Business
Clarus Reports Record Third Quarter 2021 Results
- Sales in the Third Quarter of 2021 Increased 69% Year-Over-Year to a Record $109.0 Million - - Upwardly Revised Financial Outlook Expects 2021 Sales and
About this update from Clarus Corporation
[{"type":"text","content":"- Sales in the Third Quarter of 2021 Increased 69% Year-Over-Year to a Record $109.0 Million - - Upwardly Revised Financial Outlook Expects 2021 Sales and Adjusted EBITDA to Grow Approximately 62% and 155% Year-over-Year to $362.5 Million and $57 Million, Respectively - - Successfully Completed Public Offering of 2.75 Million Shares Plus 0.4 Million Overallotment Option For Gross Proceeds of $85.4 Million - SALT LAKE CITY, Nov. 08, 2021 (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 third quarter ended September 30, 2021. Third Quarter 2021 Financial Highlights vs. Same Year‐Ago Quarter Sales increased 69% to a record $109.0 million.Gross margin improved 240 basis points to 36.0%; adjusted gross margin up 520 basis points to 38.8%.Net income increased to $4.5 million, or $0.13 per diluted share, compared to net income of $1.2 million, or $0.04 per diluted share.Adjusted net income before non‐cash items increased 97% to $18.1 million, or $0.50 per diluted share, compared to $9.2 million, or $0.30 per diluted share.Adjusted EBITDA more than doubled to a record $19.2 million, an Adjusted EBITDA margin of 17.7%, compared to $9.1 million, an Adjusted EBITDA margin of 14.1%. Public Offering On October 29, 2021, the Company closed its public offering of 2.75 million shares of the Company’s common stock at a price to the public of $27.00 per share, providing gross proceeds of $74.3 million. In addition, on November 2, 2021, the Company closed the option exercise by the underwriters in the offering to purchase an additional 412,500 shares of the Company common stock on the same terms and conditions. With the addition of the full exercise of the underwriters’ option to purchase additional shares, the total number of shares sold by Clarus in the offering increased to 3,162,500 shares, and the gross proceeds before underwriting fees and estimated offering expenses were approximately $85.4 million. The Company intends to use a portion of the net proceeds of the offering for the repayment in full of approximately $65.0 million in aggregate principal amount under its revolving loan facility. This will provide remaining pro forma net debt leverage of less than 2.0x. The remaining portion of the net ...