{"id":37688,"date":"2016-03-15T13:29:01","date_gmt":"2016-03-15T18:29:01","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=37688"},"modified":"2016-03-15T13:29:01","modified_gmt":"2016-03-15T18:29:01","slug":"black-diamond-reports-year-end-loss-plans-to-shake-up-operations","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/black-diamond-reports-year-end-loss-plans-to-shake-up-operations\/","title":{"rendered":"Black Diamond reports year-end loss, plans to shake up operations"},"content":{"rendered":"

By Sarah Very<\/strong><\/p>\n

Despite a one-time charge that stifled its bottom line, Black Diamond Inc. turned in results Monday that bested Wall Street estimates, and unveiled plans for a major corporate restructuring.<\/p>\n

The Salt Lake City, UT-based maker and marketer of equipment and apparel for climbing, mountaineering, backpacking and skiing reported a loss of $20.7 million, or 64 cents per diluted share, compared to a loss of $86,000, or less than a penny per share, in the year-earlier period.<\/p>\n

Sales in the fourth quarter dipped four percent to $44.1 million, compared to $46 million in the same year ago quarter. This beat analysts\u2019 consensus estimate of $38.9 million.<\/p>\n

The company\u2019s adjusted results, excluding certain expenses like restructuring and transaction costs, increased to $0.6 million, or 2 cents per diluted share, up from a loss of $0.5 million, or 2 cents per diluted share, in the fourth quarter of 2014. The latest quarter’s adjusted per-share results beat by three cents the one cent per share loss that analysts from Zacks were expecting.
\n<\/p>\n

Black Diamond shares, which have lost half of their value over the past year, moved up ten cents, or 2.1 percent, to trade late in the session Tuesday at $4.77. <\/p>\n

[field name=”chart”]<\/p>\n

Black Diamond Inc. reported fourth quarter results that beat analysts expectations. (Sarah Very\/MEDILL)<\/div>\n

Black Diamond\u2019s sluggish top line was mainly due to the \u201cweakening of foreign currencies against the U.S. dollar and a softer product volume in Japan,\u201d said Aaron Kuehne, Black Diamond\u2019s chief financial officer, in a conference call accompanying the earnings release. He added that the unfavorable foreign exchange rate hurt fourth quarter sales by 370 basis points or $1.7 million. <\/p>\n

According to the company, fourth quarter sales were unchanged at $45.2 million on a constant currency basis. <\/p>\n

The company is also experiencing major restructuring changes.<\/p>\n

During the fourth quarter, Black Diamond sold its POC business, a Stockholm-based designer and manufacturer of protective gear for action sports athletes. <\/p>\n

It also made the \u201cstrategic decision to retain Black Diamond Equipment,\u201d said Mark Ritchie, Black Diamond Equipment\u2019s brand president, during the conference call. <\/p>\n

\u201cWe are committed to a long-term holding company structure in which Black Diamond Equipment will remain a core holding, while our board of directors looks to redeploy our significant capital resources into diversifying assets,\u201d he added. \u201cTo illustrate this commitment, we have initiated a reformation project designed to return the brand to its historical 2011 operating margins, with a long-term commitment to increased operating cash flow.\u201d<\/p>\n

Ritchie said that Black Diamond Inc. sold Gregory Mountain products in 2014, POC in 2015 and completed its \u201ctransition service commitment.\u201d He explained that the \u201creformation project\u201d has the following goals: \u201cNumber one, significant cost reductions in North America and in Europe; number two, the relocation of our European headquarters from Basel, Switzerland to Innsbruck, Austria; and number three, a reorganization of our apparel strategy to achieve profitability at substantially lower sales target.\u201d <\/p>\n

For the year 2015, Black Diamond Inc. saw a net loss of $76 million, or $2.33 per diluted share, compared to a net profit of $14.0 million, or 43 cents per diluteshare, in 2014. <\/p>\n

In 2016, the company expects sales to range from $145-$150 million, compared to $155.3 million in 2015. Black Diamond Inc. expects $155-$160 million on a constant currency basis. Sales in 2015 were $155.3 million, down two percent from $158.3 million a year ago.<\/p>\n

Established in 1957, Black Diamond Inc. manufactures a wide range of products for skiing, climbing and hiking. (kcxd\/Flickr)<\/div>\n","protected":false},"excerpt":{"rendered":"

By Sarah Very Despite a one-time charge that stifled its bottom line, Black Diamond Inc. turned in results Monday that bested Wall Street estimates, and unveiled plans for a major corporate restructuring. The Salt Lake City, UT-based maker and marketer of equipment and apparel for climbing, mountaineering, backpacking and skiing reported a loss of $20.7 […]<\/p>\n","protected":false},"author":180,"featured_media":37763,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,585],"tags":[2343,2345,2344],"class_list":["post-37688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-winter-2016","tag-black-diamod-inc","tag-mountaineering-equipment-marketplace","tag-ski-equipment-marketplace"],"yoast_head":"\nBlack Diamond reports year-end loss, plans to shake up operations - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/black-diamond-reports-year-end-loss-plans-to-shake-up-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black Diamond reports year-end loss, plans to shake up operations - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Sarah Very Despite a one-time charge that stifled its bottom line, Black Diamond Inc. turned in results Monday that bested Wall Street estimates, and unveiled plans for a major corporate restructuring. 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