$SWBI
SMITH & WESSON BRANDS, INC.

2013 Q3 Form 10-Q Financial Statement

#000119312513358385 Filed on September 05, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $171.0M $136.0M
YoY Change 25.75% 48.26%
Cost Of Revenue $98.25M $84.77M
YoY Change 15.9% 30.01%
Gross Profit $72.77M $51.23M
YoY Change 42.06% 93.19%
Gross Profit Margin 42.55% 37.67%
Selling, General & Admin $23.40M $18.76M
YoY Change 24.75% -4.29%
% of Gross Profit 32.16% 36.62%
Research & Development $1.358M $1.172M
YoY Change 15.87% -9.85%
% of Gross Profit 1.87% 2.29%
Depreciation & Amortization $5.683M $3.985M
YoY Change 42.61% 10.69%
% of Gross Profit 7.81% 7.78%
Operating Expenses $24.76M $19.93M
YoY Change 24.22% -5.09%
Operating Profit $48.01M $31.30M
YoY Change 53.42% 467.37%
Interest Expense $6.673M $1.987M
YoY Change 235.83% -232.47%
% of Operating Profit 13.9% 6.35%
Other Income/Expense, Net -$6.566M -$1.619M
YoY Change 305.56%
Pretax Income $41.45M $29.68M
YoY Change 39.66% 641.93%
Income Tax $14.92M $10.81M
% Of Pretax Income 36.0% 36.42%
Net Earnings $26.48M $17.79M
YoY Change 48.86% 2151.52%
Net Earnings / Revenue 15.48% 13.08%
Basic Earnings Per Share $0.41 $0.27
Diluted Earnings Per Share $0.40 $0.27
COMMON SHARES
Basic Shares Outstanding 64.24M shares 65.35M shares
Diluted Shares Outstanding 65.62M shares 66.80M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.1M $57.20M
YoY Change 150.17% 79.31%
Cash & Equivalents $146.5M $60.54M
Short-Term Investments
Other Short-Term Assets $22.50M $26.50M
YoY Change -15.09% -14.24%
Inventory $63.23M $62.80M
Prepaid Expenses
Receivables $53.76M $53.30M
Other Receivables $4.500M $0.00
Total Short-Term Assets $287.2M $199.9M
YoY Change 43.66% 2.78%
LONG-TERM ASSETS
Property, Plant & Equipment $93.88M $63.20M
YoY Change 48.54% -0.47%
Goodwill
YoY Change
Intangibles $3.759M
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.06M $5.500M
YoY Change 155.55% -16.67%
Total Long-Term Assets $111.7M $73.00M
YoY Change 53.0% -7.01%
TOTAL ASSETS
Total Short-Term Assets $287.2M $199.9M
Total Long-Term Assets $111.7M $73.00M
Total Assets $398.9M $272.9M
YoY Change 46.16% -0.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.53M $25.30M
YoY Change 32.55% -23.33%
Accrued Expenses $44.00M $42.30M
YoY Change 4.02% 15.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.700M $1.700M
YoY Change 0.0% -94.53%
Total Short-Term Liabilities $83.89M $81.50M
YoY Change 2.94% -27.43%
LONG-TERM LIABILITIES
Long-Term Debt $100.0M $43.60M
YoY Change 129.36% -12.8%
Other Long-Term Liabilities $12.53M $11.20M
YoY Change 11.83% 24.44%
Total Long-Term Liabilities $12.53M $54.80M
YoY Change -77.14% -7.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.89M $81.50M
Total Long-Term Liabilities $12.53M $54.80M
Total Liabilities $204.3M $140.8M
YoY Change 45.09% -20.27%
SHAREHOLDERS EQUITY
Retained Earnings $34.91M
YoY Change
Common Stock $202.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $42.39M
YoY Change
Treasury Stock Shares 4.717M shares
Shareholders Equity $194.6M $132.1M
YoY Change
Total Liabilities & Shareholders Equity $398.9M $272.9M
YoY Change 46.16% -0.04%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $26.48M $17.79M
YoY Change 48.86% 2151.52%
Depreciation, Depletion And Amortization $5.683M $3.985M
YoY Change 42.61% 10.69%
Cash From Operating Activities $19.01M $9.279M
YoY Change 104.88% -159.48%
INVESTING ACTIVITIES
Capital Expenditures $12.04M $6.278M
YoY Change 91.7% -233.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $5.500M
YoY Change -100.0%
Cash From Investing Activities -$12.05M -$746.0K
YoY Change 1514.61% -84.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.99M
YoY Change
Debt Paid & Issued, Net $43.88M $6.925M
YoY Change 533.59%
Cash From Financing Activities 39.00M -4.707M
YoY Change -928.6% 1469.0%
NET CHANGE
Cash From Operating Activities 19.01M 9.279M
Cash From Investing Activities -12.05M -746.0K
Cash From Financing Activities 39.00M -4.707M
Net Change In Cash 45.97M 3.826M
YoY Change 1101.46% -118.57%
FREE CASH FLOW
Cash From Operating Activities $19.01M $9.279M
Capital Expenditures $12.04M $6.278M
Free Cash Flow $6.976M $3.001M
YoY Change 132.46% -127.53%

Facts In Submission

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<div> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b>(1)&#xA0;Organization:</b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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 sell our products under the Smith&#xA0;&amp; Wesson<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup> brand, the M&amp;P<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup> brand, the Thompson/Center Arms&#x2122; brand, and the Performance Center&#x2122; brand.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> We manufacture our firearm products at our facilities in Springfield, Massachusetts and Houlton, Maine. We plan to continue to offer products that leverage the over 160 year old &#x201C;Smith&#xA0;&amp; Wesson&#x201D; brand and capitalize on the goodwill developed through our historic American tradition by expanding consumer awareness of the products we produce. In addition, we pursue opportunities to license our name and trademarks to third parties for use in association with their products and services.</p> </div>
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CY2013Q3 swhc Condition Of Lease Qualifies As Capital Lease
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CY2013Q3 swhc Number Of Stock Option Plans
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2.00 pure
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ProvisionForRecoveryOfDoubtfulAccounts
-192000
CY2013Q3 swhc Future Estimated Recall Costs
FutureEstimatedRecallCosts
3600000

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