$SWBI
SMITH & WESSON BRANDS, INC.

2017 Q4 Form 10-Q Financial Statement

#000156459017024701 Filed on December 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $148.4M $233.5M
YoY Change -36.44% 63.03%
Cost Of Revenue $97.60M $135.9M
YoY Change -28.18% 56.21%
Gross Profit $50.80M $97.61M
YoY Change -47.95% 73.63%
Gross Profit Margin 34.22% 41.8%
Selling, General & Admin $39.80M $41.00M
YoY Change -2.93% 29.34%
% of Gross Profit 78.35% 42.01%
Research & Development $2.700M $2.700M
YoY Change 0.0% 0.0%
% of Gross Profit 5.32% 2.77%
Depreciation & Amortization $12.50M $13.50M
YoY Change -7.41% 33.66%
% of Gross Profit 24.61% 13.83%
Operating Expenses $42.50M $43.70M
YoY Change -2.75% 26.67%
Operating Profit $7.989M $53.91M
YoY Change -85.18% 148.24%
Interest Expense -$2.963M -$2.200M
YoY Change 34.68% -4.35%
% of Operating Profit -37.09% -4.08%
Other Income/Expense, Net -$2.966M $0.00
YoY Change
Pretax Income $5.023M $49.90M
YoY Change -89.93% 155.9%
Income Tax $1.789M $17.50M
% Of Pretax Income 35.62% 35.07%
Net Earnings $3.234M $32.48M
YoY Change -90.04% 160.57%
Net Earnings / Revenue 2.18% 13.91%
Basic Earnings Per Share $0.06 $0.58
Diluted Earnings Per Share $0.06 $0.57
COMMON SHARES
Basic Shares Outstanding 54.04M
Diluted Shares Outstanding 54.66M

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.20M $73.90M
YoY Change -7.71% 36.6%
Cash & Equivalents $68.17M $73.90M
Short-Term Investments
Other Short-Term Assets $7.600M $7.400M
YoY Change 2.7% -68.24%
Inventory $178.9M $116.5M
Prepaid Expenses
Receivables $81.80M $70.00M
Other Receivables $11.30M $6.000M
Total Short-Term Assets $347.8M $273.7M
YoY Change 27.07% 16.52%
LONG-TERM ASSETS
Property, Plant & Equipment $143.8M $151.5M
YoY Change -5.08% 9.47%
Goodwill $191.1M $157.3M
YoY Change 21.52%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.20M $6.600M
YoY Change 54.55% -1.49%
Total Long-Term Assets $468.5M $454.6M
YoY Change 3.06% 57.36%
TOTAL ASSETS
Total Short-Term Assets $347.8M $273.7M
Total Long-Term Assets $468.5M $454.6M
Total Assets $816.3M $728.3M
YoY Change 12.08% 39.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.50M $52.80M
YoY Change -13.83% 68.69%
Accrued Expenses $54.70M $61.50M
YoY Change -11.06% 39.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $81.30M $6.300M
YoY Change 1190.48% 0.0%
Total Short-Term Liabilities $181.8M $120.8M
YoY Change 50.5% 40.14%
LONG-TERM LIABILITIES
Long-Term Debt $208.0M $188.3M
YoY Change 10.46% 11.22%
Other Long-Term Liabilities $7.700M $9.700M
YoY Change -20.62% 1.04%
Total Long-Term Liabilities $215.7M $198.0M
YoY Change 8.94% 10.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $181.8M $120.8M
Total Long-Term Liabilities $215.7M $198.0M
Total Liabilities $418.8M $351.8M
YoY Change 19.04% 17.86%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $397.4M $376.5M
YoY Change
Total Liabilities & Shareholders Equity $816.3M $728.3M
YoY Change 12.08% 39.04%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $3.234M $32.48M
YoY Change -90.04% 160.57%
Depreciation, Depletion And Amortization $12.50M $13.50M
YoY Change -7.41% 33.66%
Cash From Operating Activities $3.800M $23.30M
YoY Change -83.69% 275.81%
INVESTING ACTIVITIES
Capital Expenditures -$5.300M -$7.800M
YoY Change -32.05% -25.71%
Acquisitions
YoY Change
Other Investing Activities -$23.00M -$177.7M
YoY Change -87.06% -5326.47%
Cash From Investing Activities -$28.30M -$185.6M
YoY Change -84.75% 2551.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.30M 21.10M
YoY Change 133.65% -4320.0%
NET CHANGE
Cash From Operating Activities 3.800M 23.30M
Cash From Investing Activities -28.30M -185.6M
Cash From Financing Activities 49.30M 21.10M
Net Change In Cash 24.80M -141.2M
YoY Change -117.56% 10761.54%
FREE CASH FLOW
Cash From Operating Activities $3.800M $23.30M
Capital Expenditures -$5.300M -$7.800M
Free Cash Flow $9.100M $31.10M
YoY Change -70.74% 86.23%

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 a leading manufacturer, designer, and provider of consumer products for the shooting, hunting, and rugged outdoor enthusiast. 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 rugged outdoor products and accessories, including knives and cutting tools, sighting lasers, shooting supplies, tree saws, and survival gear.</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;">In our Firearms segment, we manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, bolt action rifles, and muzzleloaders), handcuffs, and firearm-related products 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 sell our firearm products under the Smith &amp; Wesson, M&amp;P, Performance Center, Thompson/Center Arms, and Gemtech brands. We manufacture our firearm products at our facilities in Springfield, Massachusetts; Houlton, Maine; Eagle, Idaho; and Deep River, Connecticut. We also sell our manufacturing services to other businesses under our Smith &amp; Wesson and Deep River Plastics 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;">In our Outdoor Products &amp; Accessories segment, we design, source, distribute, and manufacture reloading, gunsmithing, and gun cleaning supplies, high-quality stainless steel cutting tools and accessories, flashlights, tree saws and related trimming accessories, shooting supplies, rests, and other related accessories, apparel, vault accessories, laser grips and laser sights, and a full range of products for survival and emergency preparedness. We sell our outdoor products and accessories under the following brands: Caldwell, Wheeler, Tipton, Frankford Arsenal, Smith &amp; Wesson, M&amp;P, Thompson/Center, Lockdown, Hooyman, BOG-POD, Golden Rod, Non-Typical, Crimson Trace, Imperial, Schrade, Old Timer, Bubba Blade, UST, and KeyGear. We develop and market our outdoor products and accessories at our facilities in Columbia, Missouri; Wilsonville, Oregon; and Jacksonville, Florida.</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., in three separate transactions, which we refer to collectively as the 2017 Acquisitions. </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 7, 2017, we acquired substantially all of the net assets of Gemini Technologies, Incorporated, or Gemtech, and on August 11, 2017, we acquired Bubba Blade branded products and other assets from Fish Tales LLC, in two separate transactions, which we refer to collectively as the 2018 Acquisitions. See Note 3 &#8211; <font style="font-style:italic;">Acquisitions </font>for more information regarding these transactions. </p></div>
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us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2017Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3900000
aobc Share Based Compensation Arrangement By Share Based Payment Award Performance Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformancePeriod
P3Y
aobc Share Based Compensation Percentage Of Potential Target Award Granted For Calculating Maximum Aggregate Award Of Performance Share
ShareBasedCompensationPercentageOfPotentialTargetAwardGrantedForCalculatingMaximumAggregateAwardOfPerformanceShare
2.00
aobc Percentage Of Stock Outperform In Order For Target Award To Vest
PercentageOfStockOutperformInOrderForTargetAwardToVest
0.05
aobc Number Of Product Liability Cases
NumberOfProductLiabilityCases
5
aobc Number Of Other Product Liability Claims
NumberOfOtherProductLiabilityClaims
7
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2

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aobc-20171031.xml Edgar Link completed
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