Black Diamond 2Q sales rise; Metcalf hints at additional acquisition

Black Diamond Inc. reported sales up 13 percent in the second quarter 2012, although its quarterly loss widened on transaction-related costs of its previously announced acquisition of Poc Sports. Another acquisition is possible for 2012, Metcalf told investors.

Black Diamond Inc. (Nasdaq: BDE) reported higher sales for the second quarter 2012, despite a wider loss, partly due to transaction-related costs of its previously announced deal to acquire Poc Sports. That deal closed July 2, and will begin to add revenue to the company’s third-quarter sales.

Poc may not be the only acquisition Black Diamond makes in 2012, CEO Peter Metcalf told investors during a conference call Aug. 6.

“We have not stopped cultivating our pipeline of targets,” Metcalf said. “We are hopeful to close another acquisition in 2012 off our existing balance sheet.” On that balance sheet, Black Diamond’s assets include $43.4 million in cash and an additional $32.8 million available for it to tap for possible acquisitions through an open line of credit.

Including the Poc acquisition, officials raised the company’s full year 2012 revenue guidance to between $173 and $178 million, which represents additional $13 million from their previous projection, accounting for six months of second-half Poc sales. The estimate “does not include new category launches or the impact from potential additional strategic acquisitions,” officials said.

For the second quarter, Black Diamond reported sales up 13 percent to $31.9 million on stronger business for both the Black Diamond and Gregory brands. Metcalf said North America sales outperformed Europe, which the latter is struggling through a recession. He added that trekking poles, lighting and certain climbing equipment led the way in category sales during the quarter.

Black Diamond’s quarterly net loss widened to $1.9 million, compared to a net loss of $800,000 during the same period a year ago. Officials said $1.1 million in transaction-related costs with the Poc acquisition contributed to the loss. The company is also spending money on its upcoming apparel launch, which is still on target for fall 2013.

“We have issued purchase orders for sales samples to be assembled, identified key launch dates with our retail partners, and are planning a series of sales and marketing events through the end of the year,” Metcalf said of the planned entry into apparel.

--David Clucas



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