$SWBI
SMITH & WESSON BRANDS, INC.

2016 Q3 Form 10-Q Financial Statement

#000156459016024863 Filed on September 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $207.0M $147.8M
YoY Change 40.06% 12.05%
Cost Of Revenue $119.4M $88.89M
YoY Change 34.3% 7.42%
Gross Profit $87.57M $58.87M
YoY Change 48.75% 19.85%
Gross Profit Margin 42.31% 39.84%
Selling, General & Admin $32.89M $26.66M
YoY Change 23.39% 21.25%
% of Gross Profit 37.56% 45.28%
Research & Development $2.152M $2.396M
YoY Change -10.18% 64.45%
% of Gross Profit 2.46% 4.07%
Depreciation & Amortization $10.30M $11.00M
YoY Change -6.36% 80.18%
% of Gross Profit 11.76% 18.69%
Operating Expenses $35.05M $29.05M
YoY Change 20.62% 23.93%
Operating Profit $52.52M $29.82M
YoY Change 76.15% 16.13%
Interest Expense -$2.012M $7.251M
YoY Change -127.75% 265.47%
% of Operating Profit -3.83% 24.32%
Other Income/Expense, Net -$2.012M -$7.206M
YoY Change -72.08% 266.53%
Pretax Income $50.51M $22.61M
YoY Change 123.4% -4.63%
Income Tax $17.90M $8.199M
% Of Pretax Income 35.43% 36.26%
Net Earnings $35.22M $14.41M
YoY Change 144.39% -0.99%
Net Earnings / Revenue 17.02% 9.75%
Basic Earnings Per Share $0.63 $0.27
Diluted Earnings Per Share $0.62 $0.26
COMMON SHARES
Basic Shares Outstanding 56.05M 54.22M
Diluted Shares Outstanding 56.88M 55.48M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $215.0M $55.40M
YoY Change 288.09% -33.65%
Cash & Equivalents $215.0M $55.42M
Short-Term Investments
Other Short-Term Assets $6.100M $26.20M
YoY Change -76.72% 4.38%
Inventory $87.60M $90.10M
Prepaid Expenses
Receivables $55.70M $51.50M
Other Receivables $1.300M $0.00
Total Short-Term Assets $365.8M $223.2M
YoY Change 63.88% -15.22%
LONG-TERM ASSETS
Property, Plant & Equipment $145.3M $134.2M
YoY Change 8.24% 0.46%
Goodwill $76.36M
YoY Change
Intangibles $60.35M
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.937M $10.10M
YoY Change -31.32% -51.05%
Total Long-Term Assets $288.9M $290.9M
YoY Change -0.69% 68.65%
TOTAL ASSETS
Total Short-Term Assets $365.8M $223.2M
Total Long-Term Assets $288.9M $290.9M
Total Assets $654.7M $514.1M
YoY Change 27.35% 17.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.75M $35.00M
YoY Change 33.58% -2.44%
Accrued Expenses $30.25M $39.60M
YoY Change -23.61% 164.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.300M $6.300M
YoY Change 0.0%
Total Short-Term Liabilities $126.5M $89.10M
YoY Change 41.94% 4.13%
LONG-TERM LIABILITIES
Long-Term Debt $165.2M $170.7M
YoY Change -3.22% -2.46%
Other Long-Term Liabilities $10.64M $10.80M
YoY Change -1.47% -2.08%
Total Long-Term Liabilities $10.64M $181.5M
YoY Change -94.14% 1545.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $126.5M $89.10M
Total Long-Term Liabilities $10.64M $181.5M
Total Liabilities $314.3M $304.1M
YoY Change 3.36% 7.53%
SHAREHOLDERS EQUITY
Retained Earnings $273.9M
YoY Change
Common Stock $239.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $172.3M
YoY Change
Treasury Stock Shares $15.56M
Shareholders Equity $340.4M $210.0M
YoY Change
Total Liabilities & Shareholders Equity $654.7M $514.1M
YoY Change 27.35% 17.98%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $35.22M $14.41M
YoY Change 144.39% -0.99%
Depreciation, Depletion And Amortization $10.30M $11.00M
YoY Change -6.36% 80.18%
Cash From Operating Activities $38.10M $16.63M
YoY Change 129.17% 54.22%
INVESTING ACTIVITIES
Capital Expenditures $15.78M $7.940M
YoY Change 98.69% -45.57%
Acquisitions
YoY Change
Other Investing Activities $4.800M $900.0K
YoY Change 433.33% -103.73%
Cash From Investing Activities -$11.10M -$7.150M
YoY Change 55.24% -81.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.575M $100.0M
YoY Change -98.43%
Cash From Financing Activities -3.200M 3.720M
YoY Change -186.02% -91.25%
NET CHANGE
Cash From Operating Activities 38.10M 16.63M
Cash From Investing Activities -11.10M -7.150M
Cash From Financing Activities -3.200M 3.720M
Net Change In Cash 23.80M 13.20M
YoY Change 80.37% -9.61%
FREE CASH FLOW
Cash From Operating Activities $38.10M $16.63M
Capital Expenditures $15.78M $7.940M
Free Cash Flow $22.32M $8.685M
YoY Change 157.04% -328.07%

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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:12pt;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 and a provider of quality accessory products for the shooting, hunting, and rugged outdoor enthusiast. We manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, bolt action rifles, 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 are also a leading provider of shooting, hunting, and outdoor accessories, including reloading, gunsmithing, gun cleaning supplies, tree saws, and vault accessories. We sell our products under the Smith&#160;&amp; Wesson, M&amp;P, Thompson/Center Arms, Caldwell Shooting Supplies, Wheeler Engineering, Tipton Gun Cleaning Supplies, Frankford Arsenal Reloading Tools, Lockdown Vault Accessories, Hooyman Premium Tree Saws, BOG-POD, and Golden Rod Moisture Control 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, and we develop and market our accessories products at our facility in Columbia, Missouri. We plan to continue to capitalize on the goodwill developed through our historic 164 year old &#8220;Smith&#160;&amp; Wesson&#8221; brand as well as our other well-known brands by expanding consumer awareness of the products we produce. </p></div>
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InterestRateDerivativeLiabilitiesAtFairValue
1700000
CY2016Q3 swhc Maximum Consolidated Coverage Ratio
MaximumConsolidatedCoverageRatio
3.00
CY2016Q3 swhc Minimum Consolidated Coverage Ratio
MinimumConsolidatedCoverageRatio
1.00
CY2016Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
31742000
CY2016Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
26574000
CY2016Q3 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
36730000
CY2016Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
59912000
CY2016Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
81066000
CY2016Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
18575000
CY2016Q2 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
32804000
CY2016Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
9659000
CY2016Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
9263000
CY2016Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
9518000
CY2016Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
9148000
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
81198000
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
21286000
CY2016Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
62491000
CY2016Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
81632000
CY2016Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
81499000
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2700000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2200000
CY2016Q3 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P5Y
CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2016Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
834000
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1259000
CY2016Q3 swhc Per Common Share Effect Of Dilutive Stock Awards
PerCommonShareEffectOfDilutiveStockAwards
-0.01
CY2015Q3 swhc Per Common Share Effect Of Dilutive Stock Awards
PerCommonShareEffectOfDilutiveStockAwards
-0.01
CY2016Q3 swhc Number Of Stock Option Plans
NumberOfStockOptionPlans
2
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
389360
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1879630
CY2015Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
132599
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
389360
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1747031
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y9M15D
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y15D
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
389360
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1745865
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y9M15D
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y15D
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.16
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.37
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.78
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.16
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.49
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.16
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.48
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
9100000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
17000000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
9100000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
17000000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1400000
CY2016Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
0
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1500000
CY2016Q3 swhc Share Based Compensation Arrangement By Share Based Payment Award Performance Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformancePeriod
P3Y
CY2016Q3 swhc Share Based Compensation Percentage Of Target Award Granted For Calculating Maximum Aggregate Award Of Performance Share
ShareBasedCompensationPercentageOfTargetAwardGrantedForCalculatingMaximumAggregateAwardOfPerformanceShare
2.00
CY2016 swhc Percentage Of Stock Outperform In Order For Target Award To Vest
PercentageOfStockOutperformInOrderForTargetAwardToVest
0.05
CY2015 swhc Percentage Of Stock Outperform In Order For Target Award To Vest
PercentageOfStockOutperformInOrderForTargetAwardToVest
0.05
CY2016Q3 swhc Number Of Product Liability Cases
NumberOfProductLiabilityCases
5
CY2016Q3 swhc Number Of Other Product Liability Claims
NumberOfOtherProductLiabilityClaims
8
CY2014 swhc Percentage Of Stock Outperform In Order For Target Award To Vest
PercentageOfStockOutperformInOrderForTargetAwardToVest
0.10
CY2016Q3 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
694000
CY2016Q2 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
694000
CY2016Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2

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