2013 Q2 Form 10-K Financial Statement

#000119312513270582 Filed on June 25, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 2012 Q2
Revenue $178.7M $587.5M $129.8M
YoY Change 37.64% 42.6% 27.67%
Cost Of Revenue $110.2M $369.4M $83.00M
YoY Change 32.77% 30.04% 17.9%
Gross Profit $68.45M $218.1M $46.86M
YoY Change 46.05% 70.49% 50.2%
Gross Profit Margin 38.3% 37.12% 36.09%
Selling, General & Admin $20.20M $80.45M $20.20M
YoY Change 0.0% 2.55% -8.18%
% of Gross Profit 29.51% 36.89% 43.1%
Research & Development $1.400M $4.790M $1.000M
YoY Change 40.0% 5.41% -23.08%
% of Gross Profit 2.05% 2.2% 2.13%
Depreciation & Amortization $4.700M $16.73M $4.200M
YoY Change 11.9% 8.03% 75.0%
% of Gross Profit 6.87% 7.67% 8.96%
Operating Expenses $21.70M $85.24M $21.20M
YoY Change 2.36% 2.71% -9.01%
Operating Profit $46.75M $132.8M $25.66M
YoY Change 82.15% 195.74% 224.85%
Interest Expense -$1.100M $5.781M -$1.100M
YoY Change 0.0% -22.76% -35.29%
% of Operating Profit -2.35% 4.35% -4.29%
Other Income/Expense, Net $0.00 -$4.928M $0.00
YoY Change -16.49% -100.0%
Pretax Income $45.70M $127.9M $24.60M
YoY Change 85.77% 227.84% 316.95%
Income Tax $17.10M $46.50M $6.700M
% Of Pretax Income 37.42% 36.35% 27.24%
Net Earnings $25.17M $78.71M $12.47M
YoY Change 101.84% 388.75% 1033.45%
Net Earnings / Revenue 14.08% 13.4% 9.6%
Basic Earnings Per Share $0.39 $1.21 $0.19
Diluted Earnings Per Share $0.38 $1.18 $0.19
COMMON SHARES
Basic Shares Outstanding 64.37M shares 65.16M
Diluted Shares Outstanding 66.64M

Balance Sheet

Concept 2013 Q2 2013 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.10M $97.10M $53.40M
YoY Change 81.84% 81.84% 1.71%
Cash & Equivalents $100.5M $97.10M $56.72M
Short-Term Investments
Other Short-Term Assets $20.20M $20.20M $33.70M
YoY Change -40.06% -40.06% 11.96%
Inventory $63.00M $63.00M $55.30M
Prepaid Expenses
Receivables $46.09M $46.10M $48.31M
Other Receivables $3.100M $3.100M $0.00
Total Short-Term Assets $229.6M $229.6M $190.7M
YoY Change 20.37% 20.4% -6.33%
LONG-TERM ASSETS
Property, Plant & Equipment $86.38M $86.40M $60.53M
YoY Change 42.71% 42.81% -3.0%
Goodwill
YoY Change
Intangibles $3.965M $4.532M
YoY Change -12.51%
Long-Term Investments
YoY Change
Other Assets $7.076M $4.800M $5.900M
YoY Change 19.93% 33.33% -13.24%
Total Long-Term Assets $97.42M $97.40M $70.96M
YoY Change 37.29% 37.18% -8.91%
TOTAL ASSETS
Total Short-Term Assets $229.6M $229.6M $190.7M
Total Long-Term Assets $97.42M $97.40M $70.96M
Total Assets $327.0M $327.0M $261.7M
YoY Change 24.96% 24.95% -7.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.22M $31.20M $28.62M
YoY Change 9.09% 9.09% -28.63%
Accrued Expenses $16.03M $45.60M $44.10M
YoY Change -63.64% 3.4% 13.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $400.0K $400.0K
YoY Change 0.0% 0.0% -98.67%
Total Short-Term Liabilities $82.59M $82.60M $83.35M
YoY Change -0.9% -0.84% -31.85%
LONG-TERM LIABILITIES
Long-Term Debt $43.60M $43.60M $50.00M
YoY Change -12.8% -12.8% 0.0%
Other Long-Term Liabilities $11.68M $11.70M $10.95M
YoY Change 6.64% 7.34% 24.41%
Total Long-Term Liabilities $11.68M $55.30M $10.95M
YoY Change 6.64% -9.2% -81.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.59M $82.60M $83.35M
Total Long-Term Liabilities $11.68M $55.30M $10.95M
Total Liabilities $145.7M $145.7M $148.8M
YoY Change -2.11% -2.08% -21.17%
SHAREHOLDERS EQUITY
Retained Earnings $8.434M -$70.28M
YoY Change -112.0%
Common Stock $199.2M $189.4M
YoY Change 5.14%
Preferred Stock
YoY Change
Treasury Stock (at cost) $26.40M $6.396M
YoY Change 312.7%
Treasury Stock Shares 3.300M shares 1.200M shares
Shareholders Equity $181.3M $181.3M $112.8M
YoY Change
Total Liabilities & Shareholders Equity $327.0M $327.0M $261.7M
YoY Change 24.96% 24.95% -7.04%

Cashflow Statement

Concept 2013 Q2 2013 2012 Q2
OPERATING ACTIVITIES
Net Income $25.17M $78.71M $12.47M
YoY Change 101.84% 388.75% 1033.45%
Depreciation, Depletion And Amortization $4.700M $16.73M $4.200M
YoY Change 11.9% 8.03% 75.0%
Cash From Operating Activities $51.30M $98.10M $29.60M
YoY Change 73.31% 162.49% -22.51%
INVESTING ACTIVITIES
Capital Expenditures -$13.10M $41.42M -$3.700M
YoY Change 254.05% 200.81% -70.87%
Acquisitions
YoY Change
Other Investing Activities $0.00 $8.600M $0.00
YoY Change 1620.0% -100.0%
Cash From Investing Activities -$13.10M -$32.91M -$3.700M
YoY Change 254.05% 145.8% -70.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.00M
YoY Change
Debt Paid & Issued, Net $8.195M
YoY Change 434.92%
Cash From Financing Activities 200.0K -21.42M 5.000M
YoY Change -96.0% -16.2% 4900.0%
NET CHANGE
Cash From Operating Activities 51.30M 98.10M 29.60M
Cash From Investing Activities -13.10M -32.91M -3.700M
Cash From Financing Activities 200.0K -21.42M 5.000M
Net Change In Cash 38.40M 43.77M 30.90M
YoY Change 24.27% -2879.05% 20.23%
FREE CASH FLOW
Cash From Operating Activities $51.30M $98.10M $29.60M
Capital Expenditures -$13.10M $41.42M -$3.700M
Free Cash Flow $64.40M $56.68M $33.30M
YoY Change 93.39% 140.14% -34.58%

Facts In Submission

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CY2013 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Reclassification &#x2014;</i> Certain amounts presented in the prior years consolidated cash flows related to discontinued operations have been reclassified to conform to the current year&#x2019;s presentation.</font></p> </div>
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
4576000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5100000
CY2013 us-gaap Operating Income Loss
OperatingIncomeLoss
132834000
CY2013 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2602000
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y
CY2013 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8195000
CY2013 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
39000
CY2013 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
81406000
CY2013 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-315000
CY2013 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-3605000
CY2013 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4118000
CY2013 us-gaap Inventory Recall Expense
InventoryRecallExpense
3800000
CY2013 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
42000
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
44643000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
44767000
CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
-140000
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16730000
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
4073000
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.02
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.18
CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
107000
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.87
CY2013 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
285000
CY2013 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
1327000
CY2013 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1040000
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1508000
CY2013 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
5082000
CY2013 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
720000
CY2013 us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
ProceedsAndExcessTaxBenefitFromSharebasedCompensation
1025000
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
847042 shares
CY2013 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
369111000
CY2013 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
20000000
CY2013 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Concentrations of Credit Risk</i>&#xA0;&#x2014; Financial instruments that potentially subject us to concentration of credit risk consist principally of cash, cash equivalents, and trade receivables. We place our cash and cash equivalents in overnight U.S.&#xA0;government securities. Concentrations of credit risk with respect to trade receivables are limited by the large number of customers comprising our customer base and their geographic and business dispersion. We perform ongoing credit evaluations of our customers&#x2019; financial condition and generally do not require collateral.</font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">One customer accounted for approximately 11.6%, 12.2%, and 11.5% of our net product sales for the fiscal years ended April&#xA0;30, 2013, 2012, and 2011, respectively. This customer accounted for approximately $5.5 million, or 11.6% of total accounts receivable as of April&#xA0;30, 2013. In addition, two other customers accounted for $6.8 million and $6.2 million, or 14.3% and 13.1%, respectively, of total accounts receivable as of April&#xA0;30, 2013.</font></p> </div>
CY2013 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
111000
CY2013 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
6732000
CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
38661000
CY2013 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
20000000
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1487000 shares
CY2013 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4808000
CY2013 us-gaap Product Liability Accrual Period Expense
ProductLiabilityAccrualPeriodExpense
805000
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
98098000
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-32910000
CY2013 us-gaap Investment Income Interest
InvestmentIncomeInterest
814000
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
44087000
CY2013 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1335000
CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
349000
CY2013 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
1079000
CY2013 us-gaap Product Warranty Expense
ProductWarrantyExpense
7100000
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.10
CY2013 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-4009000
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-2693000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
726000
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
41421000
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
43770000
CY2013 us-gaap Marketing Expense
MarketingExpense
5100000
CY2013 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
50798000
CY2013 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1753000
CY2013 us-gaap Restructuring Charges
RestructuringCharges
5600000
CY2013 us-gaap Advertising Expense
AdvertisingExpense
15100000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3500 shares
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66642000 shares
CY2013 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
680000
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3473000
CY2013 us-gaap Sales Revenue Net
SalesRevenueNet
587514000
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1505000
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
127906000
CY2013 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
30020000
CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
131000
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.21
CY2013 us-gaap Nature Of Operations
NatureOfOperations
<div> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>1.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>Organization</b></font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6px; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>Organization</i>&#xA0;&#x2014; We are one of the world&#x2019;s leading manufacturers of firearms. We manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting, bolt action, and single shot rifles), handcuffs, and firearm-related products and accessories for sale to a wide variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We are one of the largest manufacturers of handguns, modern sporting rifles, and handcuffs in the United States and an active participant in the hunting rifle market. We manufacture our firearm products at our facilities in Springfield, Massachusetts and Houlton, Maine. We sell our products under the Smith&#xA0;&amp; Wesson, M&amp;P, Thompson/Center Arms, Performance Center, and Walther brands. In addition, we pursue opportunities to license our name and trademarks to third parties for use in association with their products and services.</font></p> </div>
CY2013 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4751000
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-21418000
CY2013 us-gaap Interest And Debt Expense
InterestAndDebtExpense
185000
CY2013 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-912000
CY2013 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.25
CY2013 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
3489000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
125495 shares
CY2013 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2099603 shares
CY2013 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
408000
CY2013 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
209000
CY2013 us-gaap Operating Expenses
OperatingExpenses
85569000
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65155000 shares
CY2013 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2013 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-5279000
CY2013 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7702000
CY2013 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
5982000
CY2013 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
15000000
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2013 us-gaap Loss Contingency Allegations
LossContingencyAllegations
The lawsuits are based principally on a theory of breach of fiduciary duties.
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7D
CY2013 us-gaap Depreciation
Depreciation
15400000
CY2013 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
1547000
CY2013 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1930000
CY2013 us-gaap Gross Profit
GrossProfit
218403000
CY2013 us-gaap Interest Paid
InterestPaid
5295000
CY2013 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
102000
CY2013 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-209000
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1857000
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
224000
CY2013 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
-160000
CY2013 us-gaap Net Income Loss
NetIncomeLoss
78713000
CY2013 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4928000
CY2013 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
530000
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2200000
CY2013 us-gaap Gain Loss On Sale Of Project
GainLossOnSaleOfProject
-1222000
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
46500000
CY2013 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
7500000
CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
332000
CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.22
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 6px; 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, including deferred tax asset valuation, forfeiture rates on stock-based awards, and medical claims payable. Actual results could differ from those estimates.</font></p> </div>
CY2013 us-gaap Severance Costs
SeveranceCosts
345000
CY2013 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
639000
CY2013 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
-3384000
CY2013 us-gaap Debt Issuance Costs
DebtIssuanceCosts
2200000
CY2013 us-gaap Interest Expense
InterestExpense
5781000
CY2013 swhc Debt Future Amortization Expense Year One
DebtFutureAmortizationExpenseYearOne
310000
CY2013 swhc Debt Future Amortization Expense Year Two
DebtFutureAmortizationExpenseYearTwo
310000
CY2013 swhc Debt Future Amortization Expense Year Three
DebtFutureAmortizationExpenseYearThree
212000
CY2013 swhc Number Of Stock Option Plans
NumberOfStockOptionPlans
2 pure
CY2013 swhc Share Based Compensation Arrangement By Share Based Payment Award Performance Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformancePeriod
P3Y
CY2013 swhc Percentage Of Total Expense
PercentageOfTotalExpense
0.40 pure
CY2013 swhc Market Price Low
MarketPriceLow
6.07
CY2013 swhc Market Price High
MarketPriceHigh
11.25
CY2013 swhc Construction In Progress Estimated Cost Of Completion
ConstructionInProgressEstimatedCostOfCompletion
12800000
CY2013 swhc Income Tax Reconciliation Changes In Uncertain Tax Positions
IncomeTaxReconciliationChangesInUncertainTaxPositions
237000
CY2013 swhc Stock Based Compensation Within Discontinued Operations
StockBasedCompensationWithinDiscontinuedOperations
45000
CY2013 swhc Cash And Cash Equivalent Maturity Period Maximum
CashAndCashEquivalentMaturityPeriodMaximum
P3M
CY2013 swhc Export Sales As Percentage Of Revenue
ExportSalesAsPercentageOfRevenue
0.03 pure
CY2013 swhc Change In Disposal Group Assets And Liabilities
ChangeInDisposalGroupAssetsAndLiabilities
-1215000
CY2013 swhc Condition Of Lease Qualifies As Capital Lease
ConditionOfLeaseQualifiesAsCapitalLease
Net present value of future lease payments exceed 90% of the fair market value of the leased machinery and equipment
CY2013 swhc Increase Decrease In Estimated Litigation Liability
IncreaseDecreaseInEstimatedLitigationLiability
154000
CY2013 swhc Number Of Other Product Liability Claims
NumberOfOtherProductLiabilityClaims
8 Claim
CY2013 swhc Number Of Product Liability Cases
NumberOfProductLiabilityCases
10 Case
CY2013 swhc Payments On Capital Lease Obligation
PaymentsOnCapitalLeaseObligation
-600000
CY2013 swhc Percentage Of Fair Market Value For Qualifying As Capital Lease
PercentageOfFairMarketValueForQualifyingAsCapitalLease
0.90 pure
CY2013 swhc Percentage Of Stock Outperform In Order For Target Award To Be Earned
PercentageOfStockOutperformInOrderForTargetAwardToBeEarned
0.10 pure
CY2013 swhc Receipts From Note Receivable
ReceiptsFromNoteReceivable
73000
CY2013 swhc Sale Lease Back Transaction Number Of Monthly Installments
SaleLeaseBackTransactionNumberOfMonthlyInstallments
60 Installment
CY2013 swhc Self Insurance Reserves Expense
SelfInsuranceReservesExpense
12201000
CY2013 swhc Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Correlation Coefficient
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsCorrelationCoefficient
0.47 pure
CY2013 swhc Share Based Compensation Percentage Of Target Award Granted For Calculating Maximum Aggregate Award Of Performance Share
ShareBasedCompensationPercentageOfTargetAwardGrantedForCalculatingMaximumAggregateAwardOfPerformanceShare
2.00 pure
CY2013 swhc Tax Deduction Of Stock Based Compensation In Excess Of Book Deductions
TaxDeductionOfStockBasedCompensationInExcessOfBookDeductions
1025000
CY2013 swhc Self Insurance Reserve Deductions
SelfInsuranceReserveDeductions
11611000
CY2013 swhc Product Warranty Accrual Warranties Issued And Adjustments To Provisions
ProductWarrantyAccrualWarrantiesIssuedAndAdjustmentsToProvisions
7093000
CY2013 swhc Defense And Administrative Costs
DefenseAndAdministrativeCosts
758000
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.15
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-10328000
CY2012 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
676000
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.16
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1328000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
982000
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
44916000
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-8716000
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y1M2D
CY2012 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1532000
CY2012 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
78000
CY2012 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
26433000
CY2012 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-285000
CY2012 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-15945000
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2484000
CY2012 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
105000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
11866000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2012 us-gaap Other Increase Decrease In Environmental Liabilities
OtherIncreaseDecreaseInEnvironmentalLiabilities
-29000
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
13655000
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
-100000
CY2012 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
1524000 shares
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15487000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
2484000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.08
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
98000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.03
CY2012 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-950000
CY2012 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
714000
CY2012 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
26000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
778000
CY2012 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3873000
CY2012 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-465000
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
290168 shares
CY2012 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
284008000
CY2012 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
44000
CY2012 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
30752000
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
9816000
CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
965000 shares
CY2012 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1667000
CY2012 us-gaap Product Liability Accrual Period Expense
ProductLiabilityAccrualPeriodExpense
560000
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
37372000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13389000
CY2012 us-gaap Investment Income Interest
InvestmentIncomeInterest
1505000
CY2012 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1850000
CY2012 us-gaap Income Taxes Paid
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