Clarus Corporation reports news on a global outdoor enthusiast business organized around Outdoor and Adventure segments. Company updates cover results for brands and product lines such as Black Diamond, PIEPS, Rhino-Rack, MAXTRAX and TRED, including climbing, skiing, mountaineering, trail running, apparel, automotive roof racks, carriers, recovery boards and related accessories.
Recurring developments include quarterly earnings, segment sales trends, gross margin, adjusted EBITDA, free cash flow, inventory and restructuring charges, product mix, regular cash dividends and capital allocation. Clarus also reports corporate strategy updates tied to simplification initiatives and shareholder value considerations.
Clarus Corporation announced an upsized credit facility in conjunction with its acquisition of Rhino-Rack. The new agreement includes a $100 million revolving credit facility and a $125 million term loan, along with an uncommitted $50 million accordion feature, totaling $275 million. The financing will support the cash considerations for the acquisition, enhancing Clarus' financial flexibility as it aims to implement its growth strategy. The facility's interest rates range from 1.50% to 2.625% annually, maturing on May 3, 2024.
Clarus Corporation (NASDAQ: CLAR) is participating in two upcoming virtual conferences. The Stifel 2021 Virtual Cross Sector Insight Conference is on June 8 at 2:00 p.m. ET, and the Jefferies 2021 Virtual Consumer Conference is set for June 22 at 10:55 a.m. ET. These presentations will cover the company's focus on outdoor and lifestyle products, including brands like Black Diamond, Sierra, and Barnes. Interested parties can contact the company's investor relations for more information.
Clarus Corporation (NASDAQ: CLAR) has announced the acquisition of Rhino-Rack Pty Ltd for approximately $198 million, comprising $150 million in cash and 2.3 million shares. Rhino-Rack, an Australian manufacturer, will operate as a subsidiary, enhancing Clarus's global reach and product offerings in the outdoor market. The transaction, expected to close in July 2021, aims to capitalize on Rhino-Rack's robust market position and is anticipated to be immediately accretive to earnings. The acquisition aligns with Clarus' strategy to expand its portfolio of outdoor enthusiast products.
Clarus Corporation (NASDAQ: CLAR) reported a robust financial performance for Q1 2021, with sales rising 41% year-over-year to $75.3 million. The company raised its full-year outlook, expecting sales to grow 32% to $295 million. Key highlights include a substantial net income increase to $5.7 million, and adjusted EBITDA rising 191% to $10.6 million. Gross margin improved to 35.9%. Despite a free cash flow of $(3.9) million, management expressed confidence in the continued demand across its brand portfolio, emphasizing strong performance in the Black Diamond and Sierra segments.
Clarus Corporation (NASDAQ: CLAR) has nominated Susan Ottmann to its Board of Directors, with a vote set for June 2, 2021. Ottmann brings over 25 years of experience in engineering, marketing, and leadership roles. She has directed programs at the University of Wisconsin – Madison and managed Thermo Fisher Scientific’s analytics business, overseeing 770 employees globally. Her expertise is expected to aid Clarus in its growth strategy. This nomination reflects Clarus’ commitment to strengthen leadership and enhance shareholder value in the outdoor equipment market.
Clarus Corporation (NASDAQ: CLAR) has appointed Anthony Rivera as the business unit director for Black Diamond Equipment's apparel category. Rivera, who previously worked at Arc’Teryx, brings over 12 years of experience in merchandising and revenue management. His role will focus on strategic direction, product development, and business planning for the apparel line, which is expanding to cater to climbers, backcountry skiers, and trail runners. Clarus President John Walbrecht expressed excitement over Rivera's appointment, highlighting his passion for the brand and technical expertise.
Clarus Corporation (NASDAQ: CLAR) announced a quarterly cash dividend of $0.025 per share, payable on May 21, 2021, to shareholders on record as of May 10, 2021. This reflects the company's commitment to returning value to its shareholders. Clarus focuses on developing outdoor equipment and lifestyle products, with brands such as Black Diamond and Sierra.
Clarus Corporation (NASDAQ: CLAR) has announced a conference call scheduled for May 10, 2021, at 5:00 PM ET. The call will discuss the company's financial results for the first quarter ending March 31, 2021. Results will be released after market close the same day. Investors can tune in through the provided dial-in numbers and will have access to a replay post-event. Clarus specializes in outdoor equipment and lifestyle products, representing brands like Black Diamond and Sierra.
Clarus Corporation (NASDAQ: CLAR) will participate in virtual investor conferences on March 11 and March 15-16, 2021. On March 11, they will host a fireside chat at the 4th Annual Consumer Growth Conference, starting at 11:45 AM ET, with a webcast available. Additionally, they will conduct virtual one-on-one meetings at the 33rd Annual ROTH Conference on March 15-16. Clarus specializes in outdoor and consumer industries, offering a range of products through well-known brands such as Black Diamond and Sierra.
Clarus Corporation (NASDAQ: CLAR) reported a 24% year-over-year increase in fourth-quarter sales, reaching $75.9 million. Adjusted EBITDA surged 56% to $11 million. For 2020, total sales decreased to $224 million while net income dropped to $5.5 million. Looking ahead, Clarus anticipates 25% growth in 2021 sales to $280 million and a 56% increase in adjusted EBITDA to $35 million.
Improved performance in the Sierra segment and strong demand in direct-to-consumer channels highlight the company's strategic progress.