Bauer Performance Sports Announces Third Quarter Results

Bauer Performance Sports Ltd. (TSX:BAU) ("BAUER" or the "Company") today
announced its unaudited financial results for the third quarter and nine months
of Fiscal 2013 ended February 28, 2013 (all figures are in U.S. dollars).




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US$ 000,000's                                                               
 except per                                                                 
 share data                                                                 
 and %          Three months ended              Nine months ended           
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                                    Change vs.                    Change vs.
               February   February       prior February  February      prior
               28, 2013   29, 2012      period 28, 2013  29, 2012     period
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Revenues          $54.9      $51.5          7%   $312.9    $294.2         6%
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Gross profit       14.7       14.9         -2%    113.4     108.0         5%
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Adjusted Gross                                                              
 Profit(i)         16.4       15.5          6%    117.1     109.9         7%
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Adjusted                                                                    
 EBITDA(i)         (3.8)      (3.8)          -     48.3      40.4        20%
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Net income                                                                  
 (loss)            (2.9)      (7.5)        61%     19.2      23.4       -23%
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Adjusted Net                                                                
 Income                                                                     
 (Loss)(i)         (4.2)      (4.4)         5%     26.0      20.8        25%
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Earnings                                                                    
 (Loss) per                                                                 
 share                                                                      
 (diluted)       $(0.08)    $(0.25)        68%    $0.56     $0.74       -24%
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Adjusted EPS                                                                
 (i)             $(0.11)    $(0.14)        21%    $0.72     $0.66         9%
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(i)Note: Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income and
Adjusted EPS are non-IFRS measures. For the relevant definitions and
reconciliations to reported results, please see "Non-IFRS Measures" at the end
of this news release and in the Company's Management's Discussion and Analysis
("MD&A") for the third quarter of Fiscal 2013.


The 6% increase in overall revenues in the nine months of Fiscal 2013 was led by
strong performance in several ice hockey equipment categories, and solid
performance in both the Company's lacrosse and apparel product categories.
Performance in the lacrosse category has been positively impacted by the Cascade
Helmets ("Cascade") acquisition and the apparel category has seen growth in
every category, including team apparel, which has benefitted from both organic
growth and the acquisition of Inaria International ("Inaria"). 


Third quarter revenues grew by 7% due to strong growth in apparel across all
apparel categories, with lifestyle (+51%), performance (+56%), and team apparel
(+14% organic, +53% including Inaria) all showing strong increases, and the
addition of Cascade revenues, partially offset by lower ice hockey equipment
revenue. The Company's third fiscal quarter falls between the major shipping
months of its two selling seasons, "Back-to-Hockey" and "Holiday" and as such
relies heavily on repeat orders to fill in retailer needs. Ice hockey equipment
sales in the quarter were slightly lower than the prior year due to lower sales
of closeout inventories, a slight decline in goalie sales resulting from a shift
in the timing of product launches as compared to the prior year, and excess
competitor inventory in the market that reduced retailer open to buy for repeat
orders. 


Adjusted Gross Profit in the nine-month period ended February 28, 2013 increased
by $7.2 million, or 6.6% to $117.1 million. In the three and nine month periods
in Fiscal 2013, Adjusted Gross Profit as a percentage of revenues was consistent
with the levels reported in the comparable periods in Fiscal 2012. 


BAUER continues to demonstrate operating leverage in SG&A. Excluding expenses
associated with the integration of acquisitions and secondary share offerings,
SG&A as a percentage of revenues has declined 30 basis points in both the three
and nine month periods ending February 28, 2013.


Adjusted Net Income grew by 25% in the nine-month period of Fiscal 2013 to $26.0
million and Adjusted EPS increased 9%, to $0.72, compared to the same period
last year. In the third quarter, Adjusted Net Loss improved by 5% to $4.2
million and Adjusted EPS improved 21%, to a loss of $0.11 per share.


BAUER also announced that booking orders for its 2013 Back-to-Hockey season
increased by 2% over the 2012 Back-to-Hockey season to $188.7 million. The
increase is notable as this year's Back-to-Hockey bookings include only the
launch of VAPOR family of products, whereas two families of products (NEXUS and
SUPREME) were launched at the same time in 2012. See "Booking Orders" further
below.


"We continue to demonstrate the strength of our platform and derive benefits
from our recent lacrosse and apparel acquisitions as our revenue and profits
strengthened in the traditionally challenging third quarter. We are extremely
pleased with our continued growth driven by our geographic and product
diversification," said Kevin Davis, President and Chief Executive Officer, Bauer
Performance Sports. "Our growth in hockey booking orders from only one product
family in the upcoming Back-to-Hockey season versus the two families a year ago
is remarkable as is the immediate acceptance of our team apparel initiative
following our Inaria acquisition," added Davis.


On a trailing twelve-month basis, revenues were $393.3 million, Adjusted Gross
Profit reached $152.3 million or 38.7% of revenues, Adjusted EBITDA was $57.8
million, and Adjusted EPS was $0.87. 


The Company continued to deleverage as its leverage ratio, defined as net
indebtedness divided by EBITDA, was 2.76 as of February 28, 2013 compared to
2.85 as of February 29, 2012. As of February 28, 2013, BAUER had working capital
of $160.1 million compared to working capital of $136.4 million as of February
29, 2012, an increase of 17%. This increase was driven by the acquisitions of
Cascade and Inaria, the impact of foreign exchange, and our year-to-date revenue
growth.


Recent Events/Highlights



--  In March 2013, BAUER announced that it has become the new official
    uniform, equipment and apparel provider for the British Columbia Hockey
    League (BCHL), one of the top junior organizations in North America.
    This exclusive three-year partnership starting with the 2013-14 season
    will include uniforms, equipment and apparel for the BCHL's
    approximately 360 players, and is a significant step forward for BAUER's
    new but growing team apparel program. The Company is now a one-stop shop
    for associations, teams and leagues at any level around the world, with
    the ability to provide uniforms as well as high performance equipment. 

--  On March 21, 2013, the Canadian government announced that it will reduce
    import tariffs on certain hockey equipment effective as of April 1,
    2013. Prior to April 1, 2013, the Company's tariffs on hockey equipment
    imported into Canada were up to 18% and were included in the Company's
    cost of goods sold. BAUER is currently assessing the impact of this
    change and it is the Company's expectation that in due course the lower
    tariffs will result in lower pricing to its customers on affected
    products but will have limited impact on profitability, as the reduction
    in the costs of goods sold will be passed on to retailers. 



Adjusted Gross Profit, EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted
EPS are non-IFRS measures. For the relevant definitions and reconciliations to
reported results, please see "Non-IFRS Measures" noted below and the Company's
MD&A for the third quarter of Fiscal 2013.


The Company's unaudited Condensed Consolidated Interim Financial Statements and
MD&A for the period ended February 28, 2013 have been filed with applicable
regulatory authorities and are available on SEDAR at www.sedar.com and on the
Company's website. 


CONFERENCE CALL AND WEBCAST 

Management will hold a conference call and live audio webcast on Thursday, April
11, 2013 at 10:00 a.m. (ET) to discuss the Company's third quarter results. The
call will be hosted by Kevin Davis, President and CEO and Amir Rosenthal, Chief
Financial Officer. Following management's presentation, there will be a question
and answer session for analysts. 


To access the call, please dial 1-888-312-3048 or 1-719-785-1765. The conference
call will also be accessible via webcast at www.bauerperformancesports.com. 


A replay of the conference call will be available from 1:00 p.m. ET on April 11,
2013, until midnight ET, April 25, 2013. To access the replay, dial
1-877-870-5176 or 1-858-384-5517, followed by passcode 9271464.  


To participate in the live audio webcast, please visit the Company's website at
www.bauerperformancesports.com. The webcast will also be archived on the
Company's website. 


ABOUT BAUER PERFORMANCE SPORTS LTD. 

Bauer Performance Sports Ltd. (TSX:BAU) is a leading developer and manufacturer
of ice hockey, roller hockey, and lacrosse equipment as well as related apparel.
The Company has the most recognized and strongest brand in the ice hockey
equipment industry, and holds the top market share position in both ice and
roller hockey. Its products are marketed under the BAUER, MISSION, MAVERIK,
CASCADE and INARIA brand names and are distributed by sales representatives and
independent distributors throughout the world. The Company is focused on
building its leadership position and growing market share in all product
categories through continued innovation at every level. For more information,
visit www.bauerperformancesports.com. 


BOOKING ORDERS

BAUER's revenues are comprised of booking, repeat and other orders. Although ice
hockey booking orders provide the Company some visibility into its future
revenues for the season, there may not be a direct relationship between the
change in booking orders year over year and the anticipated total revenues
change for that season, due to several factors including, among others, the
potential impact booking orders have on the amount and timing of future repeat
orders for which the Company has little visibility and the increased
diversification of the Company's product offerings. For a more detailed
discussion and definition of BAUER's booking and repeat orders, please see the
Outlook section of the Company's third quarter MD&A, which is available on SEDAR
at www.sedar.com.


NON-IFRS MEASURES 

Adjusted Gross Profit, EBITDA, Adjusted EBITDA, Adjusted Net Income, and
Adjusted EPS are non-IFRS measures. Adjusted Gross Profit is defined as gross
profit plus the following expenses which are part of cost of goods sold: (i)
amortization and depreciation of intangible assets, (ii) non-cash charges to
cost of goods sold resulting from fair market value adjustments to inventory as
a result of business acquisitions, and (iii) reserves established to dispose of
obsolete inventory acquired from acquisitions. Adjusted EBITDA is defined as
EBITDA (net income adjusted for income tax expense, depreciation and
amortization, losses related to amendments to the Company's credit facility,
gain or loss on disposal of fixed assets, net interest expense, deferred
financing fees, unrealized gains/losses on derivative instruments, and realized
and unrealized gains/losses related to foreign exchange revaluation) before
restructuring and other one-time or non-cash charges associated with
acquisitions, pre-IPO sponsor fees, costs related to share offerings, as well as
share-based payment expense. Adjusted Net Income is defined as net income
adjusted for unrealized gains/losses related to derivative instruments and
unrealized gains/losses related to foreign exchange revaluation, one-time or
non-cash charges associated with acquisitions, amortization of acquisition
related intangible assets for acquisitions since the Company's initial public
offering, costs related to share offerings, share-based compensation expense,
and other non-cash or one-time items. Adjusted EPS is defined as Adjusted Net
Income/Loss divided by the weighted average diluted shares outstanding.


Reconciliations of these non-IFRS measures to the relevant reported results can
be found in the Company's MD&A for the third quarter of Fiscal 2013.


CAUTION REGARDING FORWARD-LOOKING STATEMENTS 

This press release includes forward-looking statements within the meaning of
applicable securities laws. Forward-looking statements relate to analyses and
other information that are based on forecasts of future results and estimates of
amounts not yet determinable. The words "may", "will", "would", "should",
"could", "expects", "plans", "intends", "trends", "indications", "anticipates",
"believes", "estimates", "predicts", "likely" or "potential" or the negative or
other variations of these words or other comparable words or phrases, are
intended to identify forward looking statements. 


Forward-looking statements, by their nature, are based on assumptions, including
those described herein and are subject to important risks and uncertainties.
Many factors could cause our actual results to differ materially from those
expressed or implied by the forward looking statements, including, without
limitation, the following factors: inability to introduce new and innovative
products, intense competition in the equipment and apparel industries, inability
to introduce technical innovation, inability to protect worldwide intellectual
property rights, inability to successfully integrate recent acquisitions,
decrease in ice hockey, roller hockey and/or lacrosse participation rates,
adverse publicity, reduction in popularity of the NHL and other professional
leagues of sports in which our products are used, inability to maintain and
enhance brands, reliance on third party suppliers and manufacturers, disruption
of distribution chain or loss of significant customers or suppliers, cost of raw
materials and shipping freight and other cost pressures, a change in the mix or
timing of orders placed by customers, inability to forecast demand for products,
inventory shrinkage or excess inventory, product liability claims and product
recalls, compliance with standards of testing and athletic governing bodies,
departure of senior executives or other key personnel, litigation, employment or
union related matters, inability to translate order bookings into realized
sales, fluctuations in the value of certain foreign currencies in relation to
the U.S. dollar, inability to manage foreign exchange derivative instruments,
general economic and market conditions, changes in consumer preferences and the
difficulty in anticipating or forecasting those changes, natural disasters, as
well as the factors identified in the "Risk Factors" section of BAUER's Annual
Information Form dated August 29, 2012 available on SEDAR at www.sedar.com. 


Furthermore, unless otherwise stated, the forward looking statements contained
in this press release are made as of the date of this news release, and we have
no intention and undertake no obligation to update or revise any forward looking
statements, whether as a result of new information, future events or otherwise,
except as required by law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
INVESTOR INQUIRIES
Bauer Performance Sports Ltd.
Amir Rosenthal
Chief Financial Officer
603-610-5802
[e-mail]


Spinnaker Capital Markets Inc.
Kevin O'Connor / Ali Mahdavi
416-962-3300
[e-mail]


MEDIA INQUIRIES
Bauer Performance Sports Ltd.
Tory Mazzola
Communications Manager
603-430-2111
[e-mail]