Black Diamond Inc. (Nasdaq: BDE) reported higher sales, but slipped to a loss for the second quarter 2011, despite completing all merger costs.
The Salt Lake City-based parent of the Black Diamond Equipment and Gregory Mountain Products brands reported second-quarter revenue of $28.3 million – up 19 percent from pro-forma sales of $23.7 million during the same period a year ago, prior to the brand merger in May 2010.
Black Diamond officials said the sales rise was due to the success of new product launches, benefitting from a product development push that began two years ago. The positive results led officials to increase full-year 2011 revenue guidance to a range of $140 and $145 million.
Despite the revenue and guidance increase, the company reported a net loss of $800,000, or a loss of $0.04 per diluted share. Officials said the loss was due to $2.1 million in “non-cash items,” but were not related to merger costs, which were completed a quarter ago.
“Roughly one year into this acquisition we believe that we have achieved the projected cost savings and are now squarely focused on delivering the sales benefits by seeking to bring Gregory onto the Black Diamond platform in Europe,” Black Diamond President and CEO Peter Metcalf said in a statement.
Metcalf said the company added approximately 50 new jobs in the past year and remains on track to launch a new apparel line for fall 2013.
-- Compiled by David Clucas
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