Bauer Performance Sports Ltd. (TSX:BAU) ("BAUER" or the "Company")
today announced its audited financial results for the fourth
quarter and twelve months ended May 31, 2012 ("Fiscal 2012")
reported under IFRS. All figures are in U.S. dollars.
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US$ 000,000's except per Three months Twelve months
share data and % ended ended
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Change Change
vs. vs.
May 31, May 31, prior May 31, May 31, prior
2012 2011 period 2012 2011 period
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Revenues $ 80.5 $ 68.2 18% $ 374.8 $ 306.1 22%
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Gross profit 34.6 30.9 12% 142.7 119.1 20%
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Adjusted Gross Profit(i) 35.2 31.7 11% 145.1 122.9 18%
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Adjusted EBITDA(i) 11.0 10.0 10% 51.5 43.5 18%
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Net income (loss) 6.8 (2.1) n/a 30.2 0.4 7450%
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Adjusted Net Income (i) 4.7 5.5 -15% 25.5 17.3 47%
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Earnings (Loss) per share
(diluted) $ 0.21 $ (0.07) n/a $ 0.95 $ 0.01 9400%
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Adjusted EPS(i) $ 0.15 $ 0.17 -12% $ 0.81 $ 0.55 47%
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(i)Note: Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net
Income/Loss and Adjusted EPS are non-IFRS measures. For the
relevant definitions and reconciliations to reported results,
please see "Non-IFRS Measures" at the end of this news release and
in the Company's Management's Discussion and Analysis ("MD&A")
for the most recent period.
The 22% increase in overall revenues in Fiscal 2012 was led by
strong performance in all product categories. Ice hockey equipment
revenues grew by 23%, led in part by a 30% increase in composite
sticks and a 20% increase in skates. BAUER continues to see solid
performance as well in both its lacrosse and apparel product
categories, which have delivered year over year revenue increases
of 51% and 33%, respectively. Revenues from the North American
market grew by 20% in Fiscal 2012 compared to the same period last
year, while sales outside North America grew by 29% in the same
period. Excluding the impact of foreign exchange, revenues grew by
19% in Fiscal 2012.
Fiscal 2012 fourth quarter revenues grew by 18% due to strong
growth in ice hockey equipment (14%), including fourth quarter
growth in sticks (61%) and goalie equipment (41%), lacrosse (130%)
and apparel (87%). Revenues from the North American market were up
15% while sales outside North America were up 27% in the period.
Excluding the impact of foreign exchange, revenues grew by 20% in
the fourth quarter of Fiscal 2012.
The continued strong performance in hockey equipment has
increased BAUER's global ice hockey equipment market share to
52%.
"We are excited to report that in our recently concluded fiscal
year, we achieved our stated objective to annually grow revenue
faster than the industry and our earnings at a faster rate than our
revenue," said Kevin Davis, President and Chief Executive Officer,
Bauer Performance Sports. "We grew our market share profitably
during fiscal 2012 and continued our strong momentum in some key
categories such as skates, where we have a market share in excess
of 60%, and sticks where we continue to separate ourselves as the
number one brand in the industry. We are also very excited about
the strong performance of our lacrosse business, especially in
light of our recent acquisition of Cascade Helmets Holdings, Inc.,
which gives us a strengthened position in North America's fastest
growing team sport. Our 18% revenue growth in the fourth quarter
exceeded our previously reported Back-to-Hockey booking order
growth of 12%, as the requested timing of shipments for the season
fell more in Q4 vs. Q1 this year. We are excited about the start of
the season and look forward to a successful Back-to-Hockey
2012."
Adjusted Gross Profit for Fiscal 2012 increased by $22.2
million, or 18% to $145.1 million. Adjusted Gross Profit as a
percentage of revenues was 38.7% in Fiscal 2012, compared to 40.2%
in the comparative period in 2011. During the fourth quarter of
Fiscal 2012, Adjusted Gross Profit increased by $3.5 million, or
11%, to $35.2 million, and Adjusted Gross Profit as a percentage of
revenues decreased to 43.7% from 46.5%. The decline in Adjusted
Gross Profit as a percentage of revenues during the quarter and in
Fiscal 2012 was primarily due to the growth in composite stick
sales which have lower gross profit margins compared to our other
ice hockey categories. Also contributing to the decline in Adjust
Gross Profit percentage were higher product costs, partially offset
by lower freight and distribution costs.
BAUER continued to demonstrate operating leverage in SG&A
where, excluding the impact of one-time items, spending as a
percentage of revenues has declined 220 and 350 basis points for
Fiscal 2012 and in the fourth quarter ended May 31, 2012,
respectively. The Company's operating results, combined with the
benefit from lower interest rates under the Company's credit
facility, resulted in Adjusted Net Income growth of 47% in Fiscal
2012 to $25.5 million and an increase in Adjusted EPS of 47%, or
$0.26, to $0.81, compared to the same period last year. In the
fourth quarter of Fiscal 2012, Adjusted Net Income was $4.7
million, or $0.15 per share versus $5.5 million, or $0.17 per share
in the comparative period in 2011. The fourth quarter decline in
Adjusted Net Income and Adjusted EPS is due to the timing of
certain tax related items recorded in the comparative period last
year which had the effect of increasing Adjusted Net Income in the
fourth quarter of Fiscal 2011 by $1.5 million and Adjusted EPS by
$0.05. Without the timing impact of the tax related items noted
above, Adjusted EPS would have grown from $0.12 in the fourth
quarter of Fiscal 2011 to $0.15 in the fourth quarter of Fiscal
2012, an increase of 25%.
As of May 31, 2012 BAUER had working capital of $163.5 million
compared to working capital of $146.5 million as of May 31, 2011,
an increase of 12%. The Company continued to manage its balance
sheet as its leverage ratio, defined as net indebtedness divided by
EBITDA, reduced to 2.72 compared to 3.12 as of May 31, 2011.
Adjusted Gross Profit, EBITDA, Adjusted EBITDA, Adjusted Net
Income/Loss and Adjusted EPS are non-IFRS measures. For the
relevant definitions and reconciliations to reported results,
please see "Non-IFRS Measures" noted below and in the Company's
MD&A for the most recent period. Working capital as used above
includes trade and other receivables, inventories, and trade and
other payables.
INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRS")
Bauer Performance Sports is reporting under IFRS as a corporate
entity. Through May 31, 2011 the Company reported under Canadian
generally accepted accounting principles. A full explanation of
related accounting changes can be found in the notes to the
Company's audited consolidated financial statements for Fiscal 2012
which are available on SEDAR at www.sedar.com and on the Company's
website.
The Company's audited consolidated financial statements and
MD&A for the period ended May 31, 2012 have been filed with
applicable regulatory authorities and are available on SEDAR at
www.sedar.com and on the Company's website.
CONFERENCE CALL AND WEBCAST
Management will hold a conference call and live audio webcast on
Thursday, August 9, 2012 at 10:00 a.m. (ET) to discuss the
Company's fourth quarter and fiscal year-end results. The call will
be hosted by Kevin Davis, President and CEO and Amir Rosenthal,
Chief Financial Officer. Following management's presentation, there
will be a question and answer session for analysts and
investors.
To access the call, please dial 1-888-481-2877 or
1-719-325-2452. The conference call will also be accessible via
webcast at www.bauerperformancesports.com. A replay of the
conference call will be available from 1:00 p.m. ET on August 9,
2012, until midnight ET, August 23, 2012. To access the replay,
dial 1-877-870-5176 or 1-858-384-5517 followed by passcode
2194247.
To participate in the live audio webcast, please visit the
Company's website at www.bauerperformancesports.com. The webcast
will also be archived on the Company's website.
ABOUT BAUER PERFORMANCE SPORTS LTD.
Bauer Performance Sports Ltd. (TSX:BAU) is a leading developer
and manufacturer of ice hockey, roller hockey, and lacrosse
equipment as well as related apparel. The company has the most
recognized and strongest brand in the ice hockey equipment
industry, and holds the top market share position in both ice and
roller hockey. Its products are marketed under the Bauer Hockey,
Mission Roller Hockey, Maverik Lacrosse and Cascade brand names and
are distributed by sales representatives and independent
distributors throughout the world. Bauer Performance Sports is
focused on building its leadership position and growing market
share in all product categories through continued innovation at
every level. For more information, visit
www.bauerperformancesports.com.
NON-IFRS MEASURES
Adjusted Gross Profit, EBITDA, Adjusted EBITDA, Adjusted Net
Income, and Adjusted EPS are non-IFRS measures. Adjusted Gross
Profit is defined as gross profit plus the following expenses which
are part of cost of goods sold: (i) amortization and depreciation
for intangible assets, (ii) non-cash charges to cost of goods sold
resulting from fair market value adjustments to inventory as a
result of business acquisitions, and (iii) reserves established to
dispose of obsolete inventory acquired from acquisitions. Adjusted
EBITDA is defined as EBITDA (net income adjusted for income tax
expense, depreciation and amortization, loss on early
extinguishment of debt, gain or loss on disposal of fixed assets,
net interest expense, deferred financing fees, the unrealized
gain/loss on derivative instruments, and realized and unrealized
gains/losses related to foreign exchange revaluation) before
restructuring and other charges associated with acquisitions,
normalization adjustments relating to the Business Purchase from
Nike in 2008, sponsor fees, costs related to share offerings, as
well as normalized share-based payment expenses. Adjusted Net
Income is defined as net income adjusted for unrealized
gains/losses related to derivative instruments and unrealized
gains/losses related to foreign exchange revaluation, one-time or
non-cash charges associated with acquisitions, costs related to
share offerings, share-based compensation expense, and other
non-cash or one-time items. Adjusted EPS is defined as Adjusted Net
Income/Loss divided by the weighted average fully diluted shares
outstanding.
Reconciliations of these non-IFRS measures to the relevant
reported results can be found in the Company's MD&A for the
fourth quarter of Fiscal 2012.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements within
the meaning of applicable securities laws. Forward-looking
statements relate to analyses and other information that are based
on forecasts of future results and estimates of amounts not yet
determinable. The words "may", "will", "would", "should", "could",
"expects", "plans", "intends", "trends", "indications",
"anticipates", "believes", "estimates", "predicts", "likely" or
"potential" or the negative or other variations of these words or
other comparable words or phrases, are intended to identify forward
looking statements.
Forward-looking statements, by their nature, are based on
assumptions, including those described herein and are subject to
important risks and uncertainties. Many factors could cause our
actual results to differ materially from those expressed or implied
by the forward looking statements, including, without limitation,
the following factors: inability to introduce new and innovative
products, intense competition in the equipment and apparel
industries, inability to introduce technical innovation, inability
to protect worldwide intellectual property rights, inability to
successfully integrate recent acquisitions, decrease in ice hockey,
roller hockey and/or lacrosse participation rates, adverse
publicity, inability to maintain and enhance brands, reliance on
third party suppliers and manufacturers, disruption of distribution
chain or loss of significant customers or suppliers, cost of raw
materials and shipping freight and other cost pressures, a change
in the mix or timing of orders placed by customers, inability to
forecast demand for products, inventory shrinkage or excess
inventory, product liability claims and product recalls, compliance
with standards of testing and athletic governing bodies, departure
of senior executives or other key personnel, litigation, employment
or union related matters, inability to translate order bookings
into realized sales, fluctuations in the value of certain foreign
currencies in relation to the U.S. dollar, inability to manage
foreign exchange derivative instruments, general economic and
market conditions, changes in consumer preferences and the
difficulty in anticipating or forecasting those changes, natural
disasters, as well as the factors identified in the "Risk Factors"
section of BAUER's Annual Information Form dated August 25, 2011
available on SEDAR at www.sedar.com.
Furthermore, unless otherwise stated, the forward looking
statements contained in this press release are made as of the date
of this news release, and we have no intention and undertake no
obligation to update or revise any forward looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Contacts: INVESTOR INQUIRIES Bauer Performance Sports Ltd. Amir
Rosenthal Chief Financial Officer
603-610-5802investors@bauerperformancesports.com MEDIA INQUIRIES
Bauer Performance Sports Ltd. Steve Jones Director, Global
Marketing 603-430-2111media@bauerperformancesports.com Spinnaker
Capital Markets Inc. Kevin O'Connor 416-962-3300ko@spinnakercmi.com
Spinnaker Capital Markets Inc. Ali Mahdavi 416-962-3300
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