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 (NASDAQ: CLAR) has acquired assets related to the Barnes® brand of specialty hunting bullets for $30.5 million in cash. Barnes, known for its lead-free bullets, reported $21.8 million in sales for the 12 months ending June 30, 2020. This acquisition aligns with Clarus' strategy to build a robust premium bullet platform and is expected to enhance earnings immediately. The integration aims to leverage financial and operational synergies, boosting market potential. Further financial details will be disclosed in the upcoming third quarter earnings call.
Clarus Corporation's subsidiary, Sierra Bullets, has entered an agreement to acquire the Barnes Bullets brand for $30.5 million. This strategic acquisition enhances Clarus's position in the specialty bullet and ammunition sector, aiming for $100 million in sales with 25-30% adjusted EBITDA margins. Barnes, a leader in environmentally friendly bullets, reported $21.8 million in sales for the trailing twelve months. The acquisition is expected to be immediately accretive and is pending approval from the U.S. Bankruptcy Court.
Clarus Corporation's subsidiary, Sierra Bullets, is set to acquire assets of Barnes Bullets for $30.5 million in a strategic move aimed at enhancing its specialty ammunition platform. This acquisition is expected to be immediately accretive to earnings and aligns with the company's goal of reaching $100 million in sales with 25-30% adjusted EBITDA margins. Barnes Bullets, known for its environmentally friendly, lead-free bullets, reported $21.8 million in sales over the trailing twelve months. The transaction is pending court approval and completion is anticipated in October 2020.
Clarus Corporation (NASDAQ: CLAR) has entered an agreement to sell 900,000 registered shares at $12.75 each, yielding approximately $11.5 million. This offering involves three key investors—Brown Advisory, Greenhouse Funds, and TT Investimentos—who are increasing their stakes due to confidence in management's execution and the company's growth strategy. Proceeds will enhance working capital and liquidity, supporting Clarus's mission to explore new market opportunities while aiming for a nearly debt-free status by year-end.
Clarus Corporation (NASDAQ:CLAR), a leader in outdoor equipment, will participate in two virtual financial conferences in September 2020. The 9th Annual Gateway Conference is scheduled for September 9 at 9:00 AM Pacific Time, while the Lake Street 4th Annual Best Ideas Growth Conference will take place on September 17. Clarus specializes in outdoor products and boasts prestigious brands like Black Diamond and Sierra. The company emphasizes its commitment to innovation and quality in the outdoor market.
Clarus Corporation (CLAR) reported a significant decline in second-quarter sales for 2020, totaling $30 million, down from $47 million year-over-year. The company faced a net loss of $2.7 million, worsening from a loss of $0.7 million in the same quarter last year. Adjusted EBITDA was negative at $(1.3) million. Despite the pandemic challenges, free cash flow increased over two-fold to $10.2 million. Cash and cash equivalents rose to $21.5 million from $1.7 million at the end of 2019. The firm anticipates improved conditions and maintains that it is on track to meet its goals for the year.
Clarus Corporation (NASDAQ: CLAR) announced the appointment of Keith Enlow as president of its subsidiary, Sierra Bullets, effective August 17, 2020. Enlow, with over 25 years of experience in the commercial, military, and law enforcement markets, aims to leverage his expertise to drive innovation and enhance brand equity at Sierra. Previously, he held leadership roles at Steiner eOptics and Remington Ammunition. Enlow’s educational background includes an MBA and a degree in Mechanical and Aerospace Engineering.
Clarus Corporation (NASDAQ: CLAR) has announced a quarterly stock dividend of $0.025 per share, replacing cash dividends with a stock dividend effective May 1, 2020. Stockholders of record on August 10, 2020, will receive 0.00210 shares for each share held, with distribution on August 21, 2020. This dividend represents approximately 62,632 shares valued at around $747,205 based on the closing market price on July 30, 2020. The company is well-known for its quality outdoor products under brands like Black Diamond and Sierra.
On July 27, 2020, Clarus Corporation (NASDAQ: CLAR) announced a conference call scheduled for August 10, 2020, to discuss its financial results for Q2 2020. The call will occur at 5:00 p.m. ET, following a press release detailing the financial outcomes. This call will be accessible via toll-free and international dial-in numbers, as well as through a live broadcast on the company’s website. A replay will be available from August 10 until August 24, 2020.
Clarus focuses on outdoor equipment and lifestyle products under various iconic brands.
Clarus Corporation (NASDAQ: CLAR) will participate in two virtual financial conferences in June 2020. The company is scheduled for a fireside chat at the Stifel 2020 Virtual Cross Sector Insight Conference on June 9 at 2:00 p.m. ET and a presentation at the Jefferies 2020 Virtual Consumer Conference on June 23 at 1:30 p.m. ET. Clarus, known for its outdoor equipment and lifestyle products, continues to focus on innovation and quality, with a diverse portfolio that includes well-known brands like Black Diamond and Sierra.