Compass Diversified Holdings (CODI) reported double-digit sales increases for last year at all its three of outdoor and sporting goods companies - Camelbak, Fox Factory and Liberty Safe - and its Ergobaby carriers and car seats brought 44.5 percent higher sales of $64.0 million for the year. Neverthless, the group saw its net income decline to $4.3 million in 2012 from $72.8 million in the previous year. The fourth quarter showed a net loss of $5.2 million.
Technically, Camelbak tripled its revenues, delivering net sales of $157.6 million for the year ended Dec. 31 against $42.7 million the year before. On a pro forma basis, adding its sales prior to its acquisition by CODI in August 2011, Camelbak's revenues grew by 11.6 percent.
Camelbak's gross margin improved by 4.6 percentage points to 45.8 percent, and its operating earnings before amortization (Ebitda) grew on a pro forma basis by 28.2 percent to $40.0 million. The brand generated operating income of $25.5 million, compared with an operating loss of $6.8 million in 2011.
Camelbak estimates that it covers 80 to 85 percent of the hands-free hydration market in the U.S. and 30 percent of the market for reusable bottles. It is also a major supplier of the U.S. military. Fox Factory is a major provider of suspension systems for mountain bikes and off-road vehicles, mostly on an OEM basis, and Liberty Safe is the largest make of home, office and gun safes in the world.
Fox posted net sales of $235.9 million for the 2012, up by 28.4 percent from the previous year. The operating profit for the Fox segment was $26.2 million for the year, up from $22.6 million in 2011. Liberty Safe generated net sales of $91.6 million in 2012, compared with $82.2 million in 2011, and its operating income grew to $6.0 million from $4.3 million.