Business
Clarus Reports Fourth Quarter and Full Year 2019 Results
− Fourth Quarter Sales Increased 7% to $61.0 Million With Net Income of $12.4 Million, or $0.40 per Diluted Share − − Expects Full Year 2020 Sales and
About this update from Clarus Corporation
[{"type":"text","content":"− Fourth Quarter Sales Increased 7% to $61.0 Million With Net Income of $12.4 Million, or $0.40 per Diluted Share −\n − Expects Full Year 2020 Sales and Adjusted EBITDA to Grow Approximately 6% to $244 Million and $24 Million, Respectively − SALT LAKE CITY, Utah, March 09, 2020 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a company focused on the outdoor and consumer industries, reported financial results for the fourth quarter and full year ended December 31, 2019. Fourth Quarter 2019 Financial Summary vs. Same Year‐Ago Quarter Sales increased 7% to $61.0 million.Gross margin was 35.5% compared to 35.6%.Net income increased to $12.4 million, or $0.40 per diluted share, compared to $3.5 million, or $0.12 per diluted share. The fourth quarter of 2019 included a $10.4 million net benefit associated with the partial release of the Company’s valuation allowance on its deferred tax assets.Adjusted net income before non‐cash items increased 16% to $6.8 million, or $0.22 per diluted share, compared to $5.9 million, or $0.19 per diluted share.Adjusted EBITDA increased 6% to $7.0 million compared to $6.6 million.At December 31, 2019, cash and cash equivalents totaled $1.7 million compared to $2.5 million at December 31, 2018, and debt was $22.7 million compared to $22.1 million at December 31, 2018. 2019 Financial Summary vs. 2018 Sales increased 8% to $229.4 million.Gross margin increased slightly to 35.0% compared to 34.9%.Net income increased significantly to $19.0 million, or $0.61 per diluted share, compared to $7.3 million, or $0.24 per diluted share.Adjusted net income before non‐cash items increased 10% to $21.3 million, or $0.69 per diluted share, compared to $19.3 million, or $0.64 per diluted share.Adjusted EBITDA increased 9% to $22.7 million compared to $20.8 million.Repurchased 243,873 shares of Clarus common stock for approximately $2.7 million at an average price of $10.92 per share, leaving approximately $10.8 million remaining on the Company’s $30 million share repurchase program.Paid $3.0 million in dividends ($0.10 per share annually) compared to $1.5 million. The Company’s quarterly dividend was initiated in August 2018.Free cash flow, defined as net cash provided by operating activities less capital expenditures, was $5.4 million compared to $8.0 million. Management Commenta...