$SWBI
SMITH & WESSON BRANDS, INC.

2017 Q1 Form 10-Q Financial Statement

#000156459017003228 Filed on March 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q3
Revenue $233.5M $233.5M $207.0M
YoY Change 10.79% 63.03% 40.06%
Cost Of Revenue $134.2M $135.9M $119.4M
YoY Change 8.14% 56.21% 34.3%
Gross Profit $99.31M $97.61M $87.57M
YoY Change 14.6% 73.63% 48.75%
Gross Profit Margin 42.53% 41.8% 42.31%
Selling, General & Admin $45.70M $41.00M $32.89M
YoY Change 34.41% 29.34% 23.39%
% of Gross Profit 46.02% 42.01% 37.56%
Research & Development $2.800M $2.700M $2.152M
YoY Change 12.0% 0.0% -10.18%
% of Gross Profit 2.82% 2.77% 2.46%
Depreciation & Amortization $13.40M $13.50M $10.30M
YoY Change 38.14% 33.66% -6.36%
% of Gross Profit 13.49% 13.83% 11.76%
Operating Expenses $48.50M $43.70M $35.05M
YoY Change 32.88% 26.67% 20.62%
Operating Profit $50.81M $53.91M $52.52M
YoY Change 1.3% 148.24% 76.15%
Interest Expense -$1.939M -$2.200M -$2.012M
YoY Change -6.73% -4.35% -127.75%
% of Operating Profit -3.82% -4.08% -3.83%
Other Income/Expense, Net -$1.947M $0.00 -$2.012M
YoY Change -6.57% -72.08%
Pretax Income $48.26M $49.90M $50.51M
YoY Change 0.41% 155.9% 123.4%
Income Tax $15.81M $17.50M $17.90M
% Of Pretax Income 32.76% 35.07% 35.43%
Net Earnings $32.45M $32.48M $35.22M
YoY Change 3.24% 160.57% 144.39%
Net Earnings / Revenue 13.9% 13.91% 17.02%
Basic Earnings Per Share $0.58 $0.58 $0.63
Diluted Earnings Per Share $0.57 $0.57 $0.62
COMMON SHARES
Basic Shares Outstanding 56.34M 56.05M
Diluted Shares Outstanding 57.13M 56.88M

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.30M $73.90M $215.0M
YoY Change -48.38% 36.6% 288.09%
Cash & Equivalents $54.25M $73.90M $215.0M
Short-Term Investments
Other Short-Term Assets $6.700M $7.400M $6.100M
YoY Change -70.09% -68.24% -76.72%
Inventory $128.1M $116.5M $87.60M
Prepaid Expenses
Receivables $72.90M $70.00M $55.70M
Other Receivables $600.0K $6.000M $1.300M
Total Short-Term Assets $262.6M $273.7M $365.8M
YoY Change -10.38% 16.52% 63.88%
LONG-TERM ASSETS
Property, Plant & Equipment $151.6M $151.5M $145.3M
YoY Change 11.31% 9.47% 8.24%
Goodwill $157.3M $76.36M
YoY Change
Intangibles $60.35M
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.600M $6.600M $6.937M
YoY Change 43.28% -1.49% -31.32%
Total Long-Term Assets $477.1M $454.6M $288.9M
YoY Change 67.99% 57.36% -0.69%
TOTAL ASSETS
Total Short-Term Assets $262.6M $273.7M $365.8M
Total Long-Term Assets $477.1M $454.6M $288.9M
Total Assets $739.7M $728.3M $654.7M
YoY Change 28.2% 39.04% 27.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.60M $52.80M $46.75M
YoY Change 57.51% 68.69% 33.58%
Accrued Expenses $70.30M $61.50M $30.25M
YoY Change 40.04% 39.77% -23.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.300M $6.300M $6.300M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $134.5M $120.8M $126.5M
YoY Change 33.3% 40.14% 41.94%
LONG-TERM LIABILITIES
Long-Term Debt $162.0M $188.3M $165.2M
YoY Change -3.51% 11.22% -3.22%
Other Long-Term Liabilities $9.700M $9.700M $10.64M
YoY Change -6.73% 1.04% -1.47%
Total Long-Term Liabilities $171.7M $198.0M $10.64M
YoY Change -3.7% 10.68% -94.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.5M $120.8M $126.5M
Total Long-Term Liabilities $171.7M $198.0M $10.64M
Total Liabilities $327.4M $351.8M $314.3M
YoY Change 4.77% 17.86% 3.36%
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 $412.3M $376.5M $340.4M
YoY Change
Total Liabilities & Shareholders Equity $739.7M $728.3M $654.7M
YoY Change 28.2% 39.04% 27.35%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $32.45M $32.48M $35.22M
YoY Change 3.24% 160.57% 144.39%
Depreciation, Depletion And Amortization $13.40M $13.50M $10.30M
YoY Change 38.14% 33.66% -6.36%
Cash From Operating Activities $48.10M $23.30M $38.10M
YoY Change -5.5% 275.81% 129.17%
INVESTING ACTIVITIES
Capital Expenditures -$5.800M -$7.800M $15.78M
YoY Change 23.4% -25.71% 98.69%
Acquisitions
YoY Change
Other Investing Activities -$35.30M -$177.7M $4.800M
YoY Change -5326.47% 433.33%
Cash From Investing Activities -$41.00M -$185.6M -$11.10M
YoY Change 791.3% 2551.43% 55.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.575M
YoY Change -98.43%
Cash From Financing Activities -26.70M 21.10M -3.200M
YoY Change -644.9% -4320.0% -186.02%
NET CHANGE
Cash From Operating Activities 48.10M 23.30M 38.10M
Cash From Investing Activities -41.00M -185.6M -11.10M
Cash From Financing Activities -26.70M 21.10M -3.200M
Net Change In Cash -19.60M -141.2M 23.80M
YoY Change -138.28% 10761.54% 80.37%
FREE CASH FLOW
Cash From Operating Activities $48.10M $23.30M $38.10M
Capital Expenditures -$5.800M -$7.800M $15.78M
Free Cash Flow $53.90M $31.10M $22.32M
YoY Change -3.06% 86.23% 157.04%

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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 providers of firearms and quality 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, and law enforcement and security agencies and officers in the United States and throughout the world. We are also a leading provider of outdoor products &amp; accessories, including, reloading, gunsmithing, gun cleaning supplies, tree saws, laser sights, tactical lights, tools and knives, flashlights, soft goods, survival and camping equipment, and vault accessories. </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 December 13, 2016, our stockholders approved a change in the name of our holding company from Smith &amp; Wesson Holding Corporation to American Outdoor Brands Corporation, which became effective on January 1, 2017.&nbsp;&nbsp;</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 firearm components at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut and develop, assemble, and market our firearm products in our Springfield, Massachusetts facility. We develop, source, market, and distribute our outdoor and accessories products at our facilities in Columbia, Missouri; Kingsport, Tennessee; and Jacksonville, Florida. We develop, market, and assemble our electro-optics products in our Wilsonville, Oregon facility. We sell our products under a variety of brands, including Smith&#160;&amp; Wesson<sup style="font-size:85%; vertical-align:top">&#174;</sup>, M&amp;P<sup style="font-size:85%; vertical-align:top">&#174;</sup>, Thompson/Center Arms<font style="font-size:8pt;"><sup style="font-size:85%; vertical-align:top">TM</sup></font>, Crimson Trace<sup style="font-size:85%; vertical-align:top">&#174;</sup>, Caldwell<sup style="font-size:85%; vertical-align:top">&#174;</sup> Shooting Supplies, Wheeler<sup style="font-size:85%; vertical-align:top">&#174;</sup> Engineering, Tipton<sup style="font-size:85%; vertical-align:top">&#174;</sup> Gun Cleaning Supplies, Frankford Arsenal<sup style="font-size:85%; vertical-align:top">&#174;</sup> Reloading Tools, Lockdown<sup style="font-size:85%; vertical-align:top">&#174;</sup> Vault Accessories, Hooyman<font style="font-size:8pt;"><sup style="font-size:85%; vertical-align:top">TM</sup></font> Premium Tree Saws, BOG-POD<sup style="font-size:85%; vertical-align:top">&#174;</sup>, Golden Rod<sup style="font-size:85%; vertical-align:top">&#174;</sup> Moisture Control, Schrade<sup style="font-size:85%; vertical-align:top">&#174;</sup>, Old Timer<sup style="font-size:85%; vertical-align:top">&#174;</sup>, Uncle Henry<sup style="font-size:85%; vertical-align:top">&#174;</sup>, and Imperial<font style="font-size:8pt;"><sup style="font-size:85%; vertical-align:top">TM</sup></font>, UST<font style="font-size:8pt;"><sup style="font-size:85%; vertical-align:top">TM</sup></font>, and Key Gear<sup style="font-size:85%; vertical-align:top">&#174;</sup>. 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> <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 August 1, 2016, we acquired substantially all of the net assets of Taylor Brands, LLC; on August 26, 2016, we acquired all of the issued and outstanding stock of Crimson Trace Corporation; and on November 18, 2016, we acquired substantially all of the net assets of Ultimate Survival Technologies, Inc., which we refer to collectively as the Acquisitions. See Note 3 &#8211; <font style="font-style:italic;">Acquisitions</font> for more information regarding these transactions. </p></div>
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1124000
dei Entity Information Former Legal Or Registered Name
EntityInformationFormerLegalOrRegisteredName
Smith & Wesson Holding Corporation
dei Entity Information Date To Change Former Legal Or Registered Name
EntityInformationDateToChangeFormerLegalOrRegisteredName
2017-01-01
CY2016Q3 us-gaap Goodwill
Goodwill
76357000
CY2016Q4 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
80893000
CY2016Q4 us-gaap Goodwill
Goodwill
157250000
CY2017Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-329000
CY2017Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
11908000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2020-06-15
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
The Revolving Line provides for availability until October 27, 2021 for general corporate purposes, with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election.
CY2015Q2 aobc Percentage Of Interest Rate Protection
PercentageOfInterestRateProtection
0.75
CY2017Q1 us-gaap Interest Rate Derivative Assets At Fair Value
InterestRateDerivativeAssetsAtFairValue
641000
aobc Maximum Consolidated Coverage Ratio
MaximumConsolidatedCoverageRatio
3.00
aobc Minimum Consolidated Coverage Ratio
MinimumConsolidatedCoverageRatio
1.00
CY2017Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
60666000
CY2017Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
10091000
CY2017Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
146819000
CY2016Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
18575000
CY2016Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
62924000
CY2017Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
226000
CY2017Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
179864000
CY2016Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
81499000
CY2017Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5900000
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2800000
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P5Y
CY2017Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
785000
CY2017Q1 aobc Per Common Share Effect Of Dilutive Stock Awards
PerCommonShareEffectOfDilutiveStockAwards
-0.01
CY2016Q1 aobc Per Common Share Effect Of Dilutive Stock Awards
PerCommonShareEffectOfDilutiveStockAwards
-0.01
aobc Per Common Share Effect Of Dilutive Stock Awards
PerCommonShareEffectOfDilutiveStockAwards
-0.03
aobc Per Common Share Effect Of Dilutive Stock Awards
PerCommonShareEffectOfDilutiveStockAwards
-0.02
aobc Number Of Stock Option Plans
NumberOfStockOptionPlans
2
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
389360
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
54200
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
707179
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
335160
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1172451
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y3M4D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y26D
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
335160
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1172457
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y3M4D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y26D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.57
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.26
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.58
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.23
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.58
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.23
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
4900000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
19200000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
4900000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
19200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1300000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
9100000
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
0
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
66812
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
92249
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6400000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4900000
aobc Share Based Compensation Arrangement By Share Based Payment Award Performance Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformancePeriod
P3Y
aobc Share Based Compensation Percentage Of Target Award Granted For Calculating Maximum Aggregate Award Of Performance Share
ShareBasedCompensationPercentageOfTargetAwardGrantedForCalculatingMaximumAggregateAwardOfPerformanceShare
2.00
CY2016 aobc Percentage Of Stock Outperform In Order For Target Award To Vest
PercentageOfStockOutperformInOrderForTargetAwardToVest
0.05
CY2015 aobc Percentage Of Stock Outperform In Order For Target Award To Vest
PercentageOfStockOutperformInOrderForTargetAwardToVest
0.05
CY2014 aobc Percentage Of Stock Outperform In Order For Target Award To Vest
PercentageOfStockOutperformInOrderForTargetAwardToVest
0.10
aobc Number Of Product Liability Cases
NumberOfProductLiabilityCases
5
aobc Number Of Other Product Liability Claims
NumberOfOtherProductLiabilityClaims
8
CY2017Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
717700
CY2016Q2 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
694000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2

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