Attached files
| file | filename |
|---|---|
| 8-K - Clarus Corp | v184083_8k.htm |
| EX-99.2 - Clarus Corp | v184083_ex99-2.htm |
| EX-99.3 - Clarus Corp | v184083_ex99-3.htm |
Exhibit 99.1
CLARUS
ANNOUNCES FIRST QUARTER 2010 RESULTS
STAMFORD, CONNECTICUT – MAY 10, 2010 — Clarus
Corporation (OTC:CLRS.PK) today announced financial results for the quarter
ended March 31, 2010. Clarus reported no revenues for the quarters
ended March 31, 2010 and 2009, respectively. Net loss for the first
quarter of 2010 was $2,355,000 or $0.14 per diluted share compared to a net loss
of $601,000 or $0.04 per diluted share during the comparable period of
2009. The increase in net loss was primarily due to transaction costs
of $1,509,000 related to asset redeployment activities, a $389,000 reduction in
interest income from declining interest rates on our cash, cash equivalents and
marketable securities, partially offset by a $134,000 decline in operating
expenses due to a reduction in employee salaries and bonus expense and non-cash
equity compensation compared to the prior year quarter. The weighted
average investment yield for our investments for the quarter ended March 31,
2010 was 0.11% compared to 1.94% for the quarter ended March 31,
2009. The current earnings rate as of April 23, 2010, is
0.12%.
The
Company noted that in a separate release this morning it announced the planned
acquisitions of Black Diamond Equipment and Gregory Mountain
Products.
As of
March 31, 2010, Clarus' cash, cash equivalents and marketable securities were
$80.6 million compared to $82.4 million as of December 31, 2009. Our
cash, cash equivalents and marketable securities of $80.6 million at March 31,
2010, divided by 17.4 million shares of common stock outstanding equals $4.63
per share.
Clarus
estimates that it has available net operating loss, research and experimentation
credit and alternative minimum tax credit carryforwards for U.S. federal income
tax purposes of approximately $230.6 million, $1.3 million and $56,000,
respectively, after application of the limitation under Section 382 of the
Internal Revenue Code.
FORWARD-LOOKING
STATEMENTS
This
press release contains forward-looking statements within the meaning of the
Securities Act of 1933 and the Exchange Act of 1934. Information in this release
includes Clarus' beliefs, expectations, intentions and strategies regarding
Clarus, its future and its products and services. Assumptions relating to the
forward-looking statements involve judgments with respect to, among other
things, future economic, competitive and market conditions and future business
decisions, all of which are difficult or impossible to predict accurately and
many of which are beyond our control. Actual results could differ materially
from those projected in the forward-looking statements as a result of certain
risks including our inability to execute successfully our planned effort to
redeploy our assets to enhance stockholder value, the unavailability of our net
operating loss carry forward, and that the unaudited financial information
provided in this press release may be adjusted as a result of the year end
audit. Clarus cannot guarantee its future performance. All forward-looking
statements contained in this release are based on information available to
Clarus as of the date of this release and Clarus assumes no obligation to update
the forward-looking statements contained herein.
For
further information regarding the risks and uncertainties in connection with
Clarus' business, please refer to the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and "Risk Factors" sections of
Clarus' filings with the Securities and Exchange Commission,
including but not limited to, its most recent annual report on Form 10-K and
quarterly reports on Form 10-Q, copies of which may be obtained at our web site
at http://www.claruscorp.com or the SEC's web site at
http://www.sec.gov.
For more
information, contact:
Warren B.
Kanders
Executive
Chairman of the Board of Directors
Clarus
Corporation
(203)
428-2000
wbkanders@claruscorp.com
CONDENSED
CONSOLIDATED BALANCE SHEETS
(IN
THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
|
March 31,
|
December 31,
|
|||||||
|
2010
|
2009
|
|||||||
|
(unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
and cash equivalents
|
$ | 56,938 | $ | 58,363 | ||||
|
Marketable
securities
|
23,691 | 24,059 | ||||||
|
Interest
receivable
|
3 | 6 | ||||||
|
Prepaids
and other current assets
|
80 | 667 | ||||||
|
Total
current assets
|
80,712 | 83,095 | ||||||
|
PROPERTY
AND EQUIPMENT, NET
|
637 | 696 | ||||||
|
TOTAL
ASSETS
|
$ | 81,349 | $ | 83,791 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Accounts
payable and accrued liabilities
|
$ | 1,500 | $ | 1,713 | ||||
|
Total
current liabilities
|
1,500 | 1,713 | ||||||
|
Deferred
rent
|
458 | 446 | ||||||
|
Total
liabilities
|
1,958 | 2,159 | ||||||
|
STOCKHOLDERS'
EQUITY
|
||||||||
|
Preferred
stock, $.0001 par value; 5,000,000 shares authorized; none
issued
|
- | - | ||||||
|
Common
stock, $.0001 par value; 100,000,000 shares authorized;
|
||||||||
|
17,441,747
and 17,441,747 shares issued and 17,366,747 and
|
||||||||
|
17,366,747
outstanding in 2010 and 2009, respectively
|
2 | 2 | ||||||
|
Additional
paid-in-capital
|
371,112 | 370,994 | ||||||
|
Accumulated
deficit
|
(291,723 | ) | (289,368 | ) | ||||
|
Treasury
stock, at cost
|
(2 | ) | (2 | ) | ||||
|
Accumulated
other comprehensive gain
|
2 | 6 | ||||||
|
Total
stockholders' equity
|
79,391 | 81,632 | ||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 81,349 | $ | 83,791 | ||||
CLARUS
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN
THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
|
THREE MONTHS ENDED
MARCH 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
OPERATING
EXPENSES:
|
||||||||
|
General
and administrative
|
$ | 789 | $ | 923 | ||||
|
Depreciation
|
79 | 89 | ||||||
|
Transaction
costs
|
1,509 | - | ||||||
|
Total
operating expenses
|
2,377 | 1,012 | ||||||
|
OPERATING
LOSS
|
(2,377 | ) | (1,012 | ) | ||||
|
INTEREST
INCOME
|
22 | 411 | ||||||
|
NET
LOSS
|
$ | (2,355 | ) | $ | (601 | ) | ||
|
Loss
per common share:
|
||||||||
|
Basic
|
$ | (0.14 | ) | $ | (0.04 | ) | ||
|
Diluted
|
$ | (0.14 | ) | $ | (0.04 | ) | ||
|
Weighted
average common shares outstanding:
|
||||||||
|
Basic
|
16,867 | 16,867 | ||||||
|
Diluted
|
16,867 | 16,867 | ||||||
CLARUS
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASHFLOWS
(UNAUDITED)
(IN
THOUSANDS)
|
THREE MONTHS ENDED
MARCH 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net
loss
|
$ | (2,355 | ) | $ | (601 | ) | ||
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||
|
Depreciation
on property and equipment
|
79 | 89 | ||||||
|
Amortization
of equity compensation plans
|
118 | 139 | ||||||
|
Amortization
of discount on securities, net
|
(11 | ) | (324 | ) | ||||
|
Changes
in operating assets and liablities:
|
||||||||
|
Decrease/(increase)
in interest receivable, prepaids and other other current
assets
|
590 | (47 | ) | |||||
|
Decrease
in accounts payable and accrued liabilities
|
(213 | ) | (195 | ) | ||||
|
Increase
in deferred rent
|
12 | (1 | ) | |||||
|
NET
CASH USED IN OPERATING ACTIVITIES
|
(1,780 | ) | (940 | ) | ||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Purchase
of marketable securities
|
(9,140 | ) | - | |||||
|
Proceeds
from maturity of marketable securities
|
9,515 | 37,915 | ||||||
|
Purchase
of equipment
|
(20 | ) | (3 | ) | ||||
|
NET
CASH PROVIDED BY INVESTING ACTIVITIES
|
355 | 37,912 | ||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
| - | - | |||||||
|
NET
CASH PROVIDED BY FINANCING ACTIVITIES
|
- | - | ||||||
|
CHANGE
IN CASH AND CASH EQUIVALENTS
|
(1,425 | ) | 36,972 | |||||
|
CASH
AND CASH EQUIVALENTS, beginning of period
|
58,363 | 19,342 | ||||||
|
CASH
AND CASH EQUIVALENTS, end of period
|
$ | 56,938 | $ | 56,314 | ||||
|
SUPPLEMENTAL
DISCLOSURE:
|
||||||||
|
Cash
paid for franchise and property taxes
|
$ | 250 | $ | 70 | ||||