CamelBak had net sales of $122.2 million in the year ended Dec. 31, according to audited financial statements filed Monday by Compass Diversified Holdings, Inc., which acquired CamelBak in late August.
The statement shows CamelBak had gross profits of $52.0 million in 2010, or 42.5 percent of net sales in 2010. Selling, general and administrative expenses were $30.6 million, including $2.9 million in research and development and $634,000 in advertising expenses. Operating income of $21.3 million, or 17.4 percent of net sales and net income for the year was $11.9 million.
Separate unaudited financial statement show CamelBak generated sales of $76.4 million in the six months ended June 30, up 21.4 percent from $62.9 million in the year earlier period. Gross profits were $31.0 million, or 40.1 percent of net sales, compared to $26.9 million, or 42.8 percent of sales in the six months ended June 30, 2010. CamelBak generated net income of $10.7 million during the more recent period, compared to $7.4 million in the year earlier period.
CAMELBAK PRODUCTS, LLC AND SUBSIDIARIES
Consolidated Statement of Operations and Changes in Net Investment by Parent
Year ended December 31, 2010
| ||||
Net sales | $ | 122,214,000 | ||
Cost of goods sold | 70,224,000 | |||
Gross profit | 51,990,000 | |||
Selling, general, and administrative expenses | 30,646,000 | |||
Operating income | 21,344,000 | |||
Interest expense | (8,770,000 | ) | ||
Other expense net | (560,000 | ) | ||
Income before income taxes | 12,014,000 | |||
Income taxes | (74,000 | ) | ||
Net income | 11,940,000 | |||
Net investment by Parent, beginning of year | 53,797,000 | |||
Net investment by Parent, end of year | $ | 65,737,000 | ||
