Clarus Initiates Quarterly Cash Dividend
SALT LAKE CITY, Aug. 06, 2018 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a company focused on the outdoor and consumer industries, seeking opportunities to acquire and grow businesses that can generate attractive shareholder returns, announced today that its board of directors has approved the initiation of a quarterly cash dividend program.
Under the program, Clarus will pay a quarterly cash dividend of $0.025 per share ($0.10 per share on an annualized basis) to shareholders. The first dividend will be paid on September 4, 2018, to shareholders of record on the close of business on August 20, 2018.
“The decision by the board to initiate a dividend represents a significant milestone in our evolution and underscores our entry into more consistent operating performance, growing free cash flow generation and a strong long-term financial outlook,” said Warren Kanders, Clarus’ executive chairman. “It also underscores our commitment to driving shareholder value and is complemented by continued investments in our brands and product innovation, a $30 million share repurchase program and an opportunistic acquisition strategy.”
The declaration and payment of future dividends will be subject to the discretion of and approval of the Company’s board of directors and will be dependent upon, among other things, the Company's financial position, results of operations and cash flow, as well as compliance with applicable law and the terms of the Company’s credit agreement with JP Morgan Chase Bank, N.A. Stock repurchases remain subject to market conditions and other considerations and may be commenced or suspended at any time or from time to time, without prior notice.
About Clarus Corporation
Clarus Corporation is focused on the outdoor and consumer industries, seeking opportunities to acquire and grow businesses that can generate attractive shareholder returns. The Company has substantial net operating tax loss carryforwards which it is seeking to redeploy to maximize shareholder value. Clarus’ primary business is as a leading developer, manufacturer and distributor of outdoor equipment and lifestyle products focused on the climb, ski, mountain, and sport categories. The Company’s products are principally sold under the Black Diamond®, Sierra® and PIEPS® brand names through specialty and online retailers, distributors and original equipment manufacturers throughout the U.S. and internationally. For additional information, please visit www.claruscorp.com or the brand websites at www.blackdiamondequipment.com, www.sierrabullets.com or www.pieps.com.
Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer demand on our products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global capital and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to the manufacture and sale of bullets by our Sierra segment, and the possession and use of firearms and ammunition by our customers; the Company’s exposure to product liability or product warranty claims and other loss contingencies; stability of the Company's manufacturing facilities and suppliers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, our information systems; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; our ability to utilize our net operating loss carryforwards; changes in tax laws and liabilities, legal, regulatory, political and economic risks; and the Company’s ability to declare a dividend. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
Warren B. Kanders
John C. Walbrecht
Aaron J. Kuehne
Chief Administrative Officer and
Chief Financial Officer
Released August 6, 2018