$SWBI
SMITH & WESSON BRANDS, INC.

2013 Q1 Form 10-Q Financial Statement

#000119312513091783 Filed on March 05, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $136.2M $98.13M
YoY Change 38.85% 23.9%
Cost Of Revenue $86.31M $68.12M
YoY Change 26.7% 13.91%
Gross Profit $49.93M $30.00M
YoY Change 66.42% 54.66%
Gross Profit Margin 36.65% 30.58%
Selling, General & Admin $20.93M $18.73M
YoY Change 11.77% -6.83%
% of Gross Profit 41.92% 62.42%
Research & Development $952.0K $992.0K
YoY Change -4.03% -17.33%
% of Gross Profit 1.91% 3.31%
Depreciation & Amortization $3.900M $3.400M
YoY Change 14.71% -10.53%
% of Gross Profit 7.81% 11.33%
Operating Expenses $21.88M $19.72M
YoY Change 10.97% -7.85%
Operating Profit $28.05M $10.28M
YoY Change 172.73% -614.2%
Interest Expense $1.240M $1.629M
YoY Change -23.88% -235.75%
% of Operating Profit 4.42% 15.84%
Other Income/Expense, Net -$1.192M -$1.227M
YoY Change -2.85% 145.4%
Pretax Income $26.86M $9.057M
YoY Change 196.52% -351.58%
Income Tax $9.350M $3.664M
% Of Pretax Income 34.82% 40.45%
Net Earnings $14.58M $4.438M
YoY Change 228.44% -108.41%
Net Earnings / Revenue 10.7% 4.52%
Basic Earnings Per Share $0.22 $0.07
Diluted Earnings Per Share $0.22 $0.07
COMMON SHARES
Basic Shares Outstanding 65.15M shares 64.87M shares
Diluted Shares Outstanding 66.42M shares 66.58M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.70M $22.40M
YoY Change 162.05% -31.29%
Cash & Equivalents $62.00M $25.75M
Short-Term Investments
Other Short-Term Assets $21.80M $28.50M
YoY Change -23.51% 37.68%
Inventory $69.21M $60.20M
Prepaid Expenses
Receivables $38.87M $47.20M
Other Receivables $5.800M $3.300M
Total Short-Term Assets $194.3M $161.5M
YoY Change 20.33% -9.01%
LONG-TERM ASSETS
Property, Plant & Equipment $77.81M $62.30M
YoY Change 24.89% 10.66%
Goodwill
YoY Change
Intangibles $4.075M
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.333M $6.000M
YoY Change -11.12% -10.45%
Total Long-Term Assets $87.22M $76.30M
YoY Change 14.31% 6.27%
TOTAL ASSETS
Total Short-Term Assets $194.3M $161.5M
Total Long-Term Assets $87.22M $76.30M
Total Assets $281.5M $237.8M
YoY Change 18.39% -4.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.38M $26.40M
YoY Change -7.66% 25.12%
Accrued Expenses $38.40M $36.10M
YoY Change 6.37% 0.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $400.0K
YoY Change 0.0% -98.68%
Total Short-Term Liabilities $68.05M $69.20M
YoY Change -1.66% -25.35%
LONG-TERM LIABILITIES
Long-Term Debt $43.60M $50.00M
YoY Change -12.8% 0.0%
Other Long-Term Liabilities $10.78M $12.30M
YoY Change -12.34% 30.85%
Total Long-Term Liabilities $10.78M $62.30M
YoY Change -82.69% 4.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.05M $69.20M
Total Long-Term Liabilities $10.78M $62.30M
Total Liabilities $126.9M $136.8M
YoY Change -7.22% -12.36%
SHAREHOLDERS EQUITY
Retained Earnings -$16.73M
YoY Change
Common Stock $197.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $26.40M
YoY Change
Treasury Stock Shares 3.300M shares
Shareholders Equity $154.6M $101.0M
YoY Change
Total Liabilities & Shareholders Equity $281.5M $237.8M
YoY Change 18.39% -4.61%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $14.58M $4.438M
YoY Change 228.44% -108.41%
Depreciation, Depletion And Amortization $3.900M $3.400M
YoY Change 14.71% -10.53%
Cash From Operating Activities $33.00M $10.30M
YoY Change 220.39% -245.07%
INVESTING ACTIVITIES
Capital Expenditures -$12.50M -$4.000M
YoY Change 212.5% 60.0%
Acquisitions
YoY Change
Other Investing Activities $1.100M $500.0K
YoY Change 120.0%
Cash From Investing Activities -$11.50M -$3.500M
YoY Change 228.57% 40.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.70M -30.20M
YoY Change -31.46% 2057.14%
NET CHANGE
Cash From Operating Activities 33.00M 10.30M
Cash From Investing Activities -11.50M -3.500M
Cash From Financing Activities -20.70M -30.20M
Net Change In Cash 800.0K -23.40M
YoY Change -103.42% 112.73%
FREE CASH FLOW
Cash From Operating Activities $33.00M $10.30M
Capital Expenditures -$12.50M -$4.000M
Free Cash Flow $45.50M $14.30M
YoY Change 218.18% -410.87%

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us-gaap Increase Decrease In Inventories
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P6Y10M2D
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swhc Change In Disposal Group Assets And Liabilities
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swhc Proceeds From Energy Efficiency Incentive Programs
ProceedsFromEnergyEfficiencyIncentivePrograms
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swhc Self Insurance Reserves Expense
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swhc Product Warranty Accrual Warranties Issued And Adjustments To Provisions
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dei Trading Symbol
TradingSymbol
SWHC
dei Entity Registrant Name
EntityRegistrantName
SMITH & WESSON HOLDING CORP
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-01-31
dei Entity Central Index Key
EntityCentralIndexKey
0001092796
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-30
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IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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us-gaap Repayments Of Long Term Debt
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DepreciationDepletionAndAmortization
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ProductWarrantyAccrualPayments
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DisposalGroupIncludingDiscontinuedOperationRevenue
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P1Y3M18D
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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IncomeLossFromContinuingOperationsPerBasicShare
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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us-gaap Loss Contingency Allegations
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<div> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i>&#xA0;&#x2014; The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting periods. Our significant estimates include accruals for warranty, product liability, workers&#x2019; compensation expense, environmental liability, excess and obsolete inventory, allowance for doubtful accounts, income tax expense, forfeiture rates on stock-based awards, and medical claims payable. Actual results could differ from those estimates.</font></p> </div>
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swhc Tax Deduction Of Stock Based Compensation In Excess Of Book Deductions
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0.22
CY2013Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
86143000
CY2013Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1272000 shares
CY2013Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
48000
CY2013Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-2930000
CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12776000
CY2013Q1 us-gaap Advertising Expense
AdvertisingExpense
4700000
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66421000 shares
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
136242000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
26856000
CY2013Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8333000
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
942000
CY2013Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
2329000
CY2013Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.27
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
22051000
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65149000 shares
CY2013Q1 us-gaap Gross Profit
GrossProfit
50099000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
14576000
CY2013Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1192000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9350000
CY2013Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.26
CY2013Q1 us-gaap Interest Expense
InterestExpense
1240000
CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.01
CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-955000
CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.01
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
10284000
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8000
CY2012Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
5393000
CY2012Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-1600000
CY2012Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
1200000 shares
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2012Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
68121000
CY2012Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
8432000
CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
508000 shares
CY2012Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
394000
CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-955000
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10666000
CY2012Q1 us-gaap Advertising Expense
AdvertisingExpense
4300000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66582000 shares
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
98125000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
9057000
CY2012Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8062000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
992000
CY2012Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-645000
CY2012Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.08
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
19720000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64874000 shares
CY2012Q1 us-gaap Gross Profit
GrossProfit
30004000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
4438000
CY2012Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1227000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3664000
CY2012Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.08
CY2012Q1 us-gaap Interest Expense
InterestExpense
1629000

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