Easton-Bell Sports, Inc. Reports Fourth Quarter and Full Year 2012 Financial Results
Takes Steps to Position Company for Long-term Growth and Success
Will Host Conference Call to Discuss Financial Results and Company Outlook on March 26 at 4:00 p.m. Eastern Time
VAN NUYS, Calif.–(BUSINESS WIRE)– Easton-Bell Sports, Inc. (the “Company”), a leading designer, developer and marketer of branded sports equipment, protective products and related accessories, today announced financial results for the fourth quarter and full fiscal year ended December 29, 2012.
“Easton-Bell had a difficult fourth quarter due to challenging market conditions and certain external events such as disappointing weather during the snow season, which resulted in declines that offset our growth during the first nine months of the year. Importantly, however, our underlying businesses remain strong, which can be seen by the fact that Riddell football, Easton baseball and Bell powersports all experienced market share gains and contributed significantly to the Company’s operating cash flow in 2012,” stated Terry Lee, Executive Chairman and Chief Executive Officer of Easton-Bell.
Mr. Lee continued, “We recently made several leadership changes throughout the organization to position Easton-Bell for long-term growth and success. We also recorded certain litigation and inventory reserves in the fourth quarter of 2012. While these strategic decisions impacted our short-term financial results, we are confident that we now have the right team and plan in place to grow our business and create meaningful value in 2013 and beyond.”
Unless otherwise specified below, references to Adjusted EBITDA in this press release refer to Adjusted EBITDA, as reported for purposes of compliance with the debt covenants in our senior credit facilities. A detailed reconciliation of such Adjusted EBITDA and our Adjusted EBITDA, normalized for certain one-time reserve adjustments, to net income, which we consider to be the most closely comparable GAAP financial measure, is included in the section entitled “Reconciliation of Non-GAAP Financial Measures,” which appears at the end of this press release.
Results for the Fourth Quarter
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Source: FULL ARTICLE at DailyFinance