Bauer Performance Sports Ltd. says net income dropped 29 per cent in its first quarter, even while revenues grew.
The sports equipment and apparel company said Tuesday it earned $16 million, or 45 cents per diluted share for the three months ended Aug. 31. That compares to $22.6 million, or 72 cents per share, in the same period a year earlier. Revenue, however, was up four per cent to $148.3 million compared to $142.4 million. On an adjusted basis, net income strengthened to $22.9 million from $20.9 million.
Adjusted earnings per share declined to 65 cents from 66 cents because there are more outstanding shares this year from the offering made in June to fund the acquisition of Cascade Helmets Holdings Inc. Bauer purchased the company for $64 million as part of an effort to expand its lacrosse business.
In its earnings, the company also noted sales increased 12 per cent to $75.1 million for the key winter season running from October to March 2013.
Bauer makes and sells ice hockey, roller hockey, and lacrosse equipment as well as related apparel marketed under the Bauer Hockey, Mission Roller Hockey and Maverik Lacrosse names.
