Football shoulder pad & apparel sales up at Easton-Bell

26 Mar '08

3 min read

In addition to the Easton acquisition, other factors contributing to the increase in Team Sports net sales included increased football shoulder pad and apparel sales and reconditioning services.

The net sales for the Company's Action Sports segment, consisting primarily of cycling, snow sports, powersports and fitness related products, increased $16.9 million, or 5.8%, as compared to 2006.

The increase resulted from the inclusion of a full fiscal year of Easton's cycling business, the acquisition of Cyclo/Shanghai Cyclo, growth in sales of cycling helmets and specialty channel accessories and the introduction of Giro branded eyewear, all of which were partially offset by a mild decrease in sales of snow helmets.

The Company's net income for fiscal year 2007 was $14.5 million, as compared to a $(5.9) million net loss for fiscal year 2006. Adjusted EBITDA for fiscal year 2007 was $96.9 million.

A detailed reconciliation of net income to Adjusted EBITDA is included in the section entitled “Reconciliation of Non-GAAP Financial Measures”, which appears at the end of this press release.

Balance Sheet Items:
Net debt totaled $458.7 million (total debt of $475.6 million less cash of $16.9 million) as of December 29, 2007, a decrease of $7.6 million over such amount at December 30, 2006.

The decrease is due to an increase in cash of $7.0 million and a decrease in long term debt and capital lease obligations of $2.6 million, offset by an increase in the revolver used for seasonal working capital needs of $2.0 million. Working capital as of December 29, 2007 was $262.8 million, as compared to $225.0 million as of December 30, 2006.

Easton-Bell Sports Inc

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