BD, Gregory parent posts Q3 results
With the acquisition of Black Diamond Equipment and Gregory Mountain Products completed in late May, Clarus Corp. (Nasdaq: BDE) reported a 9.7-percent increase in third-quarter consolidated sales.
For the quarter ended Sept. 30, consolidated sales were $33.9 million, compared to combined sales of $25.6 million and pro forma sales of $30.9 million during the same period last year. Combined sales included Clarus and Black Diamond, but did not include operating results for Gregory.
Consolidated sales grew 9.7 percent versus pro forma sales of $30.9 million, and include the combined results plus Gregory.
The company said a number of merger and integration costs significantly affected the company’s results for the period.
Consolidated gross profit and gross profit margins for the third quarter of 2010 were $9.5 million and 28.1 percent, respectively.
The company’s net loss was $3.3 million, or $0.15 per share, for the third quarter. Excluding non-cash items of $4.3 million, the company said net income was income of $1.0 million, or $0.05 per diluted share. Excluding various merger costs of $1.1 million, the company’s income was $2.1 million, or $0.10 per diluted share.
For the full fiscal year, the company said it expects pro forma sales to range between $120 million and $125 million. It also anticipates the costs associated with the Black Diamond and Gregory acquisitions to decrease substantially and finalized early in the first quarter of 2011.
Thule acquires TracRac
The Thule Group said it has acquired TracRac, a manufacturer of cargo management system products. Terms of the deal were not disclosed.
The acquisition is in line with the company’s overall strategy to further increase the group’s presence in product categories around transporting equipment for professional tradesman, as well for private use in different outdoor segments, Thule said.
“The acquisition of TracRac Inc. will complement our current UWS and DeWALT branded products designed for the professional contractor segment,” said Fred Clark, president of Thule, in a statement.
Headquartered in Fall River, Mass., TracRac has been making branded truck racks and accessories for professionals and sports enthusiasts in the United States since 1995.
Columbia Sportswear declares special cash dividend
Columbia Sportswear (Nasdaq: COLM), parent of Mountain Hardwear and Montrail, said its board of directors approved a special cash dividend of $1.50 per share.
The company said the total payout would be about $51 million.
The dividend is payable on Dec. 6 to shareholders of record on Nov. 22.
Appeal related to Amer Sports’ discontinued tobacco business dropped
Two people who brought claims for damages against Amer Sports in 2005 in connection with its discontinued tobacco business have withdrawn their petition to appeal in court, including the Supreme Court, the company reported. Amer Sports is the parent of Arc’Teryx, Salomon and Suunto.
The judgment passed by the Helsinki Court of Appeal on May 31, 2010, is the final ruling on the matter, it said. The court also dismissed all claims for damages against Amer Sports, it added.
In 2008, the Helsinki District Court has dismissed all the claims made by the plantiffs, which included claims for damages and legal costs from Amer Sports, its subsidiary Amerintie 1 Oy (previously Amer-Tupakka Oy) and another tobacco manufacturer. The Court of Appeal did not amend any of those judgments, according to Amer Sports.
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.outsidebusinessjournal.com/cgi-bin/snews/stock_report.html.