BPS issued the update 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.
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.
Bauer Performance Sports Ltd. (TSX: BAU) is a leading developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball sports 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. The Company is focused on building its leadership position and growing market share in all product categories through continued innovation at every level.
By press release
More news about Bauer Performance ? Use the search engine at the right top.
Aucun commentaire:
Enregistrer un commentaire