Delaware
(State or other jurisdiction
of incorporation)
|
0-24277
(Commission File Number)
|
58-1972600
(IRS Employer
Identification Number)
|
2084 East 3900 South, Salt Lake City, Utah
(Address of principal executive offices)
|
84124
(Zip Code)
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit
|
Description
|
99.1
|
Press Release dated August 8, 2011, with respect to the Registrant's financial results for the quarter ended June 30, 2011 (furnished only).
|
|
Black Diamond, Inc.
By: /s/ Robert Peay
Name: Robert Peay,
Title: Chief Financial Officer
(Principal Financial Officer)
|
Exhibit
|
Description
|
99.1
|
Press Release dated August 8, 2011, with respect to the Registrant's financial results for the quarter ended June 30, 2011 (furnished only).
|
|
§
|
Sales of $28.3 million, an increase of 19% from pro forma prior year quarter;
|
|
§
|
Net loss totaled $0.8 million or $(0.04) per share;
|
|
§
|
Adjusted net income before non-cash items totaled $1.3 million or $0.06 per diluted share; and
|
|
§
|
Adjusted EBITDA totaled $1.1 million.
|
June 30, 2011
|
December 31, 2010
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 1,655 | $ | 2,767 | ||||
Accounts receivable, less allowance for doubtful
|
||||||||
accounts of $371 and $353, respectively
|
17,793 | 20,293 | ||||||
Inventories
|
44,483 | 34,942 | ||||||
Prepaid and other current assets
|
2,166 | 2,527 | ||||||
Income tax receivable
|
487 | 376 | ||||||
Deferred income taxes
|
1,698 | 1,698 | ||||||
Total Current Assets
|
68,282 | 62,603 | ||||||
Property and equipment, net
|
15,410 | 14,740 | ||||||
Definite lived intangible assets, net
|
16,774 | 17,439 | ||||||
Indefinite lived intangible assets
|
32,650 | 32,650 | ||||||
Goodwill
|
40,601 | 40,601 | ||||||
Deferred income taxes
|
43,363 | 43,582 | ||||||
Other long-term assets
|
1,143 | 1,064 | ||||||
TOTAL ASSETS
|
$ | 218,223 | $ | 212,679 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$ | 20,363 | $ | 19,208 | ||||
Current portion of long-term debt
|
291 | 308 | ||||||
Total Current Liabilities
|
20,654 | 19,516 | ||||||
Long-term debt
|
30,670 | 29,456 | ||||||
Other long-term liabilities
|
896 | 785 | ||||||
TOTAL LIABILITIES
|
52,220 | 49,757 | ||||||
Stockholders' Equity
|
||||||||
Preferred stock, $.0001 par value; 5,000
|
||||||||
shares authorized; none issued
|
- | - | ||||||
Common stock, $.0001 par value; 100,000 shares authorized;
|
||||||||
21,834 and 21,814 issued and 21,759 and 21,739 outstanding
|
2 | 2 | ||||||
Additional paid in capital
|
401,457 | 399,475 | ||||||
Accumulated deficit
|
(237,821 | ) | (238,178 | ) | ||||
Treasury stock, at cost
|
(2 | ) | (2 | ) | ||||
Accumulated other comprehensive income
|
2,367 | 1,625 | ||||||
TOTAL STOCKHOLDERS' EQUITY
|
166,003 | 162,922 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 218,223 | $ | 212,679 |
THREE MONTHS
|
THREE MONTHS
|
TWO MONTHS
|
THREE MONTHS
|
|||||||||||||
ENDED
|
ENDED
|
ENDED
|
ENDED
|
|||||||||||||
Predecessor
|
||||||||||||||||
Consolidated
|
Company
|
Combined
|
||||||||||||||
June 30, 2011
|
June 30, 2010
|
May 28, 2010
|
June 30, 2010
|
|||||||||||||
Sales
|
||||||||||||||||
Domestic sales
|
$ | 12,972 | $ | 4,036 | $ | 5,932 | $ | 9,968 | ||||||||
International sales
|
15,366 | 3,708 | 5,354 | 9,062 | ||||||||||||
Total sales
|
28,338 | 7,744 | 11,286 | 19,030 | ||||||||||||
Cost of goods sold
|
17,303 | 5,936 | 6,628 | 12,564 | ||||||||||||
Gross profit
|
11,035 | 1,808 | 4,658 | 6,466 | ||||||||||||
Operating expenses
|
||||||||||||||||
Selling, general and administrative
|
11,931 | 7,331 | 4,823 | 12,154 | ||||||||||||
Restructuring charge
|
- | 1,377 | - | 1,377 | ||||||||||||
Merger and integration
|
- | 780 | - | 780 | ||||||||||||
Transaction costs
|
- | 3,253 | - | 3,253 | ||||||||||||
Total operating expenses
|
11,931 | 12,741 | 4,823 | 17,564 | ||||||||||||
Operating loss
|
(896 | ) | (10,933 | ) | (165 | ) | (11,098 | ) | ||||||||
Other (expense) income
|
||||||||||||||||
Interest expense
|
(709 | ) | (336 | ) | (59 | ) | (395 | ) | ||||||||
Interest income
|
16 | 17 | 10 | 27 | ||||||||||||
Other, net
|
429 | 112 | 1,511 | 1,623 | ||||||||||||
Total other (expense) income, net
|
(264 | ) | (207 | ) | 1,462 | 1,255 | ||||||||||
(Loss) income before income tax
|
(1,160 | ) | (11,140 | ) | 1,297 | (9,843 | ) | |||||||||
Income tax (benefit) provision
|
(349 | ) | (68,433 | ) | 382 | (68,051 | ) | |||||||||
Net (loss) income
|
$ | (811 | ) | $ | 57,293 | $ | 915 | $ | 58,208 | |||||||
(Loss) earnings per share:
|
||||||||||||||||
Basic
|
$ | (0.04 | ) | $ | 3.08 | |||||||||||
Diluted
|
(0.04 | ) | 3.03 | |||||||||||||
Weighted average shares oustanding:
|
||||||||||||||||
Basic
|
21,838 | 18,625 | ||||||||||||||
Diluted
|
21,838 | 18,927 |
SIX MONTHS
|
SIX MONTHS
|
FIVE MONTHS
|
SIX MONTHS
|
|||||||||||||
ENDED
|
ENDED
|
ENDED
|
ENDED
|
|||||||||||||
Predecessor
|
||||||||||||||||
Consolidated
|
Company
|
Combined
|
||||||||||||||
June 30, 2011
|
June 30, 2010
|
May 28, 2010
|
June 30, 2010
|
|||||||||||||
Sales
|
||||||||||||||||
Domestic sales
|
$ | 28,802 | $ | 4,036 | $ | 15,751 | $ | 19,787 | ||||||||
International sales
|
38,594 | 3,708 | 19,192 | 22,900 | ||||||||||||
Total sales
|
67,396 | 7,744 | 34,943 | 42,687 | ||||||||||||
Cost of goods sold
|
41,290 | 5,936 | 21,165 | 27,101 | ||||||||||||
Gross profit
|
26,106 | 1,808 | 13,778 | 15,586 | ||||||||||||
Operating expenses
|
||||||||||||||||
Selling, general and administrative
|
24,260 | 8,199 | 12,138 | 20,337 | ||||||||||||
Restructuring charge
|
774 | 1,377 | - | 1,377 | ||||||||||||
Merger and integration
|
- | 780 | - | 780 | ||||||||||||
Transaction costs
|
- | 4,762 | - | 4,762 | ||||||||||||
Total operating expenses
|
25,034 | 15,118 | 12,138 | 27,256 | ||||||||||||
Operating income (loss)
|
1,072 | (13,310 | ) | 1,640 | (11,670 | ) | ||||||||||
Other (expense) income
|
||||||||||||||||
Interest expense
|
(1,437 | ) | (336 | ) | (165 | ) | (501 | ) | ||||||||
Interest income
|
26 | 39 | 3 | 42 | ||||||||||||
Other, net
|
847 | 112 | 1,803 | 1,915 | ||||||||||||
Total other (expense) income, net
|
(564 | ) | (185 | ) | 1,641 | 1,456 | ||||||||||
Income (loss) before income tax
|
508 | (13,495 | ) | 3,281 | (10,214 | ) | ||||||||||
Income tax provision (benefit)
|
151 | (68,433 | ) | 966 | (67,467 | ) | ||||||||||
Net income
|
$ | 357 | $ | 54,938 | $ | 2,315 | $ | 57,253 | ||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$ | 0.02 | $ | 3.09 | ||||||||||||
Diluted
|
0.02 | 3.05 | ||||||||||||||
Weighted average shares oustanding:
|
||||||||||||||||
Basic
|
21,835 | 17,751 | ||||||||||||||
Diluted
|
22,000 | 18,025 |
THREE MONTHS ENDED
|
||||||||
June 30, 2011 | June 30, 2010 | |||||||
Sales as reported
|
$ |
7,744
|
||||||
Sales for Predecessor Company two months ended May 28, 2010
|
11,286
|
|||||||
Combined sales
|
19,030
|
|||||||
Sales for Gregory two months ended May 28, 2010
|
4,705
|
|||||||
Sales as reported
|
$ |
28,338
|
Pro forma sales
|
$ |
23,735
|
|||
Sales growth
|
19.4%
|
|||||||
SIX MONTHS ENDED
|
||||||||
June 30, 2011 | June 30, 2010 | |||||||
Sales as reported
|
$ |
7,744
|
||||||
Sales for Predecessor Company five months ended May 28, 2010
|
34,943
|
|||||||
Combined sales
|
42,687
|
|||||||
Sales for Gregory five months ended May 28, 2010
|
14,161
|
|||||||
Sales as reported
|
$ |
67,396
|
Pro forma sales
|
$ |
56,848
|
|||
Sales growth
|
18.6%
|
THREE MONTHS ENDED
|
||||||||
June 30, 2011 | June 30, 2010 | |||||||
Gross profit as reported
|
$ |
1,808
|
||||||
Gross profit for Predecessor Company two months ended May 28, 2010
|
4,658
|
|||||||
Combined gross profit
|
6,466
|
|||||||
Plus inventory fair value of purchase accounting
|
1,163
|
|||||||
Combined adjusted gross profit
|
7,629
|
|||||||
Gross profit for Gregory two months ended May 28, 2010
|
1,807
|
|||||||
Gross profit as reported
|
$ |
11,035
|
Pro forma gross profit
|
$ |
9,436
|
|||
Combined gross margin
|
34.0%
|
|||||||
Combined adjusted gross margin
|
40.1%
|
|||||||
Gross margin as reported
|
38.9%
|
Pro forma gross margin
|
39.8%
|
|||||
SIX MONTHS ENDED
|
||||||||
June 30, 2011 | June 30, 2010 | |||||||
Gross profit as reported
|
$ |
1,808
|
||||||
Gross profit Predecessor Company five months ended May 28, 2010
|
13,778
|
|||||||
Combined gross profit
|
15,586
|
|||||||
Plus inventory fair value of purchase accounting
|
1,163
|
|||||||
Combined adjusted gross profit
|
16,749
|
|||||||
Gross profit for Gregory five months ended May 28, 2010
|
5,798
|
|||||||
Gross profit as reported
|
$ |
26,106
|
Pro forma adjusted gross profit
|
$ |
22,547
|
|||
Combined gross margin
|
36.5%
|
|||||||
Combined adjusted gross margin
|
39.2%
|
|||||||
Gross margin as reported
|
38.7%
|
Pro forma adjusted gross margin
|
39.7%
|
|||||
THREE MONTHS
|
THREE MONTHS
|
TWO MONTHS
|
THREE MONTHS
|
|||||||||||||||||||||
ENDED
|
ENDED
|
ENDED
|
ENDED
|
|||||||||||||||||||||
Predecessor
|
||||||||||||||||||||||||
Consolidated
|
Per Diluted
|
Company
|
Combined
|
Per Diluted
|
||||||||||||||||||||
June 30, 2011
|
Share
|
June 30, 2010
|
May 28, 2010
|
June 30, 2010
|
Share
|
|||||||||||||||||||
Net (loss) income
|
$ | (811 | ) | $ | (0.04 | ) | $ | 57,293 | $ | 915 | $ | 58,208 | $ | 3.08 | ||||||||||
Amortization of intangibles
|
333 | 0.02 | 111 | 1 | 112 | 0.01 | ||||||||||||||||||
Depreciation
|
724 | 0.03 | 274 | 370 | 644 | 0.03 | ||||||||||||||||||
Accretion of note discount
|
257 | 0.01 | 138 | 7 | 145 | 0.01 | ||||||||||||||||||
Amortization of discount on securities
|
- | - | 11 | - | 11 | 0.00 | ||||||||||||||||||
Non-cash equity compensation
|
963 | 0.04 | 3,582 | 105 | 3,687 | 0.19 | ||||||||||||||||||
Non-cash expense of inventory step up
|
- | - | 1,163 | - | 1,163 | 0.06 | ||||||||||||||||||
Income tax (benefit) provision
|
(349 | ) | (0.02 | ) | (68,433 | ) | 382 | (68,051 | ) | (3.60 | ) | |||||||||||||
Cash paid for income taxes
|
146 | 0.01 | (436 | ) | (34 | ) | (470 | ) | (0.02 | ) | ||||||||||||||
Net income (loss) before non-cash items
|
$ | 1,263 | $ | 0.06 | $ | (6,297 | ) | $ | 1,746 | $ | (4,551 | ) | $ | (0.24 | ) | |||||||||
Restructuring charge
|
- | - | 1,377 | - | 1,377 | 0.07 | ||||||||||||||||||
Merger and integration
|
- | - | 780 | - | 780 | 0.04 | ||||||||||||||||||
Transaction costs
|
- | - | 3,253 | - | 3,253 | 0.17 | ||||||||||||||||||
State cash taxes on adjustments
|
- | - | (271 | ) | - | (271 | ) | (0.01 | ) | |||||||||||||||
AMT cash taxes on adjustments
|
- | - | (103 | ) | - | (103 | ) | (0.01 | ) | |||||||||||||||
Adjusted net income (loss) before non-cash items
|
$ | 1,263 | $ | 0.06 | $ | (1,261 | ) | $ | 1,746 | $ | 485 | $ | 0.03 |
SIX MONTHS
|
SIX MONTHS
|
FIVE MONTHS
|
SIX MONTHS
|
|||||||||||||||||||||
ENDED
|
ENDED
|
ENDED
|
ENDED
|
|||||||||||||||||||||
Predecessor
|
||||||||||||||||||||||||
Consolidated
|
Per Diluted
|
Company
|
Combined
|
Per Diluted
|
||||||||||||||||||||
June 30, 2011
|
Share
|
June 30, 2010
|
May 28, 2010
|
June 30, 2010
|
Share
|
|||||||||||||||||||
Net income
|
$ | 357 | $ | 0.02 | $ | 54,938 | $ | 2,315 | $ | 57,253 | $ | 3.18 | ||||||||||||
Amortization of intangibles
|
665 | 0.03 | 111 | 2 | 113 | 0.01 | ||||||||||||||||||
Depreciation
|
1,331 | 0.06 | 353 | 865 | 1,218 | 0.07 | ||||||||||||||||||
Accretion of note discount
|
524 | 0.02 | 138 | 17 | 155 | 0.01 | ||||||||||||||||||
Non-cash equity compensation
|
1,862 | 0.08 | 3,700 | 375 | 4,075 | 0.23 | ||||||||||||||||||
Non-cash expense of inventory step up
|
- | - | 1,163 | - | 1,163 | 0.06 | ||||||||||||||||||
Income tax provision (benefit)
|
151 | 0.01 | (68,433 | ) | 966 | (67,467 | ) | (3.74 | ) | |||||||||||||||
Cash paid for income taxes
|
50 | 0.00 | (436 | ) | (596 | ) | (1,032 | ) | (0.06 | ) | ||||||||||||||
Net income (loss) before non-cash items
|
$ | 4,940 | $ | 0.22 | $ | (8,466 | ) | $ | 3,944 | $ | (4,522 | ) | $ | (0.25 | ) | |||||||||
Restructuring charge
|
774 | 0.04 | 1,377 | - | 1,377 | 0.08 | ||||||||||||||||||
Merger and integration
|
- | - | 780 | - | 780 | 0.04 | ||||||||||||||||||
Transaction costs
|
- | - | 4,762 | - | 4,762 | 0.26 | ||||||||||||||||||
State cash taxes on adjustments
|
(39 | ) | (0.00 | ) | (346 | ) | - | (346 | ) | (0.02 | ) | |||||||||||||
AMT cash taxes on adjustments
|
(15 | ) | (0.00 | ) | (131 | ) | - | (131 | ) | (0.01 | ) | |||||||||||||
Adjusted net income (loss) before non-cash items
|
$ | 5,660 | $ | 0.26 | $ | (2,024 | ) | $ | 3,944 | $ | 1,920 | $ | 0.11 |
|
THREE MONTHS
|
THREE MONTHS
|
TWO MONTHS
|
THREE MONTHS
|
|||||||||||||
ENDED
|
ENDED
|
ENDED
|
ENDED
|
|||||||||||||
Predecessor
|
||||||||||||||||
Consolidated
|
Company
|
Combined
|
||||||||||||||
June 30, 2011
|
June 30, 2010
|
May 28, 2010
|
June 30, 2010
|
|||||||||||||
Net (loss) income
|
$ | (811 | ) | $ | 57,293 | $ | 915 | $ | 58,208 | |||||||
Income tax (benefit) provision
|
(349 | ) | (68,433 | ) | 382 | (68,051 | ) | |||||||||
Other, net
|
(429 | ) | (112 | ) | (1,511 | ) | (1,623 | ) | ||||||||
Interest income
|
(16 | ) | (17 | ) | (10 | ) | (27 | ) | ||||||||
Interest expense
|
709 | 336 | 59 | 395 | ||||||||||||
Operating loss
|
(896 | ) | (10,933 | ) | (165 | ) | (11,098 | ) | ||||||||
Depreciation
|
724 | 274 | 370 | 644 | ||||||||||||
Amortization of intangibles
|
333 | 111 | 1 | 112 | ||||||||||||
EBITDA
|
$ | 161 | $ | (10,548 | ) | $ | 206 | $ | (10,342 | ) | ||||||
Restructuring charge
|
- | 1,377 | - | 1,377 | ||||||||||||
Merger and integration
|
- | 780 | - | 780 | ||||||||||||
Transaction costs
|
- | 3,253 | - | 3,253 | ||||||||||||
Non-cash expense of inventory step up
|
- | 1,163 | - | 1,163 | ||||||||||||
Non-cash equity compensation
|
963 | 3,582 | 105 | 3,687 | ||||||||||||
Adjusted EBITDA
|
$ | 1,124 | $ | (393 | ) | $ | 311 | $ | (82 | ) |
SIX MONTHS
|
SIX MONTHS
|
FIVE MONTHS
|
SIX MONTHS
|
|||||||||||||
ENDED
|
ENDED
|
ENDED
|
ENDED
|
|||||||||||||
Predecessor
|
||||||||||||||||
Consolidated
|
Company
|
Combined
|
||||||||||||||
June 30, 2011
|
June 30, 2010
|
May 28, 2010
|
June 30, 2010
|
|||||||||||||
Net income
|
$ | 357 | $ | 54,938 | $ | 2,315 | $ | 57,253 | ||||||||
Income tax provision (benefit)
|
151 | (68,433 | ) | 966 | (67,467 | ) | ||||||||||
Other, net
|
(847 | ) | (112 | ) | (1,803 | ) | (1,915 | ) | ||||||||
Interest income
|
(26 | ) | (39 | ) | (3 | ) | (42 | ) | ||||||||
Interest expense
|
1,437 | 336 | 165 | 501 | ||||||||||||
Operating income (loss)
|
1,072 | (13,310 | ) | 1,640 | (11,670 | ) | ||||||||||
Depreciation
|
1,331 | 353 | 865 | 1,218 | ||||||||||||
Amortization of intangibles
|
665 | 111 | 2 | 113 | ||||||||||||
EBITDA
|
$ | 3,068 | $ | (12,846 | ) | $ | 2,507 | $ | (10,339 | ) | ||||||
Restructuring charge
|
774 | 1,377 | - | 1,377 | ||||||||||||
Merger and integration
|
- | 780 | - | 780 | ||||||||||||
Transaction costs
|
- | 4,762 | - | 4,762 | ||||||||||||
Non-cash expense of inventory step up
|
- | 1,163 | - | 1,163 | ||||||||||||
Non-cash equity compensation
|
1,862 | 3,700 | 375 | 4,075 | ||||||||||||
Adjusted EBITDA
|
$ | 5,704 | $ | (1,064 | ) | $ | 2,882 | $ | 1,818 |
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