Business
Clarus Reports Fourth Quarter and Full Year 2023 Results
Adventure Segment Generates Highest Quarterly Revenue of the Year Proceeds from Precision Sport Sale Used to Repay All Debt and Significantly Increased Cash
About this update from Clarus Corporation
[{"type":"text","content":"Adventure Segment Generates Highest Quarterly Revenue of the Year Proceeds from Precision Sport Sale Used to Repay All Debt and Significantly Increased Cash Position Positioning Company for Growth and Profitability in 2024 and Beyond as a Pure-Play Outdoor Business SALT LAKE CITY, March 07, 2024 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor enthusiast markets, reported financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Financial Summary vs. Same Year‐Ago Quarter (adjusted to reflect the reclassification of the Precision Sport segment as discontinued operations) Sales of $76.5 million compared to $73.8 million.Gross margin was 28.9% compared to 37.2%.Loss from continuing operations of $7.2 million, or $(0.19) per diluted share, compared to loss from continuing operations of $83.3 million, or $(2.25) per diluted share. Loss from continuing operations in Q4 2022 included a non-cash impairment charge of $92.3 million in the Adventure segment.Adjusted loss from continuing operations of $2.8 million, or $(0.07) per diluted share, compared to adjusted income from continuing operations of $4.4 million, or $0.11 per diluted share.Adjusted EBITDA of $(3.5) million with an adjusted EBITDA margin of (4.5)% compared to $3.6 million with an adjusted EBITDA margin of 4.9%.Precision Sport segment reported as discontinued operations due to sale announcement in December 2023.The sale of Precision Sport closed on February 29, 2024. 2023 Financial Summary vs. 2022 (adjusted to reflect the reclassification of the Precision Sport segment as discontinued operations) Sales of $286.0 million compared to $315.3 million.Gross margin was 34.1% compared to 34.9%; adjusted gross margin was 34.1% compared to 35.0%.Loss from continuing operations of $15.8 million, or $(0.42) per diluted share, compared to loss from continuing operations of $92.8 million, or $(2.49) per diluted share. Loss from continuing operations in 2022 included the $92.3 million non-cash impairment expense in the Adventure segment.Adjusted loss from continuing operations of $1.5 million, or $(0.04) per diluted share, compared to adjusted income from continuing operations of $9.4 million, or $0.24 per diluted share.Adjusted EBITDA of $1.2 million with an adjusted...