|By Marketwired .||
|March 19, 2014 09:17 PM EDT||
EXETER, NEW HAMPSHIRE -- (Marketwired) -- 03/19/14 -- Bauer Performance Sports Ltd. (TSX: BAU) ("BPS" or the "Company"), a leading developer and manufacturer of high performance sports equipment and apparel, provided preliminary results for its fiscal third quarter ended February 28, 2014.
BPS is issuing this news release pursuant to its obligations under applicable Canadian securities laws to enable it to disclose this information in meetings in connection with its fully committed debt financing related to the Company's previously announced pending acquisition of Easton Baseball/Softball. BPS does not intend to continue to provide preliminary results for future periods in respect of revenue, Adjusted Gross Profit, Adjusted EBITDA, Adjusted EPS, capital expenditures, cash, outstanding debt balances or other key performance measures.
All figures are in millions of U.S. dollars, except Adjusted EPS.
Estimated for the For the three three months ended months ended February 28, February 28, 2014 2013 ------------------------------------- Income Statement Revenue $ 61.0 - 63.0 $ 54.9 Adjusted Gross Profit(i) $ 19.0 - 21.0 $ 16.4 Adjusted EBITDA(i) $ (3.5) - (2.5) $ (3.8) Adjusted EPS(i) $ (0.12) - (0.10) $ (0.11) Cash Flow Capital Expenditures $ 0.7 - 0.9 $ 2.3 Estimated as of As of February 28, February 28, 2014 2013 ------------------------------------- Balance Sheet Cash $ 7.7 $ 8.6 Revolver 36.0 34.0 Term Loan A 97.2 110.6 Capital Leases 0.3 0.1 ------------------------------------- Total Debt $ 133.5 $ 144.6
(i) Note: Adjusted Gross Profit, Adjusted EBITDA, and Adjusted EPS are non-IFRS measures. Please see "Non-IFRS Measures" at the end of this news release.
In the third quarter of fiscal year 2014, BPS's revenues increased due to growth in the sale of ice hockey equipment, lacrosse and apparel, and the addition of revenues from the Combat business.
Adjusted Gross Profit improved as a result of the increase in revenues and higher profit margins in ice hockey equipment.
Adjusted EBITDA increased due to the higher Adjusted Gross Profit and favorable realized gains/losses on derivatives, partially offset by higher research and development and selling, general, and administrative expenses due to the addition of Combat Sports, as well as higher endorsement expenses driven by the impact of the NHL lockout in the prior year period.
Capital expenditures decreased due to lower information systems investment compared to the prior year when the Company was integrating its information systems with those of Cascade Helmets.
BPS's total net debt (debt less cash on hand) as of February 28, 2014 is estimated to be $125.8 million, a decrease of $10.2 million from the prior year period. The decrease is due primarily to term loan repayments of $9.4 million and the impact of favorable foreign exchange of $4.0 million on the Company's term loan balance. The revolving loan balance increased $2.0 million versus the prior year period due to $8.8 million paid for acquisition-related expenses, share offerings and other charges, the acquisition of Combat for $3.3 million, and increased working capital requirements to support the Company's growth of approximately $21.0 million.
All figures reported above with respect to the third quarter of fiscal 2014 are preliminary and are subject to change as BPS's third quarter of fiscal 2014 financial results are finalized. These preliminary results have not been reviewed by BPS's auditors. The preliminary estimates provided in this news release constitute forward-looking statements within the meaning of applicable securities laws, are based on a number of assumptions and are subject to a number of risks and uncertainties. Please see section below entitled "Caution Regarding Forward-Looking Statements."
BPS intends to issue a press release with respect to the finalized financial results of the third quarter of fiscal 2014 during the week of April 7, 2014. This press release will contain further detail on the results from BPS's third quarter of fiscal 2014, including disclosure regarding the booking orders for the 2014 Back-to-Hockey season compared to the 2013 Back-to-Hockey season. At such time, the Company will also file its unaudited condensed consolidated interim financial statements as of February 28, 2014 and for the three and nine months ended February 28, 2014 and 2013, together with the notes thereto and management's discussion and analysis of financial condition and results of operations of the Company for the three and nine month periods ended February 28, 2014 (the "Q3 MD&A").
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, please visit www.bauerperformancesports.com.
Adjusted Gross Profit, Adjusted EBITDA 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 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-initial public offering sponsor fees, costs related to share offerings, as well as share-based payment expenses. Adjusted EPS is defined as Adjusted Net Income/Loss divided by the weighted average diluted shares outstanding. Adjusted Net Income/Loss is defined as net income adjusted for all unrealized gains/losses related to derivative instruments and unrealized gains/losses related to foreign exchange revaluation, non-cash or incremental charges associated with acquisitions, amortization of acquisition-related intangible assets for acquisitions since the Company's initial public offering, costs related to share offerings, share-based compensation expense and other non-cash or one-time items. Reconciliations of these non-IFRS measures to the relevant reported results, when finalized, can be found in the Company's Q3 MD&A (defined above).
Caution Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of applicable securities laws, including with respect to our preliminary results for the third quarter of fiscal 2014, the Company's pending acquisition of Easton Baseball/Softball and the financing thereof. 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 the Company's 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 and related litigation, inability to successfully integrate acquisitions, decrease in ice hockey, roller hockey, lacrosse and/or baseball/softball participation rates, adverse publicity, reduction in popularity of the NHL, NLL, MLB and other professional leagues in which our products are used, changes in consumer preferences and the difficulty in anticipating or forecasting those changes, 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 lawsuits, product recalls, compliance with standards of testing and athletic governing bodies, departure of senior executives or other key personnel, litigation and related matters, employment or union related matters, fluctuations in the value of certain foreign currencies in relation to the US dollar, inability to manage foreign exchange derivative instruments, general economic and market conditions, natural disasters, as well as the factors identified in the "Risk Factors" section of Bauer's Annual Information Form dated August 27, 2013 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 press 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.
Company Contact: Bauer Performance Sports Ltd.
Chief Financial Officer
Investor Relations: Liolios Group Inc.
Scott Liolios or Cody Slach
Media Contact: Bauer Performance Sports Ltd.
Global Communications Manager
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busin...
Apr. 24, 2017 08:15 PM EDT Reads: 347
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Apr. 24, 2017 08:00 PM EDT Reads: 682
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 24, 2017 07:45 PM EDT Reads: 2,118
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Apr. 24, 2017 07:30 PM EDT Reads: 2,102
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Apr. 24, 2017 07:15 PM EDT Reads: 2,397
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 24, 2017 07:00 PM EDT Reads: 722
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 24, 2017 06:45 PM EDT Reads: 679
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 24, 2017 06:45 PM EDT Reads: 570
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Apr. 24, 2017 06:30 PM EDT Reads: 1,659
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 24, 2017 06:30 PM EDT Reads: 627
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
Apr. 24, 2017 04:45 PM EDT Reads: 3,416
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 24, 2017 04:45 PM EDT Reads: 2,081
Quickly find the root cause of complex database problems slowing down your applications. Up to 88% of all application performance issues are related to the database. DPA’s unique response time analysis shows you exactly what needs fixing - in four clicks or less. Optimize performance anywhere. Database Performance Analyzer monitors on-premises, on VMware®, and in the Cloud, including Amazon® AWS and Azure™ virtual machines.
Apr. 24, 2017 04:30 PM EDT Reads: 1,648
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 24, 2017 04:30 PM EDT Reads: 1,990
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 24, 2017 03:45 PM EDT Reads: 2,523