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TORONTO, ONTARIO -- (Marketwire) -- 01/09/13 -- Bauer Performance Sports Ltd. (TSX: BAU) ("BAUER" or the "Company") today announced financial results for the second quarter and six months of Fiscal 2013 ended November 30, 2012. All figures are expressed in U.S. dollars.
---------------------------------------------------------------------------- Three months Six monthsUS$ 000,000's except per share ended ended data and % November 30 November 30---------------------------------------------------------------------------- Change Change vs. vs. prior prior 2012 2011 year 2012 2011 year----------------------------------------------------------------------------Revenue $109.6 $100.3 9% $257.9 $242.7 6%----------------------------------------------------------------------------Gross Profit 38.4 33.6 14% 98.7 93.1 6%----------------------------------------------------------------------------Adjusted Gross Profit(i) 39.7 34.2 16% 100.7 94.4 7%----------------------------------------------------------------------------Adjusted EBITDA(i) 14.2 9.3 53% 52.1 44.2 18%----------------------------------------------------------------------------Net Income (loss) 6.1 8.2 (26)% 22.1 30.9 (29)%----------------------------------------------------------------------------Adjusted Net Income(i) 7.3 4.4 64% 30.2 25.3 19%----------------------------------------------------------------------------Earnings per share (diluted) $ 0.16 $ 0.26 (38)% $ 0.61 $ 0.98 (38)%----------------------------------------------------------------------------Adjusted EPS(i) $ 0.20 $ 0.14 43% $ 0.84 $ 0.80 5%----------------------------------------------------------------------------(i)Note: Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income andAdjusted EPS are non-IFRS measures. For the relevant definitions andreconciliations to reported results, please see "Non-IFRS Measures" at theend of this news release and in the Company's MD&A for the second quarter.
Revenues grew by 6% (9% excluding the impact of foreign exchange) to $257.9 million in the first half of Fiscal 2013 led by strong performance in several ice hockey equipment categories driven by recent new product launches. The new BAUER RE-AKT helmet helped drive 16% growth in helmets, while the success of the new BAUER NEXUS product line helped drive 11% growth in under-protective category revenues. Partially offsetting these gains was a 7% decline in goalie revenues due to the earlier launch of the new goalie product line in the 2012 Back-to-Hockey season as compared to the prior year. Lacrosse revenues increased significantly driven by the addition of sales from the recently acquired Cascade Helmets Holdings, Inc. ("Cascade") and apparel revenues grew by 27% driven by BAUER's new line of performance apparel and bags. Overall revenues from the North American market grew by 6% in the six month period ended November 30, 2012 compared to the same period last year, while sales outside North America grew by 8% in the same period. Second quarter revenues grew by 9% (10% excluding the impact of foreign exchange) due to the addition of Cascade and Inaria International, Inc. ("Inaria") revenues and continued growth in ice hockey equipment and related apparel categories, partially offset by lower sales to NHL teams as a result of the NHL lockout. Notably, apparel revenues were up 50% in the quarter (43% excluding the impact of Inaria). Revenues from the North American market were up 11% while sales outside of North America were up 5% in the second quarter.
