$SWBI
SMITH & WESSON BRANDS, INC.

2014 Q4 Form 10-Q Financial Statement

#000156459014006058 Filed on December 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q2 2013 Q4
Revenue $108.4M $170.4M $139.3M
YoY Change -22.15% -4.64% 2.0%
Cost Of Revenue $73.61M $100.7M $81.36M
YoY Change -9.53% -8.62% -7.65%
Gross Profit $34.84M $69.74M $57.94M
YoY Change -39.87% 1.9% 19.54%
Gross Profit Margin 32.13% 40.92% 41.59%
Selling, General & Admin $22.60M $25.10M $27.86M
YoY Change -18.87% 24.26% 35.39%
% of Gross Profit 64.87% 35.99% 48.08%
Research & Development $1.500M $1.500M $1.305M
YoY Change 14.94% 7.14% 2.92%
% of Gross Profit 4.31% 2.15% 2.25%
Depreciation & Amortization $6.900M $5.600M $5.500M
YoY Change 25.45% 19.15% 34.15%
% of Gross Profit 19.8% 8.03% 9.49%
Operating Expenses $24.01M $26.60M $29.16M
YoY Change -17.69% 22.58% 33.51%
Operating Profit $10.84M $43.14M $28.77M
YoY Change -62.34% -7.7% 8.08%
Interest Expense $2.914M -$1.800M $2.046M
YoY Change 42.42% 63.64% 52.23%
% of Operating Profit 26.89% -4.17% 7.11%
Other Income/Expense, Net -$2.905M -$2.200M -$2.002M
YoY Change 45.1% 106.39%
Pretax Income $7.930M $39.10M $26.77M
YoY Change -70.38% -14.44% 4.36%
Income Tax $2.839M $14.20M $9.627M
% Of Pretax Income 35.8% 36.32% 35.96%
Net Earnings $5.050M $25.06M $16.99M
YoY Change -70.27% -0.44% -19.81%
Net Earnings / Revenue 4.66% 14.7% 12.2%
Basic Earnings Per Share $0.09 $0.45 $0.28
Diluted Earnings Per Share $0.09 $0.44 $0.28
COMMON SHARES
Basic Shares Outstanding 53.55M 55.18M shares 59.62M
Diluted Shares Outstanding 54.65M 60.98M

Balance Sheet

Concept 2014 Q4 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.40M $68.90M $52.90M
YoY Change 21.74% -29.04% -8.79%
Cash & Equivalents $64.37M $68.86M $52.92M
Short-Term Investments
Other Short-Term Assets $25.60M $23.10M $18.80M
YoY Change 36.17% 14.36% -19.66%
Inventory $99.20M $86.74M $76.26M
Prepaid Expenses
Receivables $51.41M $55.89M $68.52M
Other Receivables $4.200M $4.600M $9.200M
Total Short-Term Assets $244.9M $239.2M $225.6M
YoY Change 8.55% 4.18% 7.44%
LONG-TERM ASSETS
Property, Plant & Equipment $134.0M $120.4M $103.1M
YoY Change 30.01% 39.43% 49.41%
Goodwill $14.11M
YoY Change
Intangibles $3.891M $3.425M $3.631M
YoY Change 7.16% -13.62%
Long-Term Investments
YoY Change
Other Assets $19.04M $18.47M $10.12M
YoY Change 88.1% 160.98% 84.07%
Total Long-Term Assets $171.1M $142.3M $116.8M
YoY Change 46.4% 46.1% 48.66%
TOTAL ASSETS
Total Short-Term Assets $244.9M $239.2M $225.6M
Total Long-Term Assets $171.1M $142.3M $116.8M
Total Assets $416.0M $381.5M $342.5M
YoY Change 21.46% 16.67% 18.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.85M $37.69M $45.82M
YoY Change -47.95% 20.72% 85.51%
Accrued Expenses $15.11M $16.05M $39.10M
YoY Change -61.35% 0.11% -2.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M
YoY Change 0.0%
Total Short-Term Liabilities $59.02M $92.54M $92.64M
YoY Change -36.29% 12.05% 31.03%
LONG-TERM LIABILITIES
Long-Term Debt $175.0M $100.0M $100.0M
YoY Change 75.0% 129.36% 129.36%
Other Long-Term Liabilities $11.02M $10.72M $11.00M
YoY Change 0.19% -8.19% -0.04%
Total Long-Term Liabilities $11.02M $10.72M $11.00M
YoY Change 0.19% -8.19% -79.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.02M $92.54M $92.64M
Total Long-Term Liabilities $11.02M $10.72M $11.00M
Total Liabilities $256.3M $214.7M $211.5M
YoY Change 21.17% 47.35% 62.94%
SHAREHOLDERS EQUITY
Retained Earnings $117.3M $97.74M $51.90M
YoY Change 126.11% 1058.87%
Common Stock $214.6M $211.3M $206.3M
YoY Change 4.05% 6.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $172.3M $142.3M $127.2M
YoY Change 35.43% 439.03%
Treasury Stock Shares $15.56M $13.46M 12.31M shares
Shareholders Equity $159.7M $166.8M $131.0M
YoY Change
Total Liabilities & Shareholders Equity $416.0M $381.5M $342.5M
YoY Change 21.46% 16.67% 18.67%

Cashflow Statement

Concept 2014 Q4 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income $5.050M $25.06M $16.99M
YoY Change -70.27% -0.44% -19.81%
Depreciation, Depletion And Amortization $6.900M $5.600M $5.500M
YoY Change 25.45% 19.15% 34.15%
Cash From Operating Activities -$14.20M $36.00M $5.000M
YoY Change -384.0% -29.82% 11.11%
INVESTING ACTIVITIES
Capital Expenditures -$6.700M -$14.00M -$14.10M
YoY Change -52.48% 6.87% 46.87%
Acquisitions
YoY Change
Other Investing Activities $1.500M $0.00 $100.0K
YoY Change 1400.0% -95.0%
Cash From Investing Activities -$5.200M -$13.90M -$14.10M
YoY Change -63.12% 6.11% 85.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 400.0K 1.500M -84.40M
YoY Change -100.47% 650.0% -2321.05%
NET CHANGE
Cash From Operating Activities -14.20M 36.00M 5.000M
Cash From Investing Activities -5.200M -13.90M -14.10M
Cash From Financing Activities 400.0K 1.500M -84.40M
Net Change In Cash -19.00M 23.60M -93.50M
YoY Change -79.68% -38.54% -13457.14%
FREE CASH FLOW
Cash From Operating Activities -$14.20M $36.00M $5.000M
Capital Expenditures -$6.700M -$14.00M -$14.10M
Free Cash Flow -$7.500M $50.00M $19.10M
YoY Change -139.27% -22.36% 35.46%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(1)&#160;Organization: </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">We are one of the world&#8217;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&#160;&amp; Wesson<font style="font-size:8.5pt;"><sup style="font-size:85%; vertical-align:top">&#174;</sup></font>, M&amp;P<font style="font-size:8.5pt;"><sup style="font-size:85%; vertical-align:top">&#174;</sup></font>, and Thompson/Center Arms<font style="font-size:8.5pt;"><sup style="font-size:85%; vertical-align:top">TM</sup></font> brands. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We manufacture our firearm products at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut. We plan to continue to offer products that leverage the over 160 year old &#8220;Smith&#160;&amp; Wesson&#8221; brand and capitalize on the goodwill developed through our historic American tradition by expanding consumer awareness of the products we produce. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On May&#160;5, 2014, we purchased substantially all of the net assets of Tri Town Precision Plastics, Inc., or TTPP. See note 3 &#8211; <font style="font-style:italic;">Asset Purchase</font> below for more information regarding this transaction. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 25, 2014, we entered into a definitive agreement to acquire all the outstanding stock of Battenfeld Acquisition Company Inc., including its wholly owned subsidiary, Battenfeld Technologies, Inc., or BTI. See note 8 &#8211; <font style="font-style:italic;">Subsequent Events</font> below for more information regarding this transaction.</p></div>
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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swhc Share Based Compensation Percentage Of Target Award Granted For Calculating Maximum Aggregate Award Of Performance Share
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us-gaap Loss Contingency Allegations
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The lawsuit is based principally on a theory of breach of fiduciary duties arising from a 2007 class action lawsuit that has since been dismissed with prejudice.
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9
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10
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623000
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AccruedEnvironmentalLossContingenciesNoncurrent
623000
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EscrowDeposit
3000000

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