Revenue Est 48.69M was $48.8M
Earnings Est -0.03 was +0.02
- Total sales up 21% to $175.9 million;
- Adjusted gross margin increased 80 basis points to 39.5% compared to gross margin of 38.7%;
- Adjusted net income before non-cash items increased to $12.6M compared to $11.9M
- Adjusted EBITDA increased to $14.7M compared to $13.6M
Total sales in the fourth quarter of 2012 increased 34% to $48.8M compared to $36.3M in the 4Q12. The increase was primarily attributed to the contribution of POC Sweden AB (“POC”) as well as PIEPS Holding GmbH (“PIEPS”) and their respective subsidiaries, which were acquired in the second half of 2012. Total sales were reduced by $0.4 million of inventory repurchased and not recognized as revenue from Gregory Mountain Products’ (“Gregory”) Japanese distributor, Kabushiki Kaisha A&F (“A&F”), as part of the A&F distribution agreement.
Net income in the fourth quarter of 2012 was $0.5 million or $0.02 per diluted share compared to $3.5 million or $0.16 per diluted share in the year-ago quarter. Net income in the fourth quarter of 2012 included $0.4 million of non-cash items, $0.4 million in transaction-related costs, $0.1 million in restructuring costs, and $0.2 million in merger and integration costs.