Clarus Reports Second Quarter 2025 Results

Continued Focus on Simplifying the Business and Accelerating Long-Term Profitable Growth
Completes Sale of PIEPS Snow Safety Brand for $9.1 Million

SALT LAKE CITY, July 31, 2025 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor enthusiast markets, reported financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Financial Summary vs. Same Year‐Ago Quarter

Sales of $55.2 million compared to $56.5 million.
Gross margin was 35.6% compared to 36.1%; adjusted gross margin of 36.5% compared to 37.4%.
Net loss of $8.4 million, or $(0.22) per diluted share, compared to net loss of $5.5 million, or $(0.14) per diluted share.
Adjusted net loss of $1.1 million, or $(0.03) per diluted share, compared to adjusted net loss of $1.2 million, or $(0.03) per diluted share.
Adjusted EBITDA of $(2.1) million with an adjusted EBITDA margin of (3.8)% compared to $(1.9) million with an adjusted EBITDA margin of (3.4)%.

Management Commentary
“Despite continued headwinds across the global outdoor market, we remain focused on operational execution and disciplined investment aligned with our strategic roadmap,” said Warren Kanders, Clarus’ Executive Chairman. “Following multiple quarters of progress strengthening the core, we have positioned Black Diamond for a return to growth, highlighted by a simplified product portfolio, sharper and more differentiated marketing message, key personnel hires, and a rationalized inventory position. At Adventure, where results continue to be affected by market softness and over-reliance on legacy customers, we are committed to prioritizing the highest-return initiatives, particularly those that improve our speed to market and enable us to fit more vehicles and, in turn, sell more roof racks and accessories.”

Mr. Kanders continued, “Subsequent to the end of the quarter, we were pleased to complete the divestiture of our PIEPS snow safety brand, reflective of our focus on simplifying the Black Diamond business and rationalizing our product categories. This was a highly successful outcome following a competitive process that recognized the value of the brand and its intellectual property. We continue to evaluate all possible opportunities to unlock value at each of Outdoor and Adventure, including further simplification of the businesses and further cost reductions, incremental to those which have already been taken during July. Additionally, we believe that the sum of the parts of our two segments exceeds today's market valuation, and we are committed to maximizing long-term value for our shareholders. While we anticipate a challenging consumer demand outlook through the remainder of the year and additional uncertainty from tariffs, we believe Clarus will benefit from the structural actions and improvements we’ve made across both our Outdoor and Adventure segments as demand normalizes.”

Second Quarter 2025 Financial Results
Sales in the second quarter were $55.2 million compared to $56.5 million in the same year‐ago quarter. Sales in the Outdoor segment increased 1% to $36.7 million, compared to $36.2 million in the year-ago quarter. Sales in the Adventure segment decreased 8% to $18.6 million, compared to $20.3 million in the year-ago quarter.

The increase in Outdoor sales was due to a shift in timing for IGD revenues into the second quarter, partially offset by decreases in our direct-to-consumer channels in both North America and Europe.

Lower sales in the Adventure segment reflect significantly reduced demand from global OEM customers and a challenging wholesale market in Australia for Rhino-Rack, partially offset by increased revenue from the acquisition of RockyMounts and higher promotional sales in North America.

Gross margin in the second quarter was 35.6% compared to 36.1% in the year‐ago quarter. The decrease in gross margin was primarily due to lower volumes and unfavorable product mix at the Adventure segment. Specifically, the unfavorable product mix at Adventure was due to promotional sales efforts in North America. This combined with lower wholesale volume at Rhino-Rack in Australia drove the decline in gross margin in the current quarter. These decreases were partially offset by higher volumes and a favorable product mix at the Outdoor segment.

Selling, general and administrative expenses in the second quarter were $26.9 million compared to $28.1 million in the same year‐ago quarter. The decrease was primarily due to lower employee-related expenses and marketing costs across the Company, as well as other expense reduction initiatives across both segments and at Corporate to manage costs.

Net loss in the second quarter of 2025 was $8.4 million, or $(0.22) per diluted share, compared to net loss of $5.5 million, or $(0.14) per diluted share in the year-ago quarter.

Adjusted net loss in the second quarter of 2025 was $1.1 million, or $(0.03) per diluted share, compared to adjusted net loss of $1.2 million, or $(0.03) per diluted share, in the year-ago quarter. Adjusted net loss excludes legal cost and regulatory matters expenses, inventory reserves, contingent consideration benefits, restructuring charges and transaction costs, as well as non-cash items for intangible amortization, impairment of indefinite-lived intangible assets, and stock-based compensation.

Adjusted EBITDA from continuing operations in the second quarter was $(2.1) million, or an adjusted EBITDA margin of (3.8)%, compared to adjusted EBITDA from continuing operations of $(1.9) million, or an adjusted EBITDA margin of (3.4)%, in the same year‐ago quarter.

Net cash used in operating activities for the three months ended June 30, 2025, was $(9.4) million compared to net cash generated of $0.8 million in the prior year quarter. Capital expenditures in the second quarter of 2025 were $1.9 million compared to $1.6 million in the prior year quarter. Free cash flow for the second quarter of 2025 was an outflow of $11.3 million.

Liquidity at June 30, 2025 vs. December 31, 2024

Cash and cash equivalents totaled $28.5 million compared to $45.4 million.
Total debt of $1.9 million (related to the RockyMounts acquisition) compared to $1.9 million.

Completed Sale of PIEPS
On July 11, 2025, the Company completed the previously announced sale of its PIEPS snow safety brand, including its portfolio of avalanche safety products such as avalanche transceivers and JetForce avalanche airbag systems, to a private investment firm for a total sales price of €7.8 million, or approximately $9.1 million, including cash and debt.

Conference Call
The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its second quarter 2025 results.

Date: Thursday, July 31, 2025
Time: 5:00 pm ET
Registration Link: https://register-conf.media-server.com/register/BIb5f720e357264d4fb254f3aa3f9d55cb

To access the call by phone, please register via the live call registration link above and you will be provided with dial-in instructions and details. The conference call will be broadcast live and available for replay here and on the Company’s website at www.claruscorp.com.

About Clarus Corporation
Headquartered in Salt Lake City, Utah, Clarus Corporation is a global leader in the design and development of best-in-class equipment and lifestyle products for outdoor enthusiasts. Driven by our rich history of engineering and innovation, our objective is to provide safe, simple, effective and beautiful products so that our customers can maximize their outdoor pursuits and adventures. Each of our brands has a long history of continuous product innovation for core and everyday users alike. The Company’s products are principally sold globally under the Black Diamond®, Rhino-Rack®, MAXTRAX®, TRED Outdoors®, and RockyMounts® brand names through outdoor specialty and online retailers, our own websites, distributors, and original equipment manufacturers.

Use of Non‐GAAP Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release contains the non-GAAP measures: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share, (iii) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin, and (iv) free cash flow (defined as net cash provided by operating activities less capital expenditures). The Company believes that the presentation of certain non-GAAP measures, i.e.: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share, (iii) EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin, and (iv) free cash flow, provide useful information for the understanding of its ongoing operations and enables investors to focus on period-over-period operating performance, and thereby enhances the user's overall understanding of the Company's current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within this press release. We do not provide a reconciliation of the non-GAAP guidance measures adjusted EBITDA and/or adjusted EBITDA margin for the fiscal year 2025 to net income for the fiscal year 2025, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not adjusted EBITDA and/or adjusted EBITDA margin. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

Forward-Looking Statements
Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this press release, include, but are not limited to, those risks and uncertainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled “Risk Factors” in the Company's Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company’s Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward- looking statements to reflect events or circumstances after the date of this press release.

Company Contact:
Michael J. Yates
Chief Financial Officer
mike.yates@claruscorp.com

Investor Relations:
The IGB Group
Leon Berman / Matt Berkowitz
Tel 1-212-477-8438 / 1-212-227-7098
lberman@igbir.com / mberkowitz@igbir.com

CLARUS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share amounts)

	June 30, 2025			December 31, 2024
Assets
Current assets
Cash	$	28,474		$	45,359
Accounts receivable, less allowance for
credit losses of $1,146 and $1,271		37,963			43,678
Inventories		91,527			82,278
Prepaid and other current assets		6,770			5,555
Income tax receivable		1,863			910
Assets held for sale		9,330			-
Total current assets		175,927			177,780

Property and equipment, net		18,247			17,606
Other intangible assets, net		27,570			31,516
Indefinite-lived intangible assets		45,022			46,750
Goodwill		3,804			3,804
Deferred income taxes		35			36
Other long-term assets		15,905			16,602
Total assets	$	286,510		$	294,094

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	9,068		$	11,873
Accrued liabilities		26,629			22,276
Current portion of long-term debt		1,949			1,888
Liabilities held for sale		980			-
Total current liabilities		38,626			36,037

Deferred income taxes		10,867			12,210
Other long-term liabilities		11,897			12,754
Total liabilities		61,390			61,001

Stockholders’ Equity
Preferred stock, $0.0001 par value per share; 5,000 shares authorized; none issued		-			-
Common stock, $0.0001 par value per share; 100,000 shares authorized; 43,054 and 43,004 issued and 38,402 and 38,362 outstanding, respectively		4			4
Additional paid in capital		700,616			697,592
Accumulated deficit		(422,455	)		(406,857	)
Treasury stock, at cost		(33,156	)		(33,114	)
Accumulated other comprehensive loss		(19,889	)		(24,532	)
Total stockholders’ equity		225,120			233,093
Total liabilities and stockholders’ equity	$	286,510		$	294,094

CLARUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended
	June 30, 2025			June 30, 2024

Sales
Domestic sales	$	24,724		$	22,934
International sales		30,523			33,550
Total sales		55,247			56,484

Cost of goods sold		35,567			36,078
Gross profit		19,680			20,406

Operating expenses
Selling, general and administrative		26,910			28,081
Restructuring charges		161			161
Transaction costs		108			27
Contingent consideration benefit		-			(125	)
Legal costs and regulatory matter expenses		1,837			399
Impairment of indefinite-lived intangible assets		1,565			-

Total operating expenses		30,581			28,543

Operating loss		(10,901	)		(8,137	)

Other income
Interest income, net		153			455
Other, net		1,483			414

Total other income, net		1,636			869

Loss before income tax		(9,265	)		(7,268	)
Income tax benefit		(831	)		(1,775	)
Net loss	$	(8,434	)	$	(5,493	)

Net loss per share:
Basic	$	(0.22	)	$	(0.14	)
Diluted		(0.22	)		(0.14	)

Weighted average shares outstanding:
Basic		38,402			38,297
Diluted		38,402			38,297

CLARUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME
(Unaudited)
(In thousands, except per share amounts)

	Six Months Ended
	June 30, 2025			June 30, 2024

Sales
Domestic sales	$	49,533		$	51,218
International sales		66,147			74,577
Total sales		115,680			125,795

Cost of goods sold		75,206			80,538
Gross profit		40,474			45,257

Operating expenses
Selling, general and administrative		53,526			56,296
Restructuring charges		334			531
Transaction costs		250			65
Contingent consideration benefit		-			(125	)
Legal costs and regulatory matter expenses		2,462			3,401
Impairment of indefinite-lived intangible assets		1,565			-

Total operating expenses		58,137			60,168

Operating loss		(17,663	)		(14,911	)

Other income (expense)
Interest income, net		410			825
Other, net		1,942			(495	)

Total other income, net		2,352			330

Loss before income tax		(15,311	)		(14,581	)
Income tax benefit		(1,633	)		(2,626	)
Loss from continuing operations		(13,678	)		(11,955	)

Discontinued operations, net of tax		-			28,346

Net (loss) income	$	(13,678	)	$	16,391

Loss from continuing operations per share:
Basic	$	(0.36	)	$	(0.31	)
Diluted		(0.36	)		(0.31	)

Net (loss) income per share:
Basic	$	(0.36	)	$	0.43
Diluted		(0.36	)		0.43

Weighted average shares outstanding:
Basic		38,384			38,253
Diluted		38,384			38,253

CLARUS CORPORATION
RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT
AND ADJUSTED GROSS MARGIN

THREE MONTHS ENDED

	June 30, 2025				June 30, 2024

Sales	$	55,247		Sales	$	56,484

Gross profit as reported	$	19,680		Gross profit as reported	$	20,406
Plus impact of other inventory reserves		490		Plus impact of PFAS and other inventory reserves		716
Adjusted gross profit	$	20,170		Adjusted gross profit	$	21,122

Gross margin as reported		35.6	%	Gross margin as reported		36.1	%

Adjusted gross margin		36.5	%	Adjusted gross margin		37.4	%


SIX MONTHS ENDED

	June 30, 2025				June 30, 2024

Sales	$	115,680		Sales	$	125,795

Gross profit as reported	$	40,474		Gross profit as reported	$	45,257
Plus impact of inventory fair value adjustment		120		Plus impact of inventory fair value adjustment		-
Plus impact of other inventory reserves		490		Plus impact of PFAS and other inventory reserves		1,445
Adjusted gross profit	$	41,084		Adjusted gross profit	$	46,702

Gross margin as reported		35.0	%	Gross margin as reported		36.0	%

Adjusted gross margin		35.5	%	Adjusted gross margin		37.1	%

CLARUS CORPORATION
RECONCILIATION FROM NET LOSS TO ADJUSTED NET LOSS AND RELATED EARNINGS PER DILUTED SHARE
(In thousands, except per share amounts)

	Three Months Ended June 30, 2025
	Total sales		Gross profit		Operating expenses			Income tax benefit			Tax rate		Net loss			Diluted EPS ⁽¹⁾

As reported	$	55,247	$	19,680	$	30,581		$	(831	)	(9.0	)%	$	(8,434	)	$	(0.22	)

Amortization of intangibles		-		-		(2,213	)		217					1,996
Impairment of indefinite-lived intangible assets		-		-		(1,565	)		-					1,565
Restructuring charges		-		-		(161	)		16					145
Transaction costs		-		-		(108	)		10					98
Other inventory reserves		-		490		-			57					433
Legal costs and regulatory matter expenses		-		-		(1,837	)		201					1,636
Stock-based compensation		-		-		(1,554	)		57					1,497

As adjusted	$	55,247	$	20,170	$	23,143		$	(273	)	20.4	%	$	(1,064	)	$	(0.03	)

(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to net loss. Reported net loss per share and adjusted net loss per share are both calculated based on 38,402 basic and diluted weighted average shares of common stock.

	Three Months Ended June 30, 2024
	Total sales		Gross profit		Operating expenses			Income tax benefit			Tax rate		Net loss			Diluted EPS ⁽¹⁾

As reported	$	56,484	$	20,406	$	28,543		$	(1,775	)	(24.4	)%	$	(5,493	)	$	(0.14	)

Amortization of intangibles		-		-		(2,451	)		265					2,186
Restructuring charges		-		-		(161	)		37					124
Transaction costs		-		-		(27	)		6					21
Contingent consideration benefit		-		-		125			(38	)				(87	)
PFAS and other inventory reserves		-		716		-			146					570
Legal costs and regulatory matter expenses		-		-		(399	)		152					247
Stock-based compensation		-		-		(1,528	)		306					1,222

As adjusted	$	56,484	$	21,122	$	24,102		$	(901	)	42.7	%	$	(1,210	)	$	(0.03	)

(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to net loss. Reported net loss per share and adjusted net loss per share are both calculated based on 38,297 basic and diluted weighted average shares of common stock.

CLARUS CORPORATION
RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO ADJUSTED LOSS FROM CONTINUING OPERATIONS AND RELATED EARNINGS PER DILUTED SHARE
(In thousands, except per share amounts)


	Six Months Ended June 30, 2025
	Total sales		Gross profit		Operating expenses			Income tax benefit			Tax rate		Loss from continuing operations			Diluted EPS ⁽¹⁾

As reported	$	115,680	$	40,474	$	58,137		$	(1,633	)	(10.7	)%	$	(13,678	)	$	(0.36	)

Amortization of intangibles		-		-		(4,437	)		512					3,925
Impairment of indefinite-lived intangible assets		-		-		(1,565	)		-					1,565
Disposal of internally developed software		-		-		(365	)		48					317
Restructuring charges		-		-		(334	)		39					295
Transaction costs		-		-		(250	)		29					221
Inventory fair value of purchase accounting		-		120		-			16					104
Other inventory reserves		-		490		-			57					433
Legal costs and regulatory matter expenses		-		-		(2,462	)		284					2,178
Stock-based compensation		-		-		(3,023	)		105					2,918

As adjusted	$	115,680	$	41,084	$	45,701		$	(543	)	24.0	%	$	(1,722	)	$	(0.04	)

(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share and adjusted loss from continuing operations per share are both calculated based on 38,384 basic and diluted weighted average shares of common stock.

	Six Months Ended June 30, 2024
	Total sales		Gross profit		Operating expenses			Income tax benefit			Tax rate		Loss from continuing operations			Diluted EPS ⁽¹⁾

As reported	$	125,795	$	45,257	$	60,168		$	(2,626	)	(18.0	)%	$	(11,955	)	$	(0.31	)

Amortization of intangibles		-		-		(4,900	)		882					4,018
Restructuring charges		-		-		(531	)		96					435
Transaction costs		-		-		(65	)		12					53
Contingent consideration benefit		-		-		125			(38	)				(87	)
PFAS and other inventory reserves		-		1,445		-			260					1,185
Legal costs and regulatory matter expenses		-		-		(3,401	)		613					2,788
Stock-based compensation		-		-		(2,706	)		487					2,219

As adjusted	$	125,795	$	46,702	$	48,690		$	(314	)	18.9	%	$	(1,344	)	$	(0.04	)

(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share and adjusted loss from continuing operations per share are both calculated based on 38,253 basic and diluted weighted average shares of common stock.


CLARUS CORPORATION
RECONCILIATION FROM OPERATING LOSS TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), EBITDA MARGIN, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN
(In thousands)

	Three Months Ended June 30, 2025												Three Months Ended June 30, 2024
	Outdoor Segment			Adventure Segment			Corporate Costs			Total			Outdoor Segment			Adventure Segment			Corporate Costs			Total

Operating loss	$	(4,242	)	$	(2,203	)	$	(4,456	)	$	(10,901	)	$	(2,397	)	$	(1,267	)	$	(4,473	)	$	(8,137	)
Depreciation		534			343			-			877			661			384			-			1,045
Amortization of intangibles		245			1,968			-			2,213			285			2,166			-			2,451

EBITDA		(3,463	)		108			(4,456	)		(7,811	)		(1,451	)		1,283			(4,473	)		(4,641	)

Restructuring charges		(42	)		203			-			161			146			15			-			161
Transaction costs		86			-			22			108			-			-			27			27
Contingent consideration benefit		-			-			-			-			-			(125	)		-			(125	)
Legal costs and regulatory matter expenses		1,150			-			687			1,837			180			-			219			399
Impairment of indefinite-lived intangible assets		1,565			-			-			1,565			-			-			-			-
Stock-based compensation		-			-			1,554			1,554			-			-			1,528			1,528
PFAS and other inventory reserves		490			-			-			490			716			-			-			716

Adjusted EBITDA	$	(214	)	$	311		$	(2,193	)	$	(2,096	)	$	(409	)	$	1,173		$	(2,699	)	$	(1,935	)

Sales	$	36,661		$	18,586		$	-		$	55,247			36,187			20,297			-			56,484

EBITDA margin		(9.4	)%		0.6	%					(14.1	)%		(4.0	)%		6.3	%					(8.2	)%
Adjusted EBITDA margin		(0.6	)%		1.7	%					(3.8	)%		(1.1	)%		5.8	%					(3.4	)%


CLARUS CORPORATION
RECONCILIATION FROM OPERATING LOSS TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), EBITDA MARGIN, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN
(In thousands)

	Six Months Ended June 30, 2025												Six Months Ended June 30, 2024
	Outdoor Segment			Adventure Segment			Corporate Costs			Total			Outdoor Segment			Adventure Segment			Corporate Costs			Total

Operating loss	$	(4,120	)	$	(5,257	)	$	(8,286	)	$	(17,663	)	$	(4,106	)	$	(2,037	)	$	(8,768	)	$	(14,911	)
Depreciation		1,040			720			-			1,760			1,334			737			-			2,071
Amortization of intangibles		528			3,909			-			4,437			571			4,329			-			4,900

EBITDA		(2,552	)		(628	)		(8,286	)		(11,466	)		(2,201	)		3,029			(8,768	)		(7,940	)

Restructuring charges		131			203			-			334			370			161			-			531
Transaction costs		156			40			54			250			-			-			65			65
Contingent consideration benefit		-			-			-			-			-			(125	)		-			(125	)
Legal costs and regulatory matter expenses		1,728			-			734			2,462			2,885			-			516			3,401
Impairment of indefinite-lived intangible assets		1,565			-			-			1,565			-			-			-			-
Disposal of internally developed software		-			365			-			365			-			-			-			-
Stock-based compensation		-			-			3,023			3,023			-			-			2,706			2,706
Inventory fair value of purchase accounting		-			120			-			120			-			-			-			-
PFAS and other inventory reserves		490			-			-			490			1,445			-			-			1,445

Adjusted EBITDA	$	1,518		$	100		$	(4,475	)	$	(2,857	)	$	2,499		$	3,065		$	(5,481	)	$	83

Sales	$	80,984		$	34,696		$	-		$	115,680			83,209			42,586			-			125,795

EBITDA margin		(3.2	)%		(1.8	)%					(9.9	)%		(2.6	)%		7.1	%					(6.3	)%
Adjusted EBITDA margin		1.9	%		0.3	%					(2.5	)%		3.0	%		7.2	%					0.1	%

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