Easton-Bell Sports Inc. reported on Tuesday a decrease in sales in its second quarter, largely due to lower hockey sales and its exit from the lacrosse product category.
The Company had net sales of $201.6 million for the second quarter of 2013, a decrease of 5.8% as compared to $214.1 million of net sales for the second quarter of 2012. The sales decrease is primarily attributable to the exit of the non-core fitness products category and lower hockey sales. Gross margin increased by 70 basis points (“bps”) to 35.7% from 35.0%. Adjusted EBITDA exclusive of one-time severance expenses related to management changes and costs related to the exit of the lacrosse product category was $23.5 million, a decrease of $2.2 million or 8.7% from $25.7 million during the second quarter last year.