed.

 

Net income in 2011 was $4.9 million or $0.22 per diluted share, which includes the $3.0 million tax accounting benefit as previously discussed, compared to net income of $51.2 million or $2.56 per diluted share in 2010, which included a $65 million benefit related to a partial release of the Company’s valuation allowance on its NOL carryforwards. Net income in 2011 included $6.0 million of non-cash items and $1.0 million in restructuring charges related primarily to the relocation of Gregory Mountain Products to the Company’s headquarters in Salt Lake City. Excluding these items, adjusted net income before non-cash items in 2011 was $11.9 million or $0.54 per diluted share.

 

Adjusted EBITDA in 2011 was $13.6 million, which excluded $3.1 million of non-cash equity compensation and $1.0 million of restructuring charges.

 

Management Commentary

 

“Our diverse collection of new and innovative outdoor performance and lifestyle products helped deliver another year of record results,” said Peter Metcalf, president and CEO of Black Diamond. “These results were also supported by solid execution in sales and marketing and the investment in our global operational platform. We believe Black Diamond is a brand leader in nearly every category of hard goods and accessories in which we compete and the operational investments we plan to continue making in 2012 will allow our brand awareness and market share to expand globally.

 

 

“As we move through 2012, we believe we are in a strong position to sustain our organic growth through product innovation and further capture macro active lifestyle trends currently working in our favor. In addition, the February 2012 closing of our $63.4 million common stock offering is the first incremental equity capital that Black Diamond has raised since its Predecessor was created in 1989, and we plan to deploy it thoughtfully toward our strategic objectives, including our expected fall 2013 apparel launch and acquisition strategy. We are certainly optimistic about our prospects for the future and believe the steps we have taken in 2011 and early in 2012 further positions Black Diamond as the ‘acquirer of choice’ in the outdoor performance products market.”

 

2012 Outlook

 

As previously disclosed on the Company’s fourth quarter and full year 2011 pre-announcement press release issued and effective February 6, 2012, Black Diamond expects fiscal year 2012 sales to range between $160-$165 million, which does not include new category launches or the impact from possible strategic acquisitions. The Company expects gross margins for fiscal year 2012 to be consistent with fiscal year 2011. The Company also expects its first half 2012 sales to range between $76-$79 million, which represents an increase in sales between 13%-17% over the same year-ago period.

 

Net Operating Loss (NOL)

 

The Company estimates that it has available net operating loss (“NOL”) carryforwards for U.S. federal income tax purposes of approximately $217.1 million. The Company’s common stock is subject to a Rights Agreement dated February 7, 2008, intended to assist in limiting the number of 5% or more owners and thus reduce the risk of a possible “change of ownership” under Section 382 of the Code. 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. There is no guaranty, however, that the Rights Agreement will achieve the objective of preserving the value of the NOLs.

 

Conference Call

 

Black Diamond will hold a conference call today at 4:30 p.m. Eastern time to discuss its fourth quarter and full year 2011 results. The Company’s President and CEO Peter Metcalf and CFO Robert Peay will host the conference call, followed by a question and answer period.

 

Date: Monday, March 5, 2012

Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

Dial-In Number: 1-877-941-1427

International: 1-480-629-9664

Conference ID#: 4517829

 

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 Group at 1-949-574-3860.

 

The conference call will be broadcast live and available for replay at http://viavid.net/dce.aspx?sid=00009414 and via the investor relations section at www.blackdiamond-inc.com.

 

 

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day and until March 19, 2012.

 

Toll-free replay number: 1-877-870-5176

International replay number: 1-858-384-5517

Replay pin number: 4517829

 

About Black Diamond, Inc.

 

Black Diamond, Inc. is a global leader in the design, manufacturing and marketing of innovative active outdoor performance products for climbing, mountaineering, backpacking, skiing and other active outdoor recreation activities for a wide range of year-round use. The Company's principal brands, Black Diamond® and Gregory™, are iconic in the active outdoor industry and linked intrinsically with the modern history of these sports. Black Diamond is synonymous with performance, innovation, durability and safety that the climbing, mountaineering, skiing and backpacking communities rely on and embrace in their active lifestyle. Headquartered in Salt Lake City at the base of the Wasatch Mountains, the Company's products are created and tested on some of the best alpine peaks, crags and trails in the world. These close connections to the Black Diamond lifestyle enhance the authenticity of the Company's brands, inspire product innovation and strengthen customer loyalty. The Company's products are sold by leading specialty retailers in the U.S. and 50 countries around the world. For additional information, please visit the Company's websites at www.blackdiamond-inc.com, www.blackdiamondequipment.com, or www.gregorypacks.com.

 

Statement Regarding the Presentation of Results

 

The Company, formerly named Clarus Corporation, closed its acquisitions of Black Diamond Equipment and Gregory Mountain Products on May 28, 2010. Black Diamond Equipment is considered the Predecessor of the Company for financial reporting purposes. The prior year combined financial results for the three-month period ended June 30, 2010 represent the results of the Company and the Predecessor but exclude the results of Gregory Mountain Products. The Company believes prior year pro forma results, which include the Company, Black Diamond Equipment and Gregory Mountain Products for the full three-month period ending June 30, 2010 are the most useful and instructive comparison, particularly pro forma sales and pro forma gross margin.

 

Use of Non-GAAP Measures

 

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The earnings press release contains the non-GAAP measures: (i) combined and pro forma sales, (ii) combined, combined adjusted, and pro forma adjusted gross profit and gross margin, (iii) net income before non-cash items and related earnings per diluted share, and adjusted net income before non-cash items and related earnings per diluted share, and (iv) earnings before interest, taxes, other income, depreciation and amortization (“EBITDA”) and adjusted EBITDA. The Company also believes that presentation of certain non-GAAP measures, i.e.: (i) combined and pro forma sales, (ii) combined, combined adjusted, and pro forma adjusted gross profit and gross margin, (iii) net income before non-cash items and related earnings per diluted share, and adjusted net income before non-cash items and related earnings per diluted share, and (iv) EBITDA and adjusted EBITDA, 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, to the nearest GAAP measures, a better 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 spending on our products; general economic conditions and other factors affecting consumer confidence; disruption and volatility in the global capital and credit markets; the financial strength of the Company's customers; the Company's ability to implement its growth strategy; the Company's ability to successfully integrate and grow acquisitions; the Company's ability to maintain the strength and security of its information technology systems; stability of the Company's manufacturing facilities and foreign suppliers; the Company's ability to protect trademarks and other intellectual property rights; fluctuations in the price, availability and quality of raw materials and contracted products; foreign currency fluctuations; our ability to utilize our net operating loss carryforwards; and legal, regulatory, political and economic risks in international markets. 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 release are based upon information available to the Company as of the date of this 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.

 

 

BLACK DIAMOND, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

		December 31, 2011				December 31, 2010
Assets
Current Assets
Cash and cash equivalents		$	2,400			$	2,767
Accounts receivable, less allowance for doubtful
accounts of $326 and $353, respectively			22,718				20,293
Inventories			47,137				34,942
Prepaid and other current assets			2,472				2,527
Income tax receivable			-				376
Deferred income taxes			2,270				1,698
Total Current Assets			76,997				62,603
Property and equipment, net			14,019				14,740
Definite lived intangible assets, net			16,108				17,439
Indefinite lived intangible assets			32,650				32,650
Goodwill			38,226				38,226
Deferred income taxes			48,429				45,957
Other long-term assets			1,298				1,064
TOTAL ASSETS		$	227,727			$	212,679
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable and accrued liabilities		$	16,090			$	19,208
Income Tax Payable			254				-
Current portion of long-term debt			673				308
Total Current Liabilities			17,017				19,516
Long-term debt			37,397				29,456
Other long-term liabilities			1,139				785
TOTAL LIABILITIES			55,553				49,757
Stockholders' Equity
Preferred stock, $.0001 par value; 5,000
shares authorized; none issued			-				-
Common stock, $.0001 par value; 100,000 shares authorized;
21,839 and 21,814 issued and 21,764 and 21,739 outstanding			2				2
Additional paid in capital			402,716				399,475
Accumulated deficit			(233,286	)			(238,178	)
Treasury stock, at cost			(2	)			(2	)
Accumulated other comprehensive income			2,744				1,625
TOTAL STOCKHOLDERS' EQUITY			172,174				162,922
TOTAL LIABILITIES AND EQUITY		$	227,727			$	212,679

 

 

BLACK DIAMOND, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

		THREE MONTHS ENDED
		December 31, 2011				December 31, 2010
Sales
Domestic sales		$	18,143			$	14,880
International sales			18,196				19,342
Total sales			36,339				34,222
Cost of goods sold			22,090				21,833
Gross profit			14,249				12,389
Operating expenses
Selling, general and administrative			13,409				12,245
Restructuring charge			-				693
Merger and integration			-				106
Total operating expenses			13,409				13,044
Operating income (loss)			840				(655	)
Other (expense) income
Interest expense			(764	)			(743	)
Interest income			1				1
Other, net			82				479
Total other expense, net			(681	)			(263	)
Income (loss) before income tax			159				(918	)
Income tax (benefit)			(3,369	)			(464	)
Net income (loss)		$	3,528			$	(454	)
Earnings (loss) per share:
Basic		$	0.16			$	(0.02	)
Diluted			0.16				(0.02	)
Weighted average shares outstanding:
Basic			21,856				21,831
Diluted			22,082				21,992

 

 

BLACK DIAMOND, INC.

CONDENSED CONSOLIDATED COMBINED STATEMENTS OF OPERATIONS

(UNAUDITED)

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

		TWELVE MONTHS				TWELVE MONTHS				FIVE MONTHS				TWELVE MONTHS
		ENDED				ENDED				ENDED				ENDED
										Predecessor Company				Combined
		December 31, 2011				December 31, 2010				May 28, 2010				December 31, 2010
Sales
Domestic sales		$	62,813			$	32,972			$	15,751			$	48,723
International sales			82,962				42,940				19,192				62,132
Total sales			145,775				75,912				34,943				110,855
Cost of goods sold			89,423				52,180				21,165				73,345
Gross profit			56,352				23,732				13,778				37,510
Operating expenses
Selling, general and administrative			50,493				31,208				12,138				43,346
Restructuring charge			993				2,842				-				2,842
Merger and integration			-				974				-				974
Transaction costs			-				5,075				-				5,075
Total operating expenses			51,486				40,099				12,138				52,237
Operating income (loss)			4,866				(16,367	)			1,640				(14,727	)
Other (expense) income
Interest expense			(2,921	)			(1,723	)			(165	)			(1,888	)
Interest income			32				46				3				49
Other, net			227				(995	)			1,803				808
Total other (expense) income, net			(2,662	)			(2,672	)			1,641				(1,031	)
Income (loss) before income tax			2,204				(19,039	)			3,281				(15,758	)
Income tax (benefit) expense			(2,688	)			(70,229	)			966				(69,263	)
Net income		$	4,892			$	51,190			$	2,315			$	53,505
Earnings per share:
Basic		$	0.22			$	2.58
Diluted			0.22				2.56
Weighted average shares outstanding:
Basic			21,845				19,815
Diluted			22,046				20,022

  

 

BLACK DIAMOND, INC.

RECONCILIATION FROM SALES TO COMBINED AND PRO FORMA SALES

(IN THOUSANDS)

 

TWELVE MONTHS ENDED

 

		December 31, 2011					December 31, 2010
					Sales as reported		$	75,912
					Sales for Predecessor Company five months ended May 28, 2010			34,943
					Combined sales			110,855
					Sales for Gregory five months ended May 28, 2010			14,161
Sales as reported		$	145,775		Pro forma sales		$	125,016
Sales growth			16.6	%

 

 

 

BLACK DIAMOND, INC.

RECONCILIATION FROM GROSS PROFIT TO COMBINED, COMBINED ADJUSTED AND PRO FORMA ADJUSTED GROSS PROFIT

AND COMBINED, COMBINED ADJUSTED AND PRO FORMA ADJUSTED GROSS MARGIN

(IN THOUSANDS)

 

THREE MONTHS ENDED

 

		December 31, 2011					December 31, 2010
					Consolidated gross profit as reported		$	12,389
					Plus inventory fair value of purchase accounting			676
Gross profit as reported		$	14,249		Adjusted gross profit		$	13,065
					Gross margin			36.2	%
Gross margin as reported			39.2	%	Adjusted gross margin			38.2	%

  

TWELVE MONTHS ENDED

 

			December 31, 2011					December 31, 2010
					Gross profit as reported		$	23,732
					Gross profit Predecessor Company five months ended May 28, 2010			13,778
					Combined gross profit			37,510
					Plus inventory fair value of purchase accounting			4,997
					Combined adjusted gross profit			42,507
					Gross profit for Gregory five months ended May 28, 2010			5,798
Gross profit as reported		$	56,352		Pro forma adjusted gross profit		$	48,305
					Combined gross margin			33.8	%
					Combined adjusted gross margin			38.3	%
Gross margin as reported			38.7	%	Pro forma adjusted gross margin			38.6	%

 

 

BLACK DIAMOND, INC.

RECONCILIATION FROM NET INCOME 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
						Per Diluted								Per Diluted
		December 31, 2011				Share				December 31, 2010				Share
Net (loss) income		$	3,528			$	0.16			$	(454	)		$	(0.02	)
Amortization of intangibles			333				0.02				333				0.02
Depreciation			993				0.04				762				0.03
Accretion of note discount			238				0.01				260				0.01
Non-cash equity compensation			588				0.03				686				0.03
Non-cash expense of inventory step up			-				-				676				0.03
Income tax (benefit)			(3,369	)			(0.15	)			(464	)			(0.02	)
Cash paid for income taxes			-				-				334				0.02
Net income before non-cash items		$	2,311			$	0.10			$	2,133			$	0.10
Restructuring charge			-				-				693				0.03
Merger and integration			-				-				106				0.00
State cash taxes on adjustments			-				-				(40	)			(0.00	)
AMT cash taxes on adjustments			-				-				(15	)			(0.00	)
Adjusted net income before non-cash items		$	2,311			$	0.10			$	2,877			$	0.13

 

 

 

BLACK DIAMOND, INC.

RECONCILIATION FROM NET INCOME 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)

 

		TWELVE MONTHS								TWELVE MONTHS				FIVE MONTHS				TWELVE MONTHS
		ENDED								ENDED				ENDED				ENDED
		Consolidated				Per								Predecessor				Combined				Per
		December 31, 2011				Diluted Share				December 31, 2010				Company May 28, 2010				December 31, 2010				Diluted Share
Net income		$	4,892			$	0.22			$	51,190			$	2,315			$	53,505			$	2.67
Amortization of intangibles			1,331				0.06				776				2				778				0.04
Depreciation			3,351				0.15				1,933				865				2,798				0.14
Accretion of note discount			993				0.05				596				17				613				0.03
Non-cash equity compensation			3,091				0.14				5,109				375				5,484				0.27
Non-cash expense of inventory step up			-				-				4,997				-				4,997				0.25
Income tax (benefit) expense			(2,688	)			(0.12	)			(70,229	)			966				(69,263	)			(3.46	)
Cash paid for income taxes			46				0.00				(1,239	)			(596	)			(1,835	)			(0.09	)
Net income (loss) before non-cash items		$	11,016			$	0.50			$	(6,867	)		$	3,944			$	(2,923	)		$	(0.15	)
Restructuring charge			993				0.05				2,842				-				2,842				0.14
Merger and integration			-				-				974				-				974				0.05
Transaction costs			-				-				5,075				-				5,075				0.25
State cash taxes on adjustments			(50	)			(0.00	)			(445	)			-				(445	)			(0.02	)
AMT cash taxes on adjustments			(19	)			(0.00	)			(169	)			-				(169	)			(0.01	)
Adjusted net income before non-cash items		$	11,940			$	0.54			$	1,410			$	3,944			$	5,354			$	0.27

 

 

BLACK DIAMOND, INC.

RECONCILIATION FROM NET INCOME TO EARNINGS BEFORE INTEREST,

TAXES, OTHER INCOME, DEPRECIATION AND AMORTIZATION (EBITDA)

AND ADJUSTED EBITDA

(IN THOUSANDS)

 

		THREE MONTHS ENDED
		December 31, 2011				December 31, 2010
Net income (loss)		$	3,528			$	(454	)
Income tax (benefit)			(3,369	)			(464	)
Other, net			(82	)			(479	)
Interest income			(1	)			(1	)
Interest expense			764				743
Operating income (loss)			840				(655	)
Depreciation			993				762
Amortization of intangibles			333				333
EBITDA		$	2,166			$	440
Restructuring charge			-				693
Merger and integration			-				106
Non-cash expense of inventory step up			-				676
Non-cash equity compensation			588				686
Adjusted EBITDA		$	2,754			$	2,601

 

 

BLACK DIAMOND, INC.

RECONCILIATION FROM NET INCOME TO EARNINGS BEFORE INTEREST, TAXES, OTHER INCOME,

DEPRECIATION AND AMORTIZATION (EBITDA), AND ADJUSTED EBITDA

(IN THOUSANDS)

 

		TWELVE MONTHS				TWELVE MONTHS				FIVE MONTHS				TWELVE MONTHS
		ENDED				ENDED				ENDED				ENDED
										Predecessor
		Consolidated								Company				Combined
		December 31, 2011				December 31, 2010				May 28, 2010				December 31, 2010
Net income		$	4,892			$	51,190			$	2,315			$	53,505
Income tax (benefit) expense			(2,688	)			(70,229	)			966				(69,263	)
Other, net			(227	)			995				(1,803	)			(808	)
Interest income			(32	)			(46	)			(3	)			(49	)
Interest expense			2,921				1,723				165				1,888
Operating income (loss)			4,866				(16,367	)			1,640				(14,727	)
Depreciation			3,351				1,933				865				2,798
Amortization of intangibles			1,331				776				2				778
EBITDA		$	9,548			$	(13,658	)		$	2,507			$	(11,151	)
Restructuring charge			993				2,842				-				2,842
Merger and integration			-				974				-				974
Transaction costs			-				5,075				-				5,075
Non-cash expense of inventory step up			-				4,997				-				4,997
Non-cash equity compensation			3,091				5,109				375				5,484
Adjusted EBITDA		$	13,632			$	5,339			$	2,882			$	8,221

 

 

Company Contact:

 

Warren B. Kanders

Executive Chairman

Tel 1-203-428-2000

warren.kanders@bdel.com

or

Peter Metcalf

Chief Executive Officer

Tel 1-801-278-5552

peter.metcalf@bdel.com

 

Investor Relations:

 

Liolios Group, Inc.

Scott Liolios or Cody Slach

Tel 1-949-574-3860

BDE@liolios.com