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CamelBak reported a 23.2 percent jump in revenue for the first quarter 2012 as its hydration products performed well, despite a drop in its gloves, accessories and military business.
The Petaluma, Calif.-based hydration and pack brand reported its latest results on Wednesday, as part the earnings for its parent company, Compass Diversified Holdings (NYSE: CODI).
CamelBak recorded $40.2 million in sales fro the first quarter, compared to $32.6 million a year ago. As part of that $7.6 million increase, CamelBak’s Hydration Systems rose by $7.1 million, Bottles gained $2.3 million, offset by a $2.1 million decline in Gloves and $100,000 drop in Accessories.
The early and warm spring helped CamelBak, which saw its hydration and bottles business grow to from 74 to 84 percent of sales, by product category. Cuts in defense budgets led the company’s military sales to shrink from 39 to 35 percent of sales, by customer category.
CamelBak’s quarterly operating income increased to $7.1. million, versus $4.1 million a year ago. All previous year comparisons are pro forma, as Compass acquired a controlling interest (90 percent) of CamelBak in August 2011 for $258.6 million.
Overall, Compass reported the combined sales of its diversified businesses up 31 percent to $232.4 million. It’s net income swung to a profit of $900,000 versus a net loss of $6.6 million a year ago.