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, 2013 ("Fiscal 2013"). All
figures are in U.S. dollars.
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US$ 000,000's
except per share
data and % Three months ended Twelve months ended
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Change Change
vs. vs.
May 31, May 31, prior May 31, May 31, prior
2013 2012 period 2013 2012 period
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Revenues $ 86.7 $ 80.5 8% $ 399.6 $ 374.8 7%
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Gross profit 33.8 34.6 -2% 147.2 142.6 3%
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Adjusted Gross
Profit(i) 35.9 35.2 2% 153.0 145.1 5%
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Adjusted EBITDA(i) 14.0 11.0 27% 62.3 51.5 21%
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Net income (loss) 6.1 6.8 -10% 25.3 30.2 -16%
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Adjusted Net
Income(i) 9.7 4.7 106% 35.7 25.5 40%
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Earnings (Loss)
per share
(diluted) $ 0.17 $ 0.21 -19% $ 0.70 $ 0.95 -26%
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Adjusted EPS(i) $ 0.26 $ 0.15 73% $ 0.98 $ 0.81 21%
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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 7% increase in overall revenues in Fiscal 2013 (8% excluding
the impact of foreign exchange) was led by strong performance in
several ice hockey equipment categories, apparel, and lacrosse.
Apparel revenues increased by 42% driven by strong growth in
Bauer's team uniforms and off-ice apparel, the addition of soccer
uniform revenue from Inaria and continued success in performance
apparel and bags. Lacrosse sales increased significantly due to the
addition of Cascade, propelling the Company to an estimated 25%
market share in this rapidly growing market.
Ice hockey equipment revenues were flat year over year
overcoming numerous headwinds in the overall market including high
inventories at retail and especially the increase in competitor
close-out products. Excluding the impact of recent tariff revisions
by the Canadian Government, Bauer's ice hockey equipment sales grew
by 1%. Bauer's focus on innovation produced strong performance in
several equipment categories including helmets (12% growth driven
in part by demand for the RE-AKT helmet), accessories (44% growth
driven in part by the TUUK LIGHTSPEED EDGE holders with replaceable
steel blades), and protective (4% growth driven in part by the new
NEXUS line). Offsetting these improvements were declines in skates
(down 4%, or down 2% excluding the impact of foreign exchange and
the Canadian tariff reduction) and sticks (down 3%), both primarily
due to lower performance and recreational sales as a result of high
levels of competitor closeout activity. The continued strong
performance in hockey equipment has increased Bauer's global ice
hockey equipment market share to an estimated 53% from 52% a year
ago.
Overall revenues from the North American market grew by 7% in
Fiscal 2013, while sales outside North America grew by 6%.
Bauer's Fiscal 2013 fourth quarter revenues grew by 8% (9%
excluding the impact of foreign exchange) due, in part, to the
ongoing growth in lacrosse and apparel as noted above, as well as a
2% increase in ice hockey equipment sales. Revenues both inside and
outside North America were up 8% in the period.
"During Fiscal 2013 we achieved numerous milestones," said Kevin
Davis, President and Chief Executive Officer of Bauer. "First, we
continued to take market share in a very challenging ice hockey
market. In addition, our three acquisitions during Fiscal 2013 have
further diversified our performance sports platform while enhancing
our portfolio of intellectual property. Going forward, our focus
will be to continue our multi-year track record of revenue growth
in the ice hockey market, and grow share in the performance sports
categories of lacrosse and baseball while expanding our apparel
offering across all of our sports. Bauer will intensify our review
of acquisition opportunities across a number of existing and new
sports categories to further enhance and diversify our portfolio of
industry leading products."
Adjusted Gross Profit for Fiscal 2013 increased by $7.9 million,
or 5% to $153.0 million. Adjusted Gross Profit as a percentage of
revenues remained relatively constant at 38.3% in Fiscal 2013,
compared to 38.7% in the comparative period of 2012. During the
fourth quarter of Fiscal 2013, Adjusted Gross Profit increased by
$0.7 million, or 2%, to $35.9 million, and Adjusted Gross Profit as
a percentage of revenues decreased to 41.4% from 43.7%. The decline
in Adjusted Gross Profit as a percentage of revenues during the
quarter was primarily due to higher product and distribution
costs.
Bauer continued to demonstrate operating leverage in SG&A.
Excluding the impact of one-time items and share-base compensation
expense, spending as a percentage of revenues has declined 120 and
220 basis points for Fiscal 2013 and in the fourth quarter ended
May 31, 2013, respectively. The Company's strong operating results
drove Adjusted Net Income growth of 40% and 106% in Fiscal 2013 and
the fourth quarter, respectively. Adjusted EPS grew by 21% to $0.98
in Fiscal 2013 and by 73% to $0.26 in the fourth quarter of Fiscal
2013. Fourth quarter earnings were favourably impacted by
approximately 5 cents per share as a result of favourable tax
adjustments. Diluted earnings per share declined by 26% and 19% in
Fiscal 2013 and the fourth quarter, respectively, as a result of
significantly lower unrealized gains on derivatives which more than
offset the strong operating results described above.
The Company continued to manage its balance sheet and generate
strong cash flow as its leverage ratio, defined as net indebtedness
divided by EBITDA, reduced to 2.70 compared to 2.72 as of May 31,
2012. The continued de-leveraging was achieved in a year where
Bauer completed over $75 million in acquisitions funded by over $40
million of debt. As of May 31, 2013 Bauer had working capital of
$200.9 million compared to working capital of $163.5 million as of
May 31, 2012, an increase of 23%. This increase was driven by the
acquisitions of Cascade, Inaria and Combat, the impact of foreign
exchange, and our organic revenue growth.
SELECTED FISCAL 2013 HIGHLIGHTS
-- Completed three strategic acquisitions - Bauer completed the
acquisitions of Cascade, Inaria, and Combat securing a much larger share
of the rapidly growing lacrosse market, as well as enhancing its team
apparel platform. The recent addition of Combat not only adds industry
leading intellectual property to the Company's significant portfolio of
patents, but also introduces Bauer in the North American baseball and
softball market.
-- Launched the Grow the Game program with a goal to grow hockey
participation globally by 1 million new players by 2022 through a unique
multi-year program. Partnering with Hockey Canada and USA Hockey, and
led by a cross-functional team, including Mark Messier, who joined the
Bauer team as a result of the Company's acquisition of Cascade, the
initiative will take a leadership role in both growing participation and
increasing player safety.
-- Bauer was added to S&P/TSX Small Cap Index - The S&P/TSX Small Cap Index
provides an investable index for the Canadian small cap market. The
index is float adjusted and market cap weighted and was developed with
industry input as the ideal benchmark for those with small cap exposure
to the Canadian equity market.
CONFERENCE CALL AND WEBCAST
Management will hold a conference call and live audio webcast on
Thursday, August 8, 2013 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 1-888-572-7025 or
1-719-325-2464. 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 8,
2013, until midnight ET, August 22, 2013. To access the replay,
dial 1-877-870-5176 or 1-858-384-5517, followed by passcode
7272139.
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, lacrosse, baseball
and softball 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, MISSION,
MAVERIK, CASCADE, INARIA and COMBAT 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, 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 of
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, (iii) reserves established to
dispose of obsolete inventory acquired from acquisitions and (iv)
other one-time or non-cash items. Adjusted EBITDA is defined as
EBITDA (net income adjusted for income tax expense, depreciation
and amortization, losses related to amendments to the Company's
credit facility, gain or loss on disposal of fixed assets, net
interest expense, deferred financing fees, unrealized gains/losses
on derivative instruments, and realized and unrealized gains/losses
related to foreign exchange revaluation) before restructuring and
other one-time or non-cash charges associated with acquisitions,
other one-time or non-cash items, pre-IPO sponsor fees, costs
related to share offerings, as well as share-based payment expense.
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,
amortization of acquisition related intangible assets for
acquisitions since Fiscal 2012, 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 diluted shares outstanding.
Reconciliations of these non-IFRS measures to the relevant
reported results can be found in the Company's MD&A for Fiscal
2013.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements within
the meaning of applicable securities laws, including with respect
to the Company's objectives of continuing its multi-year track
record of revenue growth in the ice hockey market, and growing its
share in the performance sports categories of lacrosse and baseball
while expanding its apparel offering across all of our sports,
including through strategic acquisitions. 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, reduction in popularity of the NHL and other
professional leagues of sports in which our products are used,
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 29, 2012
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 Spinnaker Capital
Markets Inc. Kevin O'Connor / Ali Mahdavi
416-962-3300ko@spinnakercmi.com MEDIA INQUIRIES: Bauer Performance
Sports Ltd. Tory Mazzola Global Communications Manager
603-430-2111media@bauerperformancesports.com
www.bauerperformancesports.com
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