Black Diamond, Inc. (BDE) saw its loss narrow to $1.46 million, or $0.05 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.01 million, or $0.13 a share. On an adjusted basis, net profit for the quarter stood at $0.52 million, or $0.02 a share compared with a net loss of $2.24 million, or $0.07 a share in the last year period.
Revenue during the quarter grew 8.77 percent to $41.56 million from $38.21 million in the previous year period. Gross margin for the quarter expanded 93 basis points over the previous year period to 29.60 percent. Operating margin for the quarter stood at negative 0.66 percent as compared to a negative 10.14 percent for the previous year period.
Operating loss for the quarter was $0.28 million, compared with an operating loss of $3.87 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.62 million compared to negative $2.35 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 1.50 percent for the quarter compared to negative 6.16 percent in the last year period.
"Our first quarter was the first clear sign that the steps we have taken to better serve our core customers are creating momentum, all while continuing to drive innovation in current and adjacent product categories," said John Walbrecht, president of Black Diamond Equipment. "We grew in all of our primary product categories and across all major markets, which was a key goal and a significant accomplishment in the current environment. This broad-based growth was made possible by our ability to better satisfy demand, which is a credit to the improvements we have made in our supply chain for 2017. We also began to make incremental investments back into the brand via enhanced R&D resources, while also furthering the development of our e-commerce platform."
For fiscal year 2017, Black Diamond, Inc. forecasts revenue to be in the range of $153 million to $158 million.
Working capital declines
Black Diamond, Inc. has witnessed a decline in the working capital over the last year. It stood at $125.25 million as at Mar. 31, 2017, down 19.55 percent or $30.43 million from $155.68 million on Mar. 31, 2016. Current ratio was at 7.35 as on Mar. 31, 2017, down from 8.97 on Mar. 31, 2016.
Days sales outstanding went down to 59 days for the quarter compared with 70 days for the same period last year.
Days inventory outstanding has decreased to 67 days for the quarter compared with 163 days for the previous year period.
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