Easton-Bell Sports Inc., the company formed by the recent acquisition of Easton Sports by Riddell Bell Holdings Inc., said it lost $7.7 million for the first quarter ended April 1, compared to breakeven for the first fiscal quarter of 2005. Easton-Bell attributed the loss to payments made in connection with its merger and increased borrowing as a result of the acquisition. The company’s net debt rose to $490.8 million as of the close of the first quarter. Working capital at the newly merged company rose to $227.1 million, versus $101.7 million as of Dec. 31, 2005. The company, which designs and markets athletic equipment under the brand names Easton, Bell, Riddell, Giro and Blackburn, reported sales increased 27.4 percent in the quarter to $111.2 million, compared to sales of $87.2 million in the like period a year ago. The merger of Easton Sports with Riddell Bell was completed on March 16.