Business
Clarus Reports Fourth Quarter and Full Year 2022 Results
SALT LAKE CITY, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor
About this update from Clarus Corporation
[{"type":"text","content":"SALT LAKE CITY, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor and consumer enthusiast markets, reported financial results for the fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Financial Summary vs. Same Year‐Ago Quarter Sales of $104.2 million compared to $118.2 million.Gross margin was 34.6% compared to 36.1%.Net loss of $81.6 million, or $(2.20) per diluted share, compared to net income of $14.0 million, or $0.36 per diluted share. Net loss in Q4 2022 included a non-cash impairment charge of $92.3 million in the Adventure segment.Adjusted net income before non‐cash items of $7.3 million, or $0.20 per diluted share, compared to $17.4 million, or $0.45 per diluted share.Adjusted EBITDA of $10.6 million with an adjusted EBITDA margin of 10.2% compared to $20.0 million with an adjusted EBITDA margin of 16.9%. 2022 Financial Summary vs. 2021 Sales increased 19% to $448.1 million compared to $375.8 million.Gross margin was 36.5% compared to 36.4%; adjusted gross margin was 36.5% compared to 37.7%.Net loss was $69.8 million, or $(1.88) per diluted share, compared to net income of $26.1 million, or $0.73 per diluted share. Net loss in 2022 included the $92.3 million non-cash impairment expense in the Adventure segment.Adjusted net income before non‐cash items was $45.3 million, or $1.22 per diluted share, compared to $52.5 million, or $1.47 per diluted share.Adjusted EBITDA of $63.0 million with an adjusted EBITDA margin of 14.1% compared to $61.5 million with an adjusted EBITDA margin of 16.4%. Management Commentary “While 2022 will go down as one of our most challenging years given various macroeconomic headwinds, our brands were largely resilient, and our team was nimble and tenacious,” said Clarus President John Walbrecht. “As the challenges set-in, we acted quickly by pivoting to areas of our business experiencing less headwinds, and we prioritized expense reductions, free cash flow generation, and debt reduction. “Our areas of focus were Precision Sports, as well markets outside of North American wholesale in our Outdoor segment. The results were evident as we drove a record fourth quarter in Precision Sports with sales growth of 10%. In Outdoor, our focus on Europe and our International Global Distributor (...