Easton-Bell Sports Inc. reported earnings rose 87.3% in its first quarter, to $2.4 million, as compared to $1.3 million for the first quarter of 2007. Adjusted EBITDA for the first quarter of 2008 was $21.7 million. Net sales grew 4.3% to $182.1 million from $174.6 million.
Net sales for the companys Team Sports segment, consisting primarily of football, baseball, softball, ice hockey and other team sports products, decreased $1.2 million, or 1.2%. Team Sports sales decreased primarily due to decreased sales of football and ice hockey equipment and reconditioning services, which was partially offset by increased sales of baseball and softball equipment and accessories.
The net sales for the companys Action Sports segment, consisting primarily of cycling, snow sports, powersports and fitness related products, increased $8.7 million, or 12%, as compared to the first fiscal quarter of 2007. The increase resulted from the growth in sales of cycling helmets and accessories, snow helmets, eyewear and fitness related products.
Net debt totaled $460.4 million (total debt of $477.3 million less cash of $16.9 million) as of March 29, 2008, an increase of $1.7 million over such amount at December 29, 2007. The increase is due to an increase in the revolver used for seasonal working capital needs of $2.5 million, offset by a decrease in long term debt of $0.8 million. Working capital as of March 29, 2008 was $270.0 million, as compared to $262.8 million as of December 29, 2007.
Easton-Bell Sports's brands include Easton , Bell , Riddell, Giro and Blackburn . The company is based in Van Nuys, CA.
