Performance Sprorts Reports Q2 Results, Announces Acquisition Of Easton Hockey

Performance Sports Group Ltd PSG, a manufacturer of high performance sports equipment and apparel, reported its second quarter results after Wednesday's market close.

Performance Sports said that it earned $0.13 per share on revenue of $153 million. Wall Street analysts were looking for the company to earn $0.14 per share on revenue of $167.48 million.

Performance Sports added that its adjusted EBITDA was $15.3 million, marking a 36 percent decrease from a year ago, but down 2 percent on a constant currency basis.

Performance Sports Group cited the "rapid weakening" of the Canadian dollar for its poor earnings. In fact, the company estimated that currency fluctuations lowered its Adjusted earnings per share by 50 percent or $0.12 compared to the same quarter a year ago.

Performance Sports Group also announced that it has acquired the Easton Hockey business from Easton Hockey Holdings for an undisclosed amount.

"This is an exciting transaction for our company because it brings another business with a history of innovation to Performance Sports Group," said Amir Rosenthal, President, PSG Brands. "Easton Hockey was the pioneer of the aluminum and composite stick in hockey and EASTON has long been considered a strong brand in the sport. We believe by focusing on their track record of success in the stick category and by utilizing the resources of a broader and more financially stable organization, we can support and further grow the EASTON brand in this important category and other key equipment categories."

Shares of Performance Sports Group were trading flat during Thursday's pre-market session but are lower by more than 60 percent over the past year.