Compass Diversified Holdings reported sales last year grew in the double digits at all three of its outdoor sporting goods companies, which include CamelBak, Fox Factory and Liberty Safe.
CamelBak generated net sales of approximately $157.6 million in the fiscal year ended Dec. 31, up $16.3 million, or 11.5 percent from 2011 pro forma results. CODI acquired Camelbak in August, 2011. EBIDTA rose 28.2 percent to $40.0 million on a pro forma basis. The company ended the year with $23.7 million in accounts receivable, up 38.3 percent.
CamelBak, which designs, manufactures and distributes bottles and other hydration products to the outdoor recreation and military markets, ended the year with total assets of $259.1 million, down slightly from a year earlier. CamelBak estimates it is the market leader in hands free hydration and reusable bottle sales in the U.S. recreational market with 80-85 percent and 30 percent of sales respectively. It also claims to account for 85 percent of post-issue sales of hydration packs to U.S. Special Forces and other war fighters.
At Fox, a major provider of suspension systems for mountain bikes and off-road vehicles, net sales reached $235.9 million in 2012, up 28.4 percent from $197.7 million in 2011. EBIDTA grew 16.9 percent to $36.0 million. Fox ended the year with total assets of $142.8 million compared to $130.0 million at Dec. 31, 2011.
Net sales increased 11.4 percent to $91.6 million at Liberty Safe, which manufactures and distributes gun safes. Liberty Safe generated operating income of $6.0 million, up 39.5 percent from $4.3 million in the year ended Dec. 31, 2011.
Net sales of operating segments | Year ended December 31, | |||||||||||
| 2012 | 2011 | 2010 | ||||||||||
ACI | $ | 84,071 | $ | 78,506 | $ | 74,481 | ||||||
American Furniture | 91,455 | 105,345 | 136,901 | |||||||||
Arnold Magnetics | 104,184 | – | – | |||||||||
CamelBak* | 157,633 | 42,650 | – | |||||||||
ERGObaby | 64,032 | 44,327 | 12,227 | |||||||||
Fox | 235,869 | 197,740 | 170,983 | |||||||||
Liberty | 91,622 | 82,222 | 48,966 | |||||||||
Tridien | 55,855 | 55,854 | 61,101 | |||||||||
Total | 884,721 | 606,644 | 504,659 | |||||||||
Reconciliation of segment revenues to consolidated revenues: | ||||||||||||
Corporate and other | – | – | – | |||||||||
Total consolidated revenues | $ | 884,721 | $ | 606,644 | $ | 504,659 | ||||||
Profit (loss) of operating segments (1) | Year ended December 31, | |||||||||||
| 2012 | 2011 | 2010 | ||||||||||
ACI (2) | $ | 23,967 | $ | 26,561 | $ | 20,388 | ||||||
American Furniture (3) | (1,520 | ) | (35,236 | ) | (37,088 | ) | ||||||
Arnold Magnetics (4) | (518 | ) | – | – | ||||||||
CamelBak (5) | 25,501 | (6,801 | ) | – | ||||||||
ERGObaby (6) | 10,928 | 7,856 | (2,388 | ) | ||||||||
Fox | 26,152 | 22,586 | 19,576 | |||||||||
Liberty (7) | 5,985 | 4,336 | (811 | ) | ||||||||
Tridien | 3,667 | 5,015 | 8,013 | |||||||||
Total | 94,162 | 24,317 | 7,690 | |||||||||
Reconciliation of segment profit to consolidated income (loss) from continuing operations before income taxes: | ||||||||||||
Interest expense, net | (25,001 | ) | (12,610 | ) | (9,675 | ) | ||||||
Other income (expense), net | (183 | ) | 49 | |||||||||
