Bauer Performance Sports reported revenues grew 8 percent (9 percent
excluding the impact of foreign exchange) in its fourth quarter ended May 31, due, in part, to the ongoing
growth in lacrosse and apparel as well as a 2 percent
increase in ice hockey equipment sales. Revenues both inside and outside
North America were up 8 percent in the period.

US$ 000,000's except per share data and %
Three months ended



Twelve months ended




May 31, 2013
May 31, 2012
Change vs. prior period

May 31, 2013
May 31, 2012
Change vs. prior period
Revenues
$ 86.7
$ 80.5
8 %
$ 399.6
$ 374.8
7 %
Gross profit

33.8

34.6
-2 %

147.2

142.6
3 %
Adjusted Gross Profit*

35.9

35.2
2 %

153.0

145.1
5 %
Adjusted EBITDA*

14.0

11.0
27 %

62.3

51.5
21 %
Net income (loss)

6.1

6.8
-10 %

25.3

30.2
-16 %
Adjusted Net Income*

9.7

4.7
106 %

35.7

25.5
40 %
Earnings (Loss) per share (diluted)
$ 0.17
$ 0.21
-19 %
$ 0.70
$ 0.95
-26 %
Adjusted EPS*
$ 0.26
$ 0.15
73 %
$ 0.98
$ 0.81
21 %


US$ 000,000's except per share data and  percent         Three months ended                     Twelve months ended             
        May 31, 2013         May 31, 2012         Change vs. prior period             May 31, 2013         May 31, 2012         Change vs. prior period     
Revenues         $     86.7         $     80.5         8      percent         $     399.6         $     374.8         7      percent
Gross profit             33.8             34.6         -2      percent             147.2             142.6         3      percent
Adjusted Gross Profit*             35.9             35.2         2      percent             153.0             145.1         5      percent
Adjusted EBITDA*             14.0             11.0         27      percent             62.3             51.5         21      percent
Net income (loss)             6.1             6.8         -10      percent             25.3             30.2         -16      percent
Adjusted Net Income*             9.7             4.7         106      percent             35.7             25.5         40      percent
Earnings (Loss) per share (diluted)         $     0.17         $     0.21         -19      percent         $     0.70         $     0.95         -26      percent
Adjusted EPS*         $     0.26         $     0.15         73      percent         $     0.98         $     0.81         21      percent

*Note: Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income/Loss and Adjusted EPS are non-IFRS measures. For the relevant definitions and reconciliations to reported results, please see “Non-IFRS Measures” at the end of this news release and in the Company's Management's Discussion and Analysis (“MD&A”) for the most recent period.

The 7 percent increase in overall revenues in Fiscal 2013 (8 percent excluding the impact of foreign exchange) was led by strong performance in several ice hockey equipment categories, apparel, and lacrosse. Apparel revenues increased by 42 percent driven by strong growth in Bauer's team uniforms and off-ice apparel, the addition of soccer uniform revenue from Inaria and continued success in performance apparel and bags. Lacrosse sales increased significantly due to the addition of Cascade, propelling the Company to an estimated 25 percent market share in this rapidly growing market.

Ice hockey equipment revenues were flat year over year overcoming numerous headwinds in the overall market including high inventories at retail and especially the increase in competitor close-out products. Excluding the impact of recent tariff revisions by the Canadian Government, Bauer's ice hockey equipment sales grew by 1 percent. Bauer's focus on innovation produced strong performance in several equipment categories including helmets (12 percent growth driven in part by demand for the RE-AKT helmet), accessories (44 percent growth driven in part by the TUUK LIGHTSPEED EDGE holders with replaceable steel blades), and protective (4 percent growth driven in part by the new NEXUS line). Offsetting these improvements were declines in skates (down 4 percent, or down 2 percent excluding the impact of foreign exchange and the Canadian tariff reduction) and sticks (down 3 percent), both primarily due to lower performance and recreational sales as a result of high levels of competitor closeout activity. The continued strong performance in hockey equipment has increased Bauer's global ice hockey equipment market share to an estimated 53 percent from 52 percent a year ago.

Overall revenues from the North American market grew by 7 percent in Fiscal 2013, while sales outside North America grew by 6 percent.

Bauer's Fiscal 2013 fourth quarter revenues grew by 8 percent (9 percent excluding the impact of foreign exchange) due, in part, to the ongoing growth in lacrosse and apparel as noted above, as well as a 2 percent increase in ice hockey equipment sales. Revenues both inside and outside North America were up 8 percent in the period.

“During Fiscal 2013 we achieved numerous milestones,” said Kevin Davis, President and Chief Executive Officer of Bauer. “First, we continued to take market share in a very challenging ice hockey market. In addition, our three acquisitions during Fiscal 2013 have further diversified our performance sports platform while enhancing our portfolio of intellectual property. Going forward, our focus will be to continue our multi-year track record of revenue growth in the ice hockey market, and grow share in the performance sports categories of lacrosse and baseball while expanding our apparel offering across all of our sports. Bauer will intensify our review of acquisition opportunities across a number of existing and new sports categories to further enhance and diversify our portfolio of industry leading products.”

Adjusted Gross Profit for Fiscal 2013 increased by $7.9 million, or 5 percent to $153.0 million. Adjusted Gross Profit as a percentage of revenues remained relatively constant at 38.3 percent in Fiscal 2013, compared to 38.7 percent in the comparative period of 2012. During the fourth quarter of Fiscal 2013, Adjusted Gross Profit increased by $0.7 million, or 2 percent, to $35.9 million, and Adjusted Gross Profit as a percentage of revenues decreased to 41.4 percent from 43.7 percent. The decline in Adjusted Gross Profit as a percentage of revenues during the quarter was primarily due to higher product and distribution costs.

Bauer continued to demonstrate operating leverage in SG&A. Excluding the impact of one-time items and share-base compensation expense, spending as a percentage of revenues has declined 120 and 220 basis points for Fiscal 2013 and in the fourth quarter ended May 31, 2013, respectively.