$SWBI
SMITH & WESSON BRANDS, INC.

2013 Q4 Form 10-Q Financial Statement

#000119312513468440 Filed on December 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2012 Q4
Revenue $139.3M $136.6M
YoY Change 2.0% 47.95%
Cost Of Revenue $81.36M $88.09M
YoY Change -7.65% 30.12%
Gross Profit $57.94M $48.47M
YoY Change 19.54% 96.98%
Gross Profit Margin 41.59% 35.49%
Selling, General & Admin $27.86M $20.58M
YoY Change 35.39% 3.4%
% of Gross Profit 48.08% 42.45%
Research & Development $1.305M $1.268M
YoY Change 2.92% 5.67%
% of Gross Profit 2.25% 2.62%
Depreciation & Amortization $5.500M $4.100M
YoY Change 34.15% -4.65%
% of Gross Profit 9.49% 8.46%
Operating Expenses $29.16M $21.84M
YoY Change 33.51% 3.04%
Operating Profit $28.77M $26.62M
YoY Change 8.08% 681.68%
Interest Expense $2.046M $1.344M
YoY Change 52.23% -164.0%
% of Operating Profit 7.11% 5.05%
Other Income/Expense, Net -$2.002M -$970.0K
YoY Change 106.39%
Pretax Income $26.77M $25.65M
YoY Change 4.36% 1732.43%
Income Tax $9.627M $9.253M
% Of Pretax Income 35.96% 36.07%
Net Earnings $16.99M $21.18M
YoY Change -19.81% -1431.49%
Net Earnings / Revenue 12.2% 15.51%
Basic Earnings Per Share $0.28 $0.32
Diluted Earnings Per Share $0.28 $0.31
COMMON SHARES
Basic Shares Outstanding 59.62M 65.87M shares
Diluted Shares Outstanding 60.98M 67.27M shares

Balance Sheet

Concept 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.90M $58.00M
YoY Change -8.79% 33.64%
Cash & Equivalents $52.92M $61.30M
Short-Term Investments
Other Short-Term Assets $18.80M $23.40M
YoY Change -19.66% -25.0%
Inventory $76.26M $65.30M
Prepaid Expenses
Receivables $68.52M $54.50M
Other Receivables $9.200M $8.700M
Total Short-Term Assets $225.6M $210.0M
YoY Change 7.44% 8.98%
LONG-TERM ASSETS
Property, Plant & Equipment $103.1M $69.00M
YoY Change 49.41% 6.32%
Goodwill
YoY Change
Intangibles $3.631M
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.12M $5.500M
YoY Change 84.07% -5.17%
Total Long-Term Assets $116.8M $78.60M
YoY Change 48.66% -0.51%
TOTAL ASSETS
Total Short-Term Assets $225.6M $210.0M
Total Long-Term Assets $116.8M $78.60M
Total Assets $342.5M $288.6M
YoY Change 18.67% 6.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.82M $24.70M
YoY Change 85.51% -22.81%
Accrued Expenses $39.10M $40.10M
YoY Change -2.49% -2.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $1.200M
YoY Change 0.0% -96.12%
Total Short-Term Liabilities $92.64M $70.70M
YoY Change 31.03% -34.72%
LONG-TERM LIABILITIES
Long-Term Debt $100.0M $43.60M
YoY Change 129.36% -12.8%
Other Long-Term Liabilities $11.00M $11.00M
YoY Change -0.04% -9.09%
Total Long-Term Liabilities $11.00M $54.60M
YoY Change -79.86% -12.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.64M $70.70M
Total Long-Term Liabilities $11.00M $54.60M
Total Liabilities $211.5M $129.8M
YoY Change 62.94% -26.17%
SHAREHOLDERS EQUITY
Retained Earnings $51.90M
YoY Change
Common Stock $206.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $127.2M
YoY Change
Treasury Stock Shares 12.31M shares
Shareholders Equity $131.0M $158.8M
YoY Change
Total Liabilities & Shareholders Equity $342.5M $288.6M
YoY Change 18.67% 6.22%

Cashflow Statement

Concept 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income $16.99M $21.18M
YoY Change -19.81% -1431.49%
Depreciation, Depletion And Amortization $5.500M $4.100M
YoY Change 34.15% -4.65%
Cash From Operating Activities $5.000M $4.500M
YoY Change 11.11% -65.65%
INVESTING ACTIVITIES
Capital Expenditures -$14.10M -$9.600M
YoY Change 46.87% 540.0%
Acquisitions
YoY Change
Other Investing Activities $100.0K $2.000M
YoY Change -95.0%
Cash From Investing Activities -$14.10M -$7.600M
YoY Change 85.53% 406.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -84.40M 3.800M
YoY Change -2321.05% -3900.0%
NET CHANGE
Cash From Operating Activities 5.000M 4.500M
Cash From Investing Activities -14.10M -7.600M
Cash From Financing Activities -84.40M 3.800M
Net Change In Cash -93.50M 700.0K
YoY Change -13457.14% -93.91%
FREE CASH FLOW
Cash From Operating Activities $5.000M $4.500M
Capital Expenditures -$14.10M -$9.600M
Free Cash Flow $19.10M $14.10M
YoY Change 35.46% -3.42%

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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 Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-10-31
dei Entity Central Index Key
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0001092796
dei Current Fiscal Year End Date
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--04-30
dei Document Fiscal Period Focus
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Q2
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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>(1)&#xA0;Organization:</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b><i>Reclassification</i></b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> Certain amounts presented in the prior periods&#x2019; consolidated statements of income and comprehensive income related to stock compensation expense have been reclassified to conform to the current period&#x2019;s presentation.</p> </div>
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0.28
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60984000 shares
CY2013Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1364000 shares
CY2013Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.29
CY2013Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2013Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.28
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59620000 shares
CY2013Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
139294000
CY2013Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-158000
CY2013Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
8000
CY2013Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
36000
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
26772000
CY2013Q4 us-gaap Gross Profit
GrossProfit
57937000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
28774000
CY2013Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
17145000
CY2013Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2002000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
16987000
CY2013Q4 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-222000
CY2013Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
81357000
CY2013Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
20177000
CY2013Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7681000
CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
29163000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9627000
CY2013Q4 us-gaap Interest Expense
InterestExpense
2046000
CY2013Q4 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-64000
CY2013Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1305000
CY2013Q4 swhc Self Insurance Reserves Expense
SelfInsuranceReservesExpense
2800000

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